Who says big pot companies can’t be profitable? Last week, Trulieve, the dominant player in Florida’s MED-only market posted big numbers. For this week’s Power Players interview I spoke to CEO Kim Rivers about what it takes to make money in this business.
A few highlights:
On building a dominant market position:
We launched and began building when the market in Florida was still CBD only. And, of course, as the market evolved, we’re very active in ensuring that more conditions [qualified patients for MED]. We helped ensure that physicians understood what an opportunity this was for their practices.
On the possibility of ending mandatory vertical integration:
Having additional access for small businesses is a positive from a policy perspective. From our perspective, having the ability to do business with some smaller companies that are in specific niches of the market is a win-win.
On expansion to new states:
It’s important that we can achieve some level of scale, and market penetration. Also, we look at markets that we feel want to do business with companies like ours. There’s some markets out there that maybe don’t. And that’s okay. I think it’s important to understand where we think our advantages are, and not trying to force ourselves where maybe they’re not.