Retail Expansion Boosting THC Beverages For Minnesota’s Indeed Brewing

Minneapolis-based Indeed Brewing Co. has been among the local players contributing to growth in the hemp-derived THC beverage business in the booming Minnesota market.  Its portfolio includes cannabis drinks ranging from 2mg to 10mg THC and CBD per can and is available at both traditional retail and online, shipping to 23 states. (On the beer side, growth has recently been led by Pistachio Cream Ale, which in its less than three years on the market has risen to become Indeed’s flagship release.) SNDC spoke with chief business officer Ryan Bandy about building a cannabis business alongside beer, the expansion of retail availability, and upcoming new releases.

SNDC: How is the cannabis drinks market shaping up for you?

Bandy: We’re selling a massive amount of THC generally, way more than I would’ve projected. Our brand is really strong; we’ve kept it looking more or less the same as our beer. That recognizability has made us one of the better sellers in a lot of liquor stores. Consumers are still learning and testing the new category. They have a brand with us that they can trust. It feels like it could be a kind of a high tide moment for the category, and it’s difficult to tell how deep it can really go. We’re looking ahead. Where is this going to go when the tide recedes? What is our floor and do we actually see this in the liquor store long term?

SNDC: What’s been your philosophy for developing the lineup?

Bandy: We’ve focused a lot on the consistency of the effects from the beginning. Our lineup consists of Two Good (2mg each of THC and CBD a can/$12 a 4-pack at Total Wine), High Fiver (5mg each of THC and CBD/$13 a 4-pack), and Double High Fiver (10mg each of THC and CBD/$18 a 4-pack). The higher the dose of THC, the more aggressive the flavor is, so they have a little more sugar. It’s a little more over the top in flavor, because we’re thinking you’re only going to have one or two of the 10mg versus maybe more of the 2mg option. With Two Good, it’s more of a seltzer, a little easier drinking. We’re selling a lot of it ourselves, and we’re selling a lot of it through distribution, through liquor stores as well.

SNDC: And the retailers are onboard with stocking THC products? Was there hesitation there?

Bandy: It’s an enormous part of the market. It’s in every liquor store. There’s a whole shelf of THC beverages at Total Wine right now. There was a period from mid-2022 until May 2023 when the rules were unclear, so some liquor stores were willing to go for it and others weren’t. But then the Minnesota law was clarified, which was a game-changer. Once that happened, every store was jumping on it. It’ll be really interesting to see what happens nationally as other states maybe edit their laws. I’d have to imagine this is the big proving ground for normalizing cannabis at conventional retail.

SNDC: Do you have new THC products in the pipeline for 2024?

Bandy: We’re releasing one called Double High Fiver White Gummy in the next month. It will have 10mg each of THC and CBD. We’re tackling a lot of traditional sales questions this year—what should it look like on the shelf and at POS and how do we sell it? And then kind of figuring out what brands we should add or subtract. We will probably try a few more options this year and see how they go.

Tagged : cannabis, High Fiver, Indeed Brewing Company, Two Good

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