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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.

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Speaker 2: You're listening to Bloomberg Business Week with Carol Masser and

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Speaker 2: Tim Stenoveek on Bloomberg Radio. We spend a lot of

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Speaker 2: time talking about crude oil, the sharp war driven surge

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Speaker 2: that we've seen. Even even after today, it's up significantly

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Speaker 2: from where it was at the beginning of the year.

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Speaker 2: Other commodities inputs are fertilizer, chemicals and more soybean oil futures.

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Speaker 2: Carol up a whopping thirty seven percent so far this year.

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Speaker 3: Yeah, I mean that surge and energy prices over the

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Speaker 3: last few months. I mean, if you think about it,

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Speaker 3: has boosted demand for alternative fuel feedstocks. But this whole thing,

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Speaker 3: in terms of the war, the environment, the macro, we

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Speaker 3: have seen a real change in the narrative, especially when

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Speaker 3: it comes to input prices, and it has played its

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Speaker 3: way through the economy, the global economy.

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Speaker 2: Cure's how Lauren Berger and Marla Felton are looking at this.

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Speaker 2: They're the co founders of Real Cookies. They join us

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Speaker 2: here in the Bloomberg Interactive Brokers Studio.

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Speaker 4: Welcome.

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Speaker 2: It's it's been three years since you were Last year,

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Speaker 2: I wasn't even here when they were last year, Matt

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Speaker 2: Miller was here cookies.

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Speaker 3: I was trying to remember because Matt loved them, took

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Speaker 3: them home to his little ones.

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Speaker 4: You've probably only had one little one then.

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Speaker 3: Yeah, he didn't love one. He's now certainly expanded.

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Speaker 4: Yes he has.

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Speaker 2: So you guys do not use soybean oil in the cookies,

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Speaker 2: but other ingredients go in that are affected by the

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Speaker 2: commodity price shocks that we've seen thus far. Just talk

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Speaker 2: to us a little bit about the last seven weeks

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Speaker 2: and how you've adjusted to higher energy costs and potential

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Speaker 2: other supply chain disruptions.

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Speaker 5: Well, since our business is now national, we have to

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Speaker 5: ship product from one part of the United States to

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Speaker 5: another part of the United States, and sending products in

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Speaker 5: trucks becomes more expensive when fuel prices are higher.

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Speaker 3: You know, Morler, come on in on this, because I

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Speaker 3: do think we wanted to start Macro because every business,

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Speaker 3: every business owner, CEO, head of an institution has had

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Speaker 3: to kind of grapple with what's been going on in

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Speaker 3: the macro. What of the macro does most concern you.

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Speaker 3: You guys talked about transportation. That's certainly one of them.

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Speaker 1: Transportation, but also because of our products are made with

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Speaker 1: real ingredients. Almond flour. Almonds are the base of our cookies,

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Speaker 1: so and we use maple syrup. So these are real,

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Speaker 1: real foods. They're not chemicals, right. A lot of foods

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Speaker 1: out there, a lot of processed foods. If you look

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Speaker 1: at the back of the the back come terrifies and

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Speaker 1: it's frightening, right. And if you look at our ingredient lists,

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Speaker 1: and we have a yes no on the back there

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Speaker 1: you can see on the real cookies, we have a

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Speaker 1: very short list of ingredients. So we always have to

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Speaker 1: have redundancy, right, So we have multiple suppliers. We have

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Speaker 1: to make sure that we can get our product something

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Speaker 1: like maple syrup. If there's weather issues right in Vermont,

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Speaker 1: we have the or we have maple syrup. If if

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Speaker 1: we're coming from Canada, right terras. So there's always challenge

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Speaker 1: es and thinking about how we are going to produce

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Speaker 1: these cokies.

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Speaker 3: All right, So I'm just showing for everybody. So here's

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Speaker 3: the ingredients on the cookies. As our guys push in,

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Speaker 3: I mean it's not but there's the.

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Speaker 2: List on to the other side too, the green part

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Speaker 2: in the red part, so yes almond and coconut.

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Speaker 3: So look at this, guys, Oh okay, Yes, almond flour, yes,

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Speaker 3: real vanilla, yes, maple syrup, yes, premium chocolate, yes, natural

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Speaker 3: peanut butter, No gluten, no gray, no dairy, no eggs,

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Speaker 3: no corn, no soy, no artificial sweeteners. But it's really funny,

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Speaker 3: and you've got some other products that we're going to

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Speaker 3: talk about. I mean, it's just a couple of ingredients.

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Speaker 3: How much more difficult? Tim and I talk about food

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Speaker 3: a lot. We both care to.

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Speaker 4: Talk about it.

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Speaker 3: There's other stuff, But how difficult is it to really

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Speaker 3: get healthier products? Talk about that supply chain, talk about

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Speaker 3: the costs, and talk about that process.

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Speaker 5: Well, we're always managing costs, and our costs of goods

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Speaker 5: are continuously increasing, But we want to give products to

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Speaker 5: the consumers that are made out of real food. So

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Speaker 5: our goal is to keep our ingredient lists very short

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Speaker 5: and get as much real food to as many people

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Speaker 5: as possible.

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Speaker 4: And is it tough?

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Speaker 3: Is it a tougher nut? Because I think there are

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Speaker 3: reasons that people throw a lot of other different ingredients

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Speaker 3: when you're doing something like this, So is it tougher

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Speaker 3: to kind of restrict it in what are those supply

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Speaker 3: chains like.

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Speaker 1: It is again because there literally can be a shortage

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Speaker 1: of almonds or a shortage of maple syrup, and so

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Speaker 1: you're not getting it. But I think that today people

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Speaker 1: are really caring about what they're eating. There's a lot

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Speaker 1: more awareness of how food is not just to feed you,

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Speaker 1: but it's to feed your body, it's for health. So

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Speaker 1: I think even though prices can rise and products can

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Speaker 1: be more expensive than some of the mass market foods,

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Speaker 1: I think that people are willing to pay a little

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Speaker 1: bit more for better quality, real food and to know

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Speaker 1: that they're feeding their family something that's good for them.

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Speaker 3: Obviously seen it. The business has grown and maybe talk

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Speaker 3: about that. Tell us about the last time we talked

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Speaker 3: was three years ago, right, like, what have you guys

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Speaker 3: seen since then?

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Speaker 5: Well, we've had some exciting news with our merger. So

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Speaker 5: we did merge with another company, Creation's Foods, and this

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Speaker 5: merger has really created a vertically integrated platform for us,

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Speaker 5: so we have greater resources to do ingredients, supply chain synergies,

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Speaker 5: to do R and D development, to move and get

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Speaker 5: to the market, get new products to the market.

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Speaker 2: Quicker, what are you doing with R and d I mean,

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Speaker 2: if you think about the portfolio of snacks that you

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Speaker 2: have as a result of this merger, where do you

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Speaker 2: see the opportunity for white space or like you know

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Speaker 2: what is out there that's not there yet because this

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Speaker 2: is an incredibly competitive landscape.

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Speaker 5: Yeah. Well, with the increase of GLP one usage, the

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Speaker 5: way we snack and the way we eat is changing dramatically.

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Speaker 5: Any high protein, high protein, low sugar fiber. So we

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Speaker 5: are formulating with all of that in mind.

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Speaker 2: Are you reformulating existing things as a result.

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Speaker 5: We are looking at reformulating existing things. But we're also

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Speaker 5: we have a very long innovation plan of products that

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Speaker 5: we want to bring to market that are just better

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Speaker 5: and improved on what we have. Like, well, we're actually

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Speaker 5: we have a whole breath of items from sweet to

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Speaker 5: more savory.

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Speaker 4: When when would we expect to see those by.

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Speaker 5: This time next year? Okat to be back to talking

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Speaker 5: about it takes a long time. It takes a long

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Speaker 5: time to develop products.

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Speaker 3: So it sounds like also broadening, Like I am curious

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Speaker 3: in terms of the cookies. Now, Matt Miller was here

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Speaker 3: last time and he was like, I love them, and

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Speaker 3: I know already somebody in the newsroom are Sebastian. I

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Speaker 3: think who also loves them is like swiped a bag

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Speaker 3: and is sampling them. These are adults. How much of

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Speaker 3: your what you guys are doing has been really for kids?

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Speaker 3: How much of it increasingly even adults who do care

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Speaker 3: about what they are eating, is they're consuming them? And

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Speaker 3: then how much of when you think about expanding, is

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Speaker 3: it going to an older popular or an adult population.

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Speaker 3: I'm just curious about that mix.

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Speaker 5: Well, for the Real brand in particular, we're focusing on

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Speaker 5: the whole family and so parents, parents with children, thinking

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Speaker 5: about feeding everyone in the family, from young children through adults.

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Speaker 5: And actually, this is something that's very important to us,

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Speaker 5: and Marlon and I created a program called Real Food

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Speaker 5: is Fuel, and we actually go into elementary schools and

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Speaker 5: teach young people how to read nutrition labels so they

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Speaker 5: know when they pick up a package, how to find

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Speaker 5: out what's in it, and how to think about where

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Speaker 5: each ingredient has come from.

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Speaker 1: I love that.

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Speaker 3: I mean, I've talked often on air my daughter has

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Speaker 3: been like that for years, and part of that is

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Speaker 3: us and it's taken you know you kind of it

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Speaker 3: wasn't that way, and maybe it was as we started

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Speaker 3: to put it up calories, you know, in terms of

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Speaker 3: when you go to order food. But I know she's

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Speaker 3: done that for a long time, and I think it's

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Speaker 3: part of it is because we've increasingly done that. Yeah.

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Speaker 2: I also, I mean I personally also think it has

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Speaker 2: to do with getting older. Yeah, and you know, understanding

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Speaker 2: that when you're in your twenties, you although your daughter

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Speaker 2: is in her twenty you know, you can't kind of

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Speaker 2: get away with what you were doing in your twenties

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Speaker 2: when you're in your thirties. Marla, I want to go

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Speaker 2: back to what you said about maple syrup and the

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Speaker 2: rising costs the result of tariffs. Our conversation started with

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Speaker 2: the macroeconomic backdrop of supply crunches as a result of

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Speaker 2: the war. When it comes to something like maple syrup

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Speaker 2: or other of these ingredients that could be subject to tariffs,

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Speaker 2: what have you had to do from a pricing perspective

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Speaker 2: over the last year and price adjustments? Like have you

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Speaker 2: had to raise prices? Tell us what you've done or

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Speaker 2: hit margins?

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Speaker 4: What does it? What has happened?

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Speaker 1: I mean, we have planned for larger margins, so so

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Speaker 1: you ate a lot of this. We ate a lot

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Speaker 1: of it when that happened. However, you know, you know,

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Speaker 1: we aim for fifty percent margins, So when something like

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Speaker 1: that happens, it brings it down, but we're still okay.

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Speaker 2: Does it cause you to say, okay, well, maybe we're

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Speaker 2: not gonna be able to get maple syrup from Canada,

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Speaker 2: We're going to have to get it from Maine or Vermont?

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Speaker 4: Does it do that? Like that's the whole idea with tariffs.

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Speaker 1: Absolutely, and I think it also Rottens are thought like,

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Speaker 1: we've had a lot of conversation about maple syrup. I

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Speaker 1: think we're probably one of the only cookie brands that

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Speaker 1: uses maple syrup. And part of that is because it's expensive.

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Speaker 1: It's expensive, but it has a low glycemic index. And

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Speaker 1: then when you match maple syrup with a protein like almond,

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Speaker 1: it does not spike your sugar is your insulence, right,

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Speaker 1: so it's much better for you. So we love maple syrup,

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Speaker 1: but we are being creative and we're looking for others,

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Speaker 1: you know, other ways that we can sweeten our products. Naturally,

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Speaker 1: we are not a fan of a lot of you know,

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Speaker 1: a lot of gluten free products. Put a lot of

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Speaker 1: stuff in there that shouldn't be in there. And a

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Speaker 1: lot of people use fake sugars, right, sugar, alcohols, things

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Speaker 1: that don't feel good on your body. So I think

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Speaker 1: that people also are realizing, you know, you can say, well,

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Speaker 1: something doesn't have sugar, but sometimes a little bit of

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Speaker 1: something is better than something that's fake or can do

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Speaker 1: harmed to your body. And one thing when we came here,

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Speaker 1: it was during right, you know, after the pandemic. And

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Speaker 1: I have to say another thing is that post pandemic,

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Speaker 1: we have learned a lot more about health. So we

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Speaker 1: both come from families who have health issues. My daughter

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Speaker 1: had a significant health issue for most of her life,

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Speaker 1: still has a chronic health issue. But what we've learned

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Speaker 1: because of all the research that has come post COVID,

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Speaker 1: is that there's so much inflammation in our body and

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Speaker 1: the processed foods and these you know, fake ingredients that

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Speaker 1: we're eating are making us sick. And so if we

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Speaker 1: can eat with maple syrup, so I think we're experimenting

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Speaker 1: how can we bring the amount of maple syrup down

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Speaker 1: and maybe add a little bit something else natural to

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Speaker 1: keep it sweet.

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Speaker 3: I made a pecan pie for Thanksgiving and no sugar,

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Speaker 3: but used maple syrup and it was really great. So

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Speaker 3: it's interesting how recipes and things are substituting.

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Speaker 4: You make a lot of cookies too around the.

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Speaker 1: I do's.

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Speaker 4: The ones that I've tried, sagarette butter, but there's but

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Speaker 4: there's only.

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Speaker 3: Like a handful of ingredients. But yeah, yeah, no fair.

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Speaker 3: What do you make of an administration not looking for politics,

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Speaker 3: but whether it's the FDA or our Health and Egen

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Speaker 3: Services secretary in terms of what they're saying about health and.

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Speaker 5: What to eat?

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Speaker 3: From what you guys are seeing, I feel like what

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Speaker 3: you see in terms of consumer trends tells you a lot.

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Speaker 3: You are telling me that consumers care, doesn't matter what

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Speaker 3: they're hearing else wise, are from an administration? They care

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Speaker 3: and you've seen it in the uptick in your price

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Speaker 3: and you're good you can. Is that fair?

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Speaker 5: Absolutely?

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Speaker 1: And I think I've also worked a bunch in the

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Speaker 1: patient advocacy space just because of our health challenges in

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Speaker 1: our family. And I think parents especially and people who

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Speaker 1: have chronic illness themselves know what they need to do

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Speaker 1: and I think the most important and Laura and I

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Speaker 1: are big researchers, so we read everything and when we're

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Speaker 1: sourcing our ingredients. Everything is really well thought. But I

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Speaker 1: think that my message to all consumers is read as

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Speaker 1: much as you can, right, and you have to look

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Speaker 1: at different sources. You have to go and when you're reading,

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Speaker 1: go and look at the scientific research yourself and look

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Speaker 1: at how the studies were set up. So don't take

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Speaker 1: someone else's word for what is healthy, what is good

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Speaker 1: for you, what is bad for you? Really read and

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Speaker 1: do your own research learn.

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Speaker 4: Have you changed the way that you eat as a

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Speaker 4: result of starting this company.

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Speaker 5: I think I've always kind of eaten on the healthier side.

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Speaker 5: I was an athlete after college, and I know directly

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Speaker 5: that when I eat something that isn't made with good ingredients,

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Speaker 5: I just don't feel good.

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Speaker 2: Yeah, that's what That's what I was saying. I mean,

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Speaker 2: it's like you can do it in your twenties.

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Speaker 3: But all right, I just got to ask you about

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Speaker 3: this before we leave. First of all, I love that

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Speaker 3: it's called Moon Cheese. This is your collaboration, right and

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Speaker 3: the result of what this big deal.

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Speaker 5: Yes, this is part of our one of our brands

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Speaker 5: that's part of our merger, Moon Cheese, and it's a

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Speaker 5: cheese based product. It has one ingredientese looking at and

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Speaker 5: it's it basically retains the flavor of cheese made in

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Speaker 5: a special oven that we have the patent for and

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Speaker 5: it's really delicious. It's very easy on the ghost snack.

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Speaker 3: I've very taken it, really love it. Thank you guys

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Speaker 3: for coming back. Keep coming back because we have to

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Speaker 3: see how the business is evolving. We've been talking with

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Speaker 3: Lauren Berger and Marla Felt and they of course of

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Speaker 3: co founders of Get Real Foods, joining us right here

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Speaker 3: in Urburenberg Interactive Broker Studio.

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Speaker 1: Guys, thanks