How EDUN Grew Vape Sales 519% in Colorado’s Shrinking Cannabis Market

The continuous decline of Colorado’s cannabis revenue—dropping from $2.24 billion in 2021 to $1.32 billion in 2025 without yet hitting a floor—has been intensifying the pressure on local operators. In such a scenario, basic cultivation is becoming a less viable business model. Instead, long-term viability depends entirely on brand differentiation on crowded dispensary shelves.

According to Michelle Brinkerhoff, co-founder and COO of Colorado cannabis company EDUN, differentiation starts long before the product reaches the shelf.

As a business built around regenerative cultivation, EDUN uses no-till Korean Natural Farming living soil, wild-foraged nutrients, and solventless extraction to produce its LIVE rosin products.

This approach has helped the company carve out a position in one of the oldest and most competitive cannabis markets nationwide. EDUN has recorded 519% cumulative vape-sales growth since 2022, equivalent to an 83.6% compound annual growth rate, and ranked as Colorado’s top-selling rosin vape cartridge brand based on 2026 year-to-date retail sales, according to the company, which cited BDSA data.

Brinkerhoff will bring her perspective to IgniteIt’s next event, Market Spotlight: Colorado 2026 on Sept. 18, where more than 300 executives are expected to meet in Denver to discuss issues including rescheduling, M&A, consolidation, price compression, product development and hemp.

Her experience building EDUN provides one lens into many of those questions, including how smaller cannabis operators differentiate themselves, whether craft cultivation can scale, how brands compete when cheaper production methods are available, and how banking, taxation and access to capital continue to shape the industry.

The Consumer First

EDUN’s cultivation model was molded by research that was conducted prior to the company beginning to grow.

“What really drove our direction for Edun was the research and surveys we conducted before we ever put a shovel into the ground,” Brinkerhoff told IgniteIt. “We asked people what they were looking for, and we found that most people who enjoy cannabis viewed it as an alternative to alcohol. Consumers were more concerned about their well-being, so we wanted to take a natural approach to the medicine.”

Brinkerhoff compared the idea to the role natural-food retailers have played in educating consumers, while expressing her gratitude as they emphasized how organic and natural products in general are important.

“We looked at it almost like the approach taken by companies like Whole Foods and other natural grocers,” she said.

With that in mind, EDUN’s production process is formed.

Brinkerhoff explained how the company wanted to avoid salt fertilizers and harmful pesticides and instead develop what she describes as a “beyond-organic” product.

“We use a totally natural process of ice water, a little heat and pressure,” she said of extraction. “For us, the #1 priority was figuring out how to grow a healthier plant without using salt fertilizers or harmful pesticides, and to deliver a beyond-organic product to people who truly care about what they put into their bodies. That is really important to me, and it is the driving force behind Edun.”

Growing Eco-Friendly Cannabis On Scale

For operators venturing into the market, the big question is whether this model can actually make money.

EDUN was a pioneer among commercial operators seeking to scale regenerative natural farming. “There may be others doing it now, but we were one of the very first,” Brinkerhoff said.

However, she doesn’t expect every operator to make the same choice – to invest in characteristics they believe consumers will value enough to seek out instead of competing through lower-cost production.

“Will they? No, not everyone will,” she continued. “It is a lot easier and cheaper to use salts and pesticides. It is much easier to operate that way, and some people will choose to continue growing that way. But I also think more people will jump on board with the way we are doing things. ”

Positioning For Rescheduling, But Not Depending On It

EDUN is preparing for the possibility of federal rescheduling.

“We are cautious about the reality of rescheduling, but at the same time, we are setting ourselves up for the possibility of it actually happening,” Brinkerhoff said. “Descheduling is still a dream. However, it appears medical is tee’d up for rescheduling, so we have acquired a medical license.”

She added EDUN has also submitted an application for a DEA license, as the move “opens many opportunities,” such as reaching global markets in addition to entering new states.

However, EDUN is not dependent on federal reform. “We are optimistically moving forward, and we have set ourselves up for success in the event that it happens,” Brinkerhoff said. “But nobody knows for certain if it is going to happen at this point. We are excited about it, but not dependent on it.”

Banking, Capital And Taxes

In the meantime, banking and capital remain main challenges for cannabis operators.

“Getting a bank account is the easy part,” she said. “Everything that comes after that is very difficult and expensive.”

“If someone outside the industry can get an interest rate of 3%, for example, a cannabis operator may have to turn to private funding and pay 20%,” she said. “It is extremely expensive and, in my opinion, unreasonably so.”

Taxation adds another challenge, Brinkerhoff explained, that has forced many companies to go out of business.

Brinkerhoff said she would like cannabis to be treated as a legal, regulated consumer good rather than a scheduled substance.

“I do not believe it should be a scheduled substance, but if Schedule III is where we are headed, then let’s make that change at the federal level and give us the room to actually succeed,” she noted.

Women, Leadership And Access To Capital

For Brinkerhoff, access to capital also has another dimension. While she believes cannabis has become accessible to women, she said barriers remain when it comes to funding.

“Banks and institutional investors always tend to be more traditional and conservative,” she explained. “In those arenas, being a woman in cannabis is already two strikes, so we still have an uphill battle with funding.”

Brinkerhoff said working in a male-dominated industry was not new for her, but finding a voice can still be a challenge.

“As long as you feel that you have earned the position you hold, I encourage you to go toe-to-toe with any man,” she said. “It should not be a factor. I am not saying that it is not a factor, because it is.”