Even as demand for cannabis surges, the coronavirus pandemic has proved a reckoning for many companies in the business. But medical cannabis company Trulieve has managed to perform under pressure — something CEO Kim Rivers attributes in part to a dogged focus on its home market of Florida.
"For us, it was about really focusing on building a brand; focusing on winning customers and loyal and repeat business from those customers; and, again, expanding in a thoughtful and intentional way," Rivers told Cheddar. "Folks were kind of enamored with the thought of being in as many locations at one time, but that can lead to very inefficient business practices."
As its contemporaries have shuttered operations, canceled deals, and filed for bankruptcy — or the U.S. equivalent — amid a year full of challenges exacerbated by the coronavirus pandemic, Florida-based Trulieve has continued to grow. The company opened its 55th dispensary in Tarpon Springs, Florida on Thursday — its 53rd location in the Sunshine State — as well as touting a hiring spree when it reported earnings back in May. At the time the company said it had filled 500 positions since mid-March and was looking to onboard some 300 more employees, according to Green Market Report.
Even so, navigating the pandemic has not been easy, Rivers said. Trulieve had to drastically pivot the nature of its business to accommodate pandemic-related restrictions. Pre-pandemic, Rivers said about 80 percent of business came from walk-in customers. After the onset of the pandemic, that fell to about 10 to 15 percent with the remaining business coming from pickup and delivery.
"We saw a dramatic shift in our business pretty early on," she said
"We had to double our fleet of cars. So we went from 100 vehicles to 200 vehicles pretty much overnight. We deliver next-day across the state of Florida. In addition, rolling out technology platforms to make transactions as contactless as possible," she later added.
In spite of the challenges, the pandemic hasn't been all bad for cannabis. Demand has proven remarkably robust — except in markets that rely heavily on tourism — and medical markets like Florida have only gathered steam, Marijuana Business Daily reported.
Promising revenue forecasts placing the global market's potential at $42.7 billion by 2024, according to marketing research firm BDSA, have some revenue-starved state governments, like New York and Pennsylvania, eyeing legalization as a means of injecting some much-needed cash back into the economy.
Rivers likened the trend to the end of Prohibition, which coincided with the Great Depression.
"There are a lot of parallels with the cannabis industry today. Similarly, we have a prohibited substance that we know can not only bring folks and help the economy but also of course bring relief to people in a medical sense. So I think it really is a win-win," Rivers said.
Activists have been pushing to legalize adult-use cannabis in Florida for years, but the two petitions to get it on the 2020 ballot fell short of signatures in late 2019.
Rivers said it "remains to be seen" whether potential tax revenue will be a consideration in legalization talks next year.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
