OK … and you appear well on the road to making this happen with recent announcements of expansion into Arizona, New Mexico, Nevada, and Massachusetts. This is in addition to Maryland, Minnesota, New York, Ohio, Pennsylvania, and Rhode Island – is that correct? What business lines do you have in each of jurisdiction.
That is correct, although I would note that we also have acquisitions pending in Puerto Rico and California.
Until very recently, Vireo only operated in medically-licensed jurisdictions so our product offerings have historically been geared toward medical, health and wellness directors. We have over 50 SKUs in our portfolio today, but not all of those are available for sale in each state where we operate given variations in certain regulatory requirements.
Because are first two states were Minnesota and New York and neither have allowed the sale of flower, we’ve developed an expertise in the manufacturing and processing of oils, oral solutions, and capsules. We’ve had to focus on the more value-added products since day one, so naturally that has become our focus. It also fits more cleanly with our scientific focus.
As Vireo moves into recreational markets, we are developing unique brands and novel products that will appeal to the full spectrum of cannabis consumers.
science and technology are selected by all types of cannabis consumers. Eventually consumers will demand products that work and that are even more sophisticated.
We are also looking to generate operating efficiencies by cultivating outdoors at agricultural scale and plugging the gaps of scaled cannabis processing with novel equipment that drives down our costs.
I grew up in a small farming community in southeastern Minnesota, so while we started with a medical focus, we’re very comfortable with agricultural processes and several of the acquisitions we’ve recently completed were identified because they offer us the potential to grow outdoors in a way that is consistent with our long-term vision.
As I mentioned earlier, we’re focused on execution right now and we’re looking forward to sharing updates on our progress on many of these exciting initiatives throughout the coming year.
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