The media company BuzzFeed is releasing its first-ever cannabis product in a licensing deal with California pot grower and retailer NUG.
NUG, Inc. is a licensed and vertically integrated California cannabis company and brand. Founded in 2014, NUG controls all aspects of the cannabis product life cycle, taking part in every aspect of the business, including cultivation, extraction (THC & CBD), manufacturing, distribution and retail.
The seed-to-sale approach allows NUG to create a wide variety of quality products and manage the environment in which they are sold, bringing more value to the cannabis customer.
BuzzFeed says it is the first publisher to enter the cannabis market directly, and together with NUG will launch three different NUG x Goodful co-branded flower pre-packs, which will be available at select NUG retailers in California this summer.
“Our licensing business launched in 2017 and has become a significant revenue stream for the company,” Communications director Shira Mahler said, adding it’s “a great example of how media continues to diversify revenue through various business lines and enter new markets to serve consumers in unique ways.”
Mahler says BuzzFeed’s licensing business is a modern take on a historically traditional business, extending the publication’s viral content into real life products for its audience, and giving them new ways to engage with our iconic brands.
Buzzfeed first released a line of Tasty cookbooks in a book deal with Penguin Random House, and more recently released the award-winning Tasty kitchenware line at Walmart, and a line of BuzzFeed & Bellessa branded sex toys. “We are pioneering the way for media companies to license their brand while also driving innovation in consumer products,” Mahler explains.
BuzzFeed’s licensing business has exploded in the last four years, with a diversified offering of products in nearly every major consumer category including food, books, kitchenware, games, and more. As of 2021, BuzzFeed’s licensed products are available in more than 20 countries worldwide, generating more than $250 million in annual sales.
https://www.thelicensingletter.com/buzzfeed-and-general-mills-team-up-for-tasty-meal-kits/
https://www.thelicensingletter.com/licensed-cannabis-the-next-big-thing/
https://www.thelicensingletter.com/cannabis-last-weeks-4-20-sales-reached-182-million-licensed-sales-still-lagging-behind-potential/