“Upfront Work has been instrumental in driving the product development process for our CBD venture. We’ve benefited from their expert-level knowledge of the variables involved in launching a new product, as well as their incredible work ethic, sense of humor and passion for the industry. ”
Emily Tennison, Director
Launching a new cannabis product in 30-days
Client: Well Beings (MNML)
In early-2018, the Well Beings team led by MNML had an idea: If their cannabis partner could introduce CBD (low dose THC cannabis), then more people could experience the homeostasis effects of hemp–without the fear of getting high to do it. But how could they develop a feasible product line with limited resources and time?
In December 2018, the Farm Bill passed making hemp legal in all 50 states–kind of. Different state-to-state regulations cause massive confusion for hemp companies. What laws and regulations need to be followed? Which states can we ship to? What banks support us? Regardless of the complications, investors wanted to see physical samples and financial modeling. With the time-to-market clock ticking, how could we develop this new product line in 30-days?
Understanding time and resource constraints, Upfront Work started filling in the gaps. First, we moved the team to a weekly sprint and daily stand-up cadence to keep the team on track and force a much needed decision-making process. Second, we filled the market and user research gaps by completing a competitive analysis for feature prioritization, pricing strategy and user targeting. After identifying our strategic advantage, our product specifications needed to align with the right vendor. To do that, we did a SWOT analysis to determine the target price, chemistry functionality and partner risk. Once we agreed on our method, we developed a financial model for the product line and the company itself with recommended areas to invest for maximum profitability.
With a customized process and clear strategy, Well Beings now has the tools and resources to launch a competitive CBD product line to meet the target customer’s demand.