E161 - A Post-Earnings Verano Deep-dive with George Archos and Aaron Miles

Hey Headsetters, we're back with a new interview episode, this time with Verano's George Archos and Aaron Miles. We cover their wholesale strategy, a unique approach to loyalty and visions for the future. Listen closely and you might actually catch the date that Schedule 3 is scheduled to happen (not really). In this conversation, George Archos and Aaron Miles from Verano discuss their company's performance in Q1 and their position in the cannabis industry. They talk about Verano's footprint, retail composition, and brands. They also discuss their focus on customer loyalty and the launch of their exclusive membership program, the Cabbage Club. The conversation touches on the growth of Verano's wholesale business, particularly in markets like New Jersey and Illinois. They also discuss the challenges and opportunities of opening doors in different markets and the importance of data-driven decision-making. The conversation concludes with a discussion about Verano's plans for expansion in Ohio and Florida. Verano Holdings is preparing for the launch of adult-use cannabis in Ohio and expects to see significant demand in both their stores and the wholesale market. Takeaways Verano has a sizable footprint in the cannabis industry and is celebrating its 10th year anniversary. Verano focuses on high-quality products and has a range of brands catering to different market segments. Verano places a strong emphasis on customer loyalty and has launched the exclusive membership program, the Cabbage Club. Verano has seen growth in its wholesale business, particularly in markets like New Jersey and Illinois. Opening doors in different markets can be challenging, but Verano has been successful by building relationships and offering unique, innovative products. Verano is planning for expansion in Ohio and Florida, with expectations of significant sales growth in these markets. Verano Holdings is preparing for the launch of adult-use cannabis in Ohio and expects significant demand in both their stores and the wholesale market. Verano focuses on creating their own brands rather than acquiring existing ones, but they may consider acquisitions in the future. They are cautious about entering the hospitality aspect of the cannabis business, such as music festivals and lounges, due to regulatory hurdles and the difficulty of making the economics work. Verano is excited about the potential benefits of rescheduling cannabis, including being treated like a normal business, accessing banking services, and improving their marketing capabilities. They anticipate better polling numbers in Florida and potential news on Pennsylvania. Verano is well-positioned for future opportunities and is focused on being prepared for inclusion in the capital markets. Keywords Verano, Q1 performance, cannabis industry, footprint, retail composition, brands, customer loyalty, Cabbage Club, wholesale growth, opening doors, data-driven decision-making, expansion, Verano Holdings, adult-use cannabis, Ohio, wholesale market, product offerings, acquisitions, hospitality aspect, regulatory hurdles, rescheduling cannabis, banking services, marketing capabilities, Florida, Pennsylvania, future opportunities, capital markets Headset