Following last month’s acquisition, Binske’s parent company, Praetorian Global, is now in sole possession of Oni Seeds’ genetic catalog.
Oni has been a name in genetic circles for a long time. The agreement with Praetorian includes all intellectual property (IP) assets of Oni Seed Co. This means that all the strains that made Oni famous, like Tropicana Cookies, will go first or exclusively to the companies under the aegis of Praetorian.
We sat down with Binske founder Jake Pasternack to hear about the big move. He is also Chairman and CEO of Praetorian. Pasternack said the parent company was always intended to be the mechanism that distributed intellectual property to the companies under the umbrella, but was never intended to be a plant-touching entity. Thus, the actual stock of genetics will end up in the hands of Oni’s new sister company, Binske.
“Binske is more our kind of Nike-style offering, for the bulk consumer,” Pasternack said. THE weekly. “Oni at this point, you know, has a deep-rooted fanfare and heritage and patronage.”
This led to the question of whether Pasternack and the team planned to leverage Oni’s roots in the community through the other brands under the umbrella or if he would remain his own little island so as not to taint the hype they bought into? Pasternack argued that it would likely end in a bit of both.
“So the first part of that is that the Oni brand will be available in legal channels for the first time,” Pasternack said. “Secondly, all the other genetic intellectual properties that have been developed there are now Binske and will reap the benefits. So we’re going to split the varietals between the different brands, and then there’s a bunch of stuff left over.
The team is looking forward to working with the production partners as they work to launch Oni from coast to coast. The first wave of Oni products will come from years of hard breeding work to hunt down winners. They claim there are over 400 things they would consider gatekeepers in the catalog.
Additionally, with the explosion of the solventless hash world, the Oni catalog is well positioned to find new commercially viable winners as they have done in the past with Tropicana Cookies.
But what about the seeds that made Oni famous? Well, at the moment there are no plans for more seed drops. This could significantly increase the value of Oni packs already in circulation.
We asked Pasternak if there was any concern about any backlash from the catalog being supported and then protected in this way. Would it affect the initial value they spent on the brand if the community felt disconnected from it?
“Well, I understand that perspective,” Pasternack replied. “I would kind of say on the other side that the benefit here now is that all of these genetics and strains are going to be available to a much larger percentage of the North American population right off the bat. So whatever percentage of people buy the seeds and grow them, I think they will now be in a position where a lot more people can access them.
Pasternak also stressed that the announcement was not a financial game to raise the price of their seed stock so they could sell it at a higher price through backdoor channels like online seed forums.
The Oni team were excited about the scale at which they will be able to operate with the new contract.
“We can pop all of our seeds in large quantities – 5,000 seats at a time. We find 40 or 50 winners in there,” said Doc d’Oni. “Some of them might not match the skill of either [Oni or Binske], but they’re a perfect match for someone else’s skill. So basically all grape varieties are graded and licensed as needed. And it’s not just one specific strain, I guess you would say.