Canada's Cannabis Giant Eyes US Market: 'It's Like Looking Into The Future'

Mario Naric, CEO and founder of Motif Labs, shared his vision for the future during a recent side interview at the Benzinga Cannabis Capital Conference.

As the head of Canada’s largest private cannabis firm, Naric expressed a dual purpose for their presence at the event: enhancing Motif Labs’ visibility and understanding the evolving U.S. market. “We’re quite a big operator in Canada, and we’re pretty under the radar because we’re a private business. So just spreading the word about Motif, and what we do is one objective,” Naric explained.

He also emphasized the importance of learning from the U.S. market, which often serves as a precursor for trends in Canada. “It’s like looking into the future sometimes when you come down here,” Naric remarked, highlighting the innovative edge that U.S. trends could lend to Canadian market strategies.

Canadian Market Insights

Naric also addressed common misconceptions about the Canadian cannabis market, which is often portrayed as challenging but holds significant potential for predictable market success. “Canada is becoming a very viable market. And it’s one that you can succeed in,” he noted, adding that despite the hurdles, there are substantial opportunities for growth and success, as demonstrated by Motif Labs’ achievements.

Motif Labs in 2024

Looking forward to 2024, Naric detailed Motif Labs’ strategic direction, focusing on product innovation and market expansion. “We’re an extraction-based business… We’re doing 2.0 products, we’re a brand house as well,” he stated. Naric highlighted the recent launch of liquid diamonds, aiming to delve deeper into niche extracts and expand their presence in the infused pre-roll segment.

With a portfolio that already includes leading brands like BOXHOT and Rizzlers, Motif Labs is set to enhance its market presence further. “We have five different brands in the market. BOXHOT is our number one brand… we have close to 10% of the infused pre-roll market share,” Naric said.

Adapting to Market Needs

The conversation also touched on how Motif Labs tailors its offerings to meet consumer demands, particularly among younger demographics. Naric pointed out the importance of appealing to Gen Z consumers, who have grown up in an era where cannabis is legal and view it differently than previous generations.

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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.

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Image: Mario Naric, CEO of Motif Labs