Exclusive Interview with Vireo Health CEO Dr. Kyle Kingsley
Multi-state operator Vireo Health (CNSX: VREO) (OTCQX: VREOF) realigned its strategy to focus on six core U.S. markets: Arizona, Maryland, Minnesota, New Mexico, New York and Pennsylvania. Founder, CEO and Chairman of the Board Kyle Kingsley, MD, spoke with New Cannabis Ventures about the potential for explosive growth in those markets, the importance of IP and gaining visibility as a player in the MSO space. The audio of the entire conversation is available at the end of this written summary.
New Team Members
Dr. Kingsley last spoke with New Cannabis Ventures in May 2019. Since then, the company has made a number of additions to its team. Shaun Nugent joined the company as CFO, and Bruce Linton came on board as Executive Chairman. Nugent, previously serving as CFO of Life Time Fitness and Sun Country Airlines, brings a depth of experience in private and public company leadership. Linton brings his extensive experience in cannabis to Vireo.
Dr. Kingsley and Bruce Linton at a Vireo Greenhouse
Focused Market Strategy
When considering where to focus its efforts, Vireo selected the markets where it saw the most potential upside and where it had achieved critical mass. The company has a plan in place to be EBITDA-positive in its six main markets this year, according to Dr. Kingsley.
A Vireo Lab Technician at Work
The company also has a presence in markets like Rhode Island, Massachusetts, Nevada and Puerto Rico, but those will have a more peripheral focus.
Minnesota is one of the company’s most exciting markets. The company is planning to double its number of dispensaries from four to eight in 2020, barring COVID-related construction delays. It is searching for the right sites for its additional dispensaries. The market could soon allow