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In the past decade, the cannabis industry has experienced exponential growth. Once one of the most stigmatized industries, it is now on track to become a $50 billion market by the year 2026.
Although this is good news for entrepreneurs in the medicinal or recreational cannabis market, challenges still abound for those who want to emerge on top. Retail competition paired with strict government regulations has left many cannabis companies unsuccessful in their quest to reach seven-figure sales. However, those who have mastered the perfect formula are dominating local markets. Left Coast Extracts, a California-based company founded in 2014 by Coltin Barody and Alexandria Kometas, is among those leading in sales, growth and innovation.
After originally launching Left Coast Extracts as a medicinal dispensary, Barody and Kometas pivoted to the retail market following the legalization of recreational marijuana.
“There were a lot of things we had to learn,” Barody says. “We were nervous about expanding because it was so new at the time. We wanted to make that transition while still providing high-quality products to all our customers.”
Finding the motivation to move forward despite numerous hurdles is something Barody took away from his career in the U.S. Navy. “My first two years in the Navy, I was in the presidential honor guard station in Washington, D.C.” Barody says. “I was under George W. Bush and I did a lot of ceremonies at the White House, the Pentagon, Arlington [National] Cemetery and all over the state for different congressmen. I had the opportunity to take command of my troops, and I believe that experience effectively built the character I am proud to have today.”
After his exit from the Navy as a distinguished military officer, Barody discovered the benefits of medicinal cannabis. Wanting to share this positive experience with as many other people as possible, he sat down with his life partner, Kometas, to establish Left Coast Extracts.
Barody’s military background and Kometas’ real estate and management background complemented each other. Together, the two established licensed dispensaries in California and Nevada. In fact, wherever a person may be in California, they have access to Left Coast Extract’s products within a 15-mile radius. Through its licensed, high-class dispensaries, Left Coast Extracts offers a diverse menu of quality cannabis products handled entirely by the company.
“I am proud to say that our facilities are all brand new and top notch,” Barody says. “I am used to commanding efficient, smooth operations in the Navy, and I wanted to bring that same elite level of operations when I went into business. So, from the manufacturing, marketing, packaging and shipment of our products, everything runs with pristine efficiency.”
Barody and Kometas’s efforts have been met with great rewards. This year, monthly sales figures for Left Coast Extracts have grown from approximately $100K to a projected $25 million.
Moving forward, the company plans to expand into the cannabis markets of Arizona and Michigan within 2022 before exploring other markets.
“This journey hasn’t been the easiest, but it has been so worth it,” Barody says. “We’re only excited to do more and achieve more in this business.”