This is how Trulieve currently operates more dispensaries than the legal limit…
The fiasco surrounding the Ontario cannabis license lottery proved that cannabis companies will do everything they can to ensure they stay ahead of the game.
And for good reason: Edibles sales are going to kick off in Canada in December, a market with a projected worth of $4.1 billion by 2022.
That’s why winning licenses now is a cutthroat event for our neighbors up north.
But are things any less competitive in the United States when it comes to licenses?
The short answer is no.
In fact, there’s a company in Florida that makes acquiring licenses look easy, thanks to management’s experience with regulations and compliance.
You know from before that lawyers make great cannabis executives, and one executive in particular has used her expertise to gain an advantage over the rest of the cannabis market.
How Trulieve Is Winning the Florida Cannabis Market
CEO Kim Rivers has an extensive background navigating mergers and acquisitions, and she utilized her skillset quickly; she opened the first cannabis dispensary in 19 different municipalities in Florida.
Rivers took a look around at the potential legal roadblocks, then took initiative by fighting the original cap on dispensaries in Florida. In a genius move, she attacked the 2017 law that limited the number of licenses for each operator.
That number was set at 35.
Rivers argued that because she already had licenses before the law was established, those shouldn’t count towards the cap.
Trulieve expects to have 44 stores open in Florida by the end of this year, maintaining her company’s status as the largest dispensary network in Florida.
People quickly took note of her success; Rivers’ expertise in Florida’s medical marijuana policies landed her a spot on the Medical Marijuana Advisory Committee for the state.
This group will work directly with the Florida Department of Agriculture and Consumer Services to help enhance the medical marijuana policies of the state through expanding patient access.
This position ensures she is up to date on the latest proceedings, and gives her the power to make recommendations to the Legislature and the Department of Health’s Office of Medical Marijuana Use.
With these capabilities, you can bet Rivers is positioning her company for growth in new markets that will benefit the most from state industry regulations.
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Just check out her company’s sequential revenue increases.
After the big victory in court, Trulieve had a revenue increase of 86% from Q2 2018 to Q3 2018. The company continues to post consistent gains every quarter.
Rivers is not the only one with legal experience on her side.
Director Peter Healy manages a leading law firm in San Francisco, and Trulieve lobbyist Brian Ballard was on Donald Trump‘s inauguration committee, and has served as a delegate.
As a top lobbyist, Ballard’s proximity to decision makers in Washington helps ensure the company is up to date on the latest proceedings and isn’t blindsided by anything.
That’s why I’ve said before, having legal expertise is so important in the cannabis market.
When you’re making your own investing decisions, look at who is running the company.
Look at the board, and look at the connections all of those key executives have throughout multiple industries.
Executive Director, National Institute for Cannabis Investors
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7 responses to “The Secret to Trulieve’s Domination in Florida”
September 12 2019