Q: How have your sales fared during the pandemic and recession?
A: The easiest way for me to describe it is to compare second-quarter results to first-quarter results. We’re in nine markets across the country, nine different states, and we saw at least 30% sequential growth, quarter-over-quarter, in all of our nine states except for one, Massachusetts. And Massachusetts was one of the very limited states that did not deem the adult-use program essential.
Q: Would you say the pandemic’s been a boon for legal marijuana, given so many people are sheltering in place and looking for ways to manage the stress of it all?
A: You can find the correlation there, for sure. They have more time on their hands, working from home, being at home, and finding something else to help them take their mind off the stress. All of the above are factors in what we saw with greater acceptance, a greater consumer base with greater spending, so far, during this era. We tend to be in the highly regulated newer markets — Illinois, Pennsylvania, Ohio, New York — but they’re seeing growth in well-established markets like Colorado, Washington, Oregon and California. To see growth in those markets is even more telling.
Q: What’s the biggest challenge facing the industry?
A: The main thing holding the industry back is access to capital that would allow the infrastructure to be built, that then creates the growth, the jobs, the revenue. The fundamental restraint that still hangs over this industry is it’s difficult to capitalize it, but once that hurdle is cleared, even if nothing else is done, you’ll see explosive growth.