Business

Tariq Farid Is Taking Edibles Back With Launch Of New Hemp Extract Business Focused On Traceability

By July 31, 2019 March 7th, 2020 No Comments
Tariq Farid, Edible Arrangements Founder

In 1999, Tariq Farid founded Edible Arrangements and has continuously sought to own the “edible” space. Under Edible Arrangements brand, Farid and team created the ubiquitous fruit flower arrangement, which has made gift giving so much easier. From fruit bouquets and chocolate covered strawberries to sharable platters, Farid and Edible Arrangements truly understands the edible movement.

However, as society started to change, the word edible started to take on a new meaning. Recently, Forbes spoke with Farid about the connotation with marijuana and CBD.

“I started to hear about this concept of edibles in a very different light, mostly related to cannabis consumption, and we had to spend a lot of time fighting it and defining what an edible was.”

Taking Control of the Edible Brand

After some confusion and legal considerations seeking to define the word edible beyond the uncertainties, a silver lining emerged. Hemp Extract!

Cannabidiol (hemp extract) is known for its calming qualities. Additionally, hemp extract recently gained popularity as a supplement or topical for pain relief, anxiety, and insomnia among other uses. (Cannabidiol is also produced in hemp’s controversial cousin marijuana.)

For companies like Edible Arrangements, the 2018 Farm Bill declassified hemp as a controlled substance. As a result, we are seeing a noticeable increase in hemp extract-infused foods and drinks are now found in many retail outlets, cafes, pharmacies and gas stations across the country.

For Farid and Edible, the change in law and general acceptance of hemp extract spurred some action as the team announced the launch of the Incredible Edible brand.

“We saw the opportunity within that original threat to take this term edible and get ahead of it with a focus on the health aspect of edibles through hemp extract, not the high. Everyone starts with the shock factor, but then you talk to people and it turns out many of them have tried hemp extract, have no problem with it, and there’s no confusion anymore.”

What Is Incredible Edibles?

Incredible Edibles is an end-to-end Hemp Extract product business that will farm, process and sell Hemp Extract food products through a franchise model that Farid has used to successfully scale Edible Arrangements to a $500 million a year company.

Incredible Edibles is about more than jumping on the latest trend to capitalize in the short-term. No, Incredible Edibles is an extension of the existing Edible brand. As a result, the team will take their time entering the market.

“We will take the slow, methodical road. We could easily start selling hemp extract products and doing what everyone else is doing, but we think there’s some goodness to be done here and the opportunity for a long-term journey to prove out the right practices and build in the right places.”

Additionally, the Incredible Edibles team seeks to research the complete growing process, which includes the best seed genetics. Grow practices make a difference because hemp crops must contain less than 0.3% THC to comply with regulations. And since THC is the psychoactive component of the cannabis plant, it is extremely important to utilize a compliant source ingredient. But, it is also important to ensure the product is fully traceable from seed to shelf, so consumers can trust the end product.

For example, Ron Reynolds, the Incredible Edibles COO, shared the unknown quality that currently exists in the consumer space.

“Consumers have no idea how much, if any, hemp extract is in the products they’re buying or if they’re compliant with federal regulations surrounding the concentration of THC or presence of harmful chemicals.”

So, Incredible Edibles aims at differentiating from the glut by offering details on the traceability of their product. And, ultimately, because consumers trust the Edible brand and existing products, Incredible Edibles stands by that brand promise.

“We’re not just entering this space, we’re serious about building a legacy brand like we did with Edible Arrangements, that consumers are looking for and that takes the high road.”

Source: Louisa Burwood-Taylor, Forbes