By Carlo Versano
Coming off explosive fourth-quarter growth, the cannabis provider Green Thumb Industries will focus on products that can give it an edge in an increasingly open and competitive market, the company's chief strategy officer said.
"Where we're focused on today is targeting channels where we can be really differentiated and competitive with really unique products," Jennifer Dooley, GTI's chief strategy officer, told Cheddar on Wednesday. She highlighted the company's Beboe luxury CBD skincare line as an example of a cannabis product that can help the company maintain its powerful growth.
The Chicago-based company, with major operations in Canada, reported this week a more than 230 percent rise in revenue in the fourth quarter ー a $20.8 million rise over the same time last year. As legal, recreational cannabis and related consumer products like CBD grow, the company is expanding across all aspects of its business, from retail operations to consumer packaged goods.
"Demand is really exceeding supply," Dooley said.
Though GTI is still losing around $3 million a quarter, Dooley said profitability isn't yet a concern, as the company focuses on speed to meet new demand.
"Everything is happening so quickly, and faster than anyone could have imagined," she said. GTI hired more than 300 people in the company's fourth quarter, and completed several acquisitions, including its purchase of Beboe, known as the "Hermes of cannabis" for its trendy rose-gold vaporizer.
GTI, which was founded by the heir to the Jim Beam bourbon fortune, has learned a lot from the booze business, where the distillers had to find ways to make successful consumer brands after the chaotic years of Prohibition, Dooley said.
"Nothing is off the table if it makes sense for us," she said.
For full interview click here.