Exclusive Interview with PharmaCann CEO Brett Novey
Private multi-state operator PharmaCann relies on a formula supported by its people, its foundational assets and financial discipline. CEO Brett Novey last spoke with New Cannabis Ventures in the spring of 2020. Since then, the company has weathered the challenge presented by the ongoing COVID-19 pandemic and continued its growth. Novey checked in to discuss growth within the current PharmaCann footprint, looking to the West Coast and the company’s expectations for the future. The audio of the entire conversation is available at the end of this written summary
From Startup to Mature Organization
As PharmaCann, and the industry in general, transitions from its startup phase to a more process-driven, mature organization, it has looked to add depth to its team, according to Novey. Over the past 12 months, the company has worked to placed subject matter experts in leading positions within each of its functional areas. The company is aiming to increase the flow-through of each incremental dollar of revenue to EBITDA.
PharmaCann Is Increasing the Depth of Its Team.
The PharmaCann Footprint
PharmaCann has been preparing for the eventuality of adult-use New York since it won its first license in the state in 2016. Now, that transition is on the horizon. The company is currently expanding its cultivation footprint in the state, preparing for both adult use and the expansion of the medical market. It is yet uncertain whether or not regulations in the state will put a cap on canopy, but PharmaCann is targeting capacity that will give it a 12 to 15 percent market share in a mature market over the long term, according to Novey.
Inside a PharmaCann Facility
The company has built a