Bespoke Extracts, Inc.

What they do

Through its wholly-owned subsidiary Bespoke Extracts Colorado, LLC, the company operates a marijuana infused products manufacturing facility in Aurora, Colorado. It manufactures and distributes branded pre-rolled joint products including Fresh Joints, Doobskis, DutchBlunts, and Wee Joints to licensed marijuana dispensaries. The company also provides joint production and processing services for third parties. It discontinued its historical CBD business as of June 2023 and now operates solely in regulated cannabis.

Revenue drivers

• Branded pre-rolled joints — Sales of Fresh Joints and related branded pre-rolls to licensed Colorado dispensaries drove the 2024 revenue increase to $1,117,452, with Fresh Joints cited as the leading driver and the company's core brand.
• Third-party joint production services — Processing services associated with producing joints for other parties contributed to 2025 revenue growth, alongside product sales, in both the third quarter and nine-month periods.
• New and adjacent brands — The company launched Doobskis and Dutch Blunts in 2025 and planned two additional company-owned brands for Q4 2025 to target adjacent price-to-quality segments; no revenue figures were disclosed for these newer brands.

Recent performance

For the three months ended September 30, 2025, revenue was $467,945, up 19.8% from Q2 2025 and 68.6% year-over-year. Gross margin rose to 50.0% from 41.4% in the prior-year quarter, and the GAAP net loss narrowed to $78,088 from $275,613. For the nine months ended September 30, 2025, revenue was $1,121,657, up 37.4% year-over-year, and the net loss was $543,715 versus $850,626. The company produced 209,600 pre-rolls in Q3 2025, an increase of 81% year-over-year. For full-year 2024, sales were $1,117,452 and net loss was $1,037,475.

Strategy

The company's stated plan is to expand within regulated cannabis markets by acquiring or rolling up state-licensed cannabis assets in Colorado, using cash, stock, warrants, or notes as consideration. It discontinued CBD operations as of June 2023 to focus on regulated cannabis. In the near term, management emphasizes operational efficiency, production throughput, and branded product launches. The company is evaluating opportunities to replicate its Colorado model in additional regulated markets, including Massachusetts and New York. It owns the pre-roll brands Fresh Joints, Doobskis, DutchBlunts, and Wee Joints.

Risks

• Insufficient capital and financing access — As of September 30, 2025, the company had $16,743 of cash, total liabilities of $2.9 million, and shareholder equity of negative $2.6 million, and the filings cite inadequate capital as a risk to implementing business plans.
• Recurring net losses — The company reported net losses of $1.0 million in 2024, $1.5 million in 2023, and $543,715 for the nine months ended September 30, 2025, and may not achieve profitability.
• Concentration in Colorado — Operations are concentrated in Colorado through a single facility and dispensary relationships, exposing the company to that state's regulated cannabis market conditions.
• Regulatory and licensing dependence — The company relies on state and local marijuana licenses and government approvals, and the filings state there is no assurance that required approvals for acquisitions or operations can be obtained.

Outlook

For Q4 2025, management projects revenue of $425,000 to $500,000, representing growth of approximately 41% to 66% year-over-year, driven by Fresh Joints demand and expansion of Doobskis and Dutch Blunts. The company expects to maintain roughly 50% blended gross margins through cost management and increased production throughput. Two new company-owned brands are planned for launch in Q4 2025, and management continues to evaluate expansion into additional regulated markets including Massachusetts and New York.