Florida's Cannabis Legalization Vote Is 'A Thrilling Prospect,' iAnthus CEO Says: 'We're All Pursuing The Same Outcomes'

At the recent Benzinga Cannabis Capital Conference, Richie Proud, CEO of iAnthus, shared his perspectives on the evolving cannabis market and its strategy across its multi-state operations.

He proudly emphasized the efficiency of gathering with capital investors and industry partners in one venue. 

“It’s a great opportunity for us to connect with not only capital investors but other partners inside of the space,” he remarked. Proud was particularly excited about discussing Florida’s Measure 3, noting, “We’re all pursuing the same kind of outcomes, and the backdrop of Florida Measure 3 is a really thrilling prospect for all of us, sparking optimism and hope.”

Business Expansion and Consumer Care

IAnthus, which operates 36 dispensaries across seven states, including 18 in Florida, is set to increase its presence with new stores on the horizon. Proud highlighted his travels across the Northeast to oversee the company's numerous locations. He stressed the importance of localized consumer care and product innovation. “We’re a large retail business. I want to make sure we have personalized access to consumers and that patients feel they’re taken care of by our products and innovative measures,” Proud explained.

Regional Strategies and Consumer Preferences

Addressing the regional variations in cannabis consumer trends, Proud compared the operational dynamics in states like New Jersey and Florida. “The backdrop of Florida is so unique. It’s highly vertically integrated. You make what you sell. There’s no wholesale operation inside of that market,” Proud stated. He added that while new West Coast brands are moving into the Northeast, entering Florida is more challenging due to licensing requirements. Proud detailed the company's focus on high-quality flower and strains, ensuring they meet local consumer demands.

Cannabis in Florida

Looking forward to his panel discussion, Proud shared his anticipation for the outcome of Florida’s Measure 3. He expressed hope for its passage, citing its potential to enhance the market and improve patient experiences significantly. 

“We certainly hope that it crosses over the 60% threshold, which provides a great opportunity for market innovation and a personalized experience,” he said. Proud reaffirmed his commitment to medical patients: “Medical patients have to stay at the forefront of everything we do.”

Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors, and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

Image: Benzinga