When someone has nothing to say of relevance, there is really no point in following them.
It is, primarily because of the industry we are in has so many moving parts and our Company, Westleaf is engaged in all major aspects of the industry. It’s important to note that the legal cannabis industry in Canada is just over 140 days old and we are operating in many jurisdictions and regulatory environments, as well as a very competitive landscape. It is hectic but at the same time it is a very exciting sector to be in. There are very few opportunities in life to be part of a brand-new industry.
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Joining me today is Harris Rabin, Chief Marketing Officer (CMO) at Vireo Health Inc. Vireo was featured on the cover CannaInvestor Magazine (April/May 2019) and inside that edition was our exclusive interview with Dr. Kyle Kinglsey (CEO).
For our readers benefit, before Vireo you previously held the position of Global Vice President of Marketing at Anheuser-Busch InBev. Prior to InBev, you oversaw the Global Aspirin Franchise at Bayer (record sales and growth during that period).
I honestly do not even know to start because your background and how that experience fits my own view of the future of the cannabis industry to a “T”. So let’s get right at it here … Harris, how does your experience at both Bayer and at ANInbev transfer to Vireo?
There are many comparisons between the healthcare, alcohol, and cannabis industries, and I expect my experience to be of great benefit to Vireo as the cannabis industry grows and Vireo continues to launch new brands and enter new markets. Just like the alcohol and consumer healthcare industries, cannabis is a CPG industry. Just like my former industries, the cannabis industry is also highly regulated, extremely competitive, and quickly evolving. Cannabis brands will drive disproportionate market share by understanding and delivering against specific consumer needs, benefits, and occasions. The smartest brands in the industry are already acting on this belief, and the rest will soon follow.
Using Aspirin (ASA) as my loose comparator … birch bark is no longer used to manufacture ASA and ASA is manufactured by means of synthesis in our modern world. Among many benefits of this process is the assurance of precision pinpoint accuracy of the formulation. The end result is that an Aspirin made by Bayer is identical no matter where it is purchased.
We know that cannot be said in the cannabis industry because it remains rooted in using the source plant. Even more challenging for consumers is that strains with identical names have shown to be genetically dissimilar from dispensary to dispensary.
With that backdrop, as oversimplified as it is, do you see a migration of cannabis towards biosynthesis to ensure that pinpoint accuracy of cannabinoid and other component profiling … perhaps more so in medical streams and applications?