Marijuana Business Magazine - Issue 09, Oct 2017

RETA¬L BUS¬NESS STRATEG¬ES F or Florida-based Trulieve, a sim- ple strategy offered a path to initial success: Get there first. After winning a license under the state’s CBD-focused program in 2015, the company racked up an impressive list of “firsts” once Florida approved a broad medical cannabis program last year. Trulieve claims it was the first to: • Get the green light to process full-strength medical cannabis. • Receive authorization to dispense MMJ. • Open a dispensary (in Tallahas- see) in July 2016. • Make a home delivery. • Transact an in-store sale. But creating a sustainable medical marijuana business that can achieve success in the long run requires more than just being first. To that end, the vertically inte- grated MMJ company has focused on building its customer base through personalized service, which involves holding patients’ hands every step of the way in the enrollment process and beyond. Trulieve also nurtures relationships with the doctors who recommend medical marijuana. “Our strategy is pretty straightfor- ward,” said Trulieve CEO Kim Rivers. The strategy seems to be paying off. The company now operates nine by Bart Schaneman dispensaries across Florida and accounts for about a sixth of the state’s medical marijuana market, serving roughly 5,000 patients out of a total pool of 31,000 as of late August. Trulieve plans to open another 16 dispensaries by the end of 2018 – this in a state where annual dispen- sary sales are forecast to be $600 million-$800 million in the next three to five years, according to Marijuana Business Daily estimates. The company also employs approx- imately 225, including greenhouse staffers, cannabis growers, scientists, a toxicologist, a nuclear engineer, a physician, a nurse and a lawyer, as A 5-Star Experience Florida MMJ company concentrates on personalized service, cultivating doctor relationships to stay on top well as managers and consultants at each dispensary. Holding Patients’ Hands Rivers characterized the Florida system as “somewhat challenging” for patients to navigate, so her team works to create what she calls a five- star experience. To deliver that service, Trulieve management ensures the com- pany’s patient consultants undergo a rigorous training process, “making sure the patient feels cared for and connected.” When voters passed Amendment 2 last year legalizing MMJ, the measure A Trulieve dispensary. Photo courtesy of Trulieve 90 • Marijuana Business Magazine • October 2017