Boulder, Colorado, fosters a new generation of wellness entrepreneurs
This story is part of CNBC’s quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies and employees.
Nestled against the Rocky Mountains, Boulder, Colorado, has blossomed into a thriving hub for the natural products and wellness industry. Here, companies generate billions in revenue, all stemming from a deep appreciation for entrepreneurship, the outdoors and healthy living.
The industry’s roots trace back to local hikers who, in 1969, hand-picked wild herbs on the foothills of the Rockies, inspiring the creation of tea company Celestial Seasonings, a pioneer of the natural foods movement, according to a local industry group. The tea company was later acquired by Hain Food Group — now Hain Celestial Group — in 2000 for $390 million.
“This [region] is the epicenter of natural and organic,” Hain Celestial Group President and CEO Wendy Davidson told CNBC in a recent interview for the upcoming primetime special “Cities of Success,” which airs April 11 at 10 p.m. EDT. “If you want to drive growth, if you want to be in the industry in an authentic way, Boulder is the place to be.”
Hain Celestial Group CEO Wendy Davidson (left) and CNBC’s Andrea Day (right) trekking along the historic footrails where the founders of Celestial Seasonings gathered wild herbs in 1969.
CNBC
Today, Celestial Seasonings, still headquartered in Boulder, brews over 1.6 billion cups of tea annually, with sales exceeding $150 million. Its success story serves as an inspiration for countless entrepreneurs in the area.
“It’s the people. It’s the environment – the entrepreneurial environment and the focus on natural and organic and wellness has allowed us to scale and grow one of our largest and most profitable brands in the company,” Davidson said.
The Boulder region’s emphasis on healthy living has fueled a booming industry, generating a whopping $2.1 billion annually for Colorado’s economy, according to an October 2020 study by the Leeds School of Business at the University of Colorado Boulder. That contribution translates to over 22,000 jobs and a significant impact on production, supply chains and consumer spending, according to the study.
Turning peanut butter into gold
The Boulder County Farmers Market, a vibrant incubator since 1987, exemplifies the region’s thriving ecosystem.
A sign from the Boulder Farmers Market, operating from April to November, serving as an incubator for numerous small food businesses.
CNBC
From April to November, the market transforms into a testing ground for aspiring food entrepreneurs. Over 100 small businesses showcase their products to a hungry crowd of 100,000 shoppers annually. Sales at the market have skyrocketed 400% since 2013, reaching a cool $5.7 million in 2023, according to the nonprofit organization Behind the Markets.
It’s also here that a simple jar of nut butter can become pure gold.
In 2004, Justin Gold, armed with his…
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