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.
Cannot help but notice the absence of traditional states such as California, Colorado, Oregon, and Washington. Is this by design given their apparent market saturation levels or does Vireo have its eye on these states as well … ?
We do have an LOI in place for a dispensary in a very attractive location in California, but you’re correct that our absence from the other mature markets you mentioned has been a strategic decision.
In many ways it’s been beneficial to have stayed away from those markets to date, because as early adopters of adult-use programs they’ve faced some significant challenges.
What are your thoughts on the future of retail?
Near-term opportunities are substantial, and as you can see from our investor presentation, we’re in the process of rolling out our new “GreenGoods” dispensary concept across our portfolio, and we expect this store concept to have wide appeal
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