The Road to $100 Million: Delta-8’s Booming ECommerce Business Unlocked

In this week's episode of the Proud to Work in Cannabis podcast, with host Karson Humiston, we have a special guest, David Charles, the CEO of Mood, a thriving hemp-derived THC company based out of Oklahoma City. David shares the incredible journey of Mood, which is on track to achieve a remarkable $100 million in revenue in 2023, all without any outside investors. Join us as we delve into the cannabis industry, Mood's inception, and David's entrepreneurial insights.

Getting into the Industry

David's entrepreneurial journey is diverse, from e-commerce selling various products to venturing into telehealth and health tech. In April 2022, an opportunity in the cannabis industry caught his attention, thanks to a discussion with a former co-founder. Initially skeptical, David later realized the potential for a proper e-commerce experience for hemp-derived products in the United States. Mood's website was launched to the public in August 2022, marking the birth of this unique venture.

Launching Mood

David describes the past year as "a marathon at a sprint pace." Mood's launch was filled with challenges, including a sudden legislative change in Texas that required them to pivot to Oklahoma. Their commitment to product quality remained paramount throughout the turbulent early days.

Overview of Delta-8 and Hemp-Derived THC

David enlightens us about the legal distinctions between hemp and marijuana, as defined by the 2018 Farm Bill. Mood's Delta-8 products, derived from hemp, offer a similar experience to Delta-9 THC found in marijuana, and they're available in various formats on their website.

Building Out the Mood Team

Mood's emphasis on hiring passionate, mission-driven individuals is evident. Their team is now 165-170 strong, with plans to grow to 200 employees in the coming weeks. They believe in attracting high-caliber individuals who are "Proud to Work in Cannabis."

Source of David's Entrepreneurial Drive

David credits his father for instilling an entrepreneurial spirit in him. His father's diverse career journey, from the navy to owning a chocolate factory, inspired David to chart his own course as an entrepreneur.

Lessons Learned from Previous Ventures

David emphasizes the importance of sustainable growth and the value of a top-notch team. Quality, both in products and team members, is crucial to efficiently scaling a business.

Decision Not to Take on Venture-Based Capital

Drawing from his experience in a venture-based telehealth company, David explains why he chose not to take on venture capital. He values control and staying true to his business's core values over rapid growth at any cost.

The Landscape of D-8

Mood's biggest competitors are regulated cannabis dispensaries and the illicit market. However, Mood's research and success show that consumers have concerns with both options. Their commitment to quality and accessibility sets them apart.

Forward-Looking: Predictions for Mood's Future and the Cannabis Industry

David reflects on the fatigue investors are experiencing due to the cannabis industry's inconsistent returns. Mood aims to maintain its position as a successful e-commerce platform and plans to scale rapidly in the coming year. They intend to expand their product lines, enhance their supply chain, and continue to lead in the evolving cannabis market.

Proud to Work in Cannabis

As we wrap up this episode, we are left with a sense of optimism and inspiration. David Charles' journey with Mood showcases the incredible potential of the cannabis industry and the importance of staying true to your values while striving for excellence. We hope this episode has inspired you to listen to "Proud to Work in Cannabis" and explore the remarkable stories that make this industry so exciting and rewarding. Don't miss this opportunity to learn from the best in the business and join us on this incredible cannabis journey.