Ron DeSantis Will Accept 'Will Of The People' If We Choose Cannabis Legalization In Florida's Nov. Ballot, Says Trulieve CEO Kim Rivers

As the cannabis industry undergoes major changes provoked by President Biden's recent announcement regarding the rescheduling of marijuana, followed shortly thereafter by Attorney General Merrick Garland's formal initiation of the process, one person in the cannabis industry "is leading these changes" – according to The Dales Report (TDR)’s Shadd Dales. This person is Kim Rivers, CEO of Trulieve TCNNF.

And based on recent activity as well as long-term stamina, the Benzinga team agrees. When Trulieve opened its first store in Tallahassee in 2016, the company medically transported the very first patient from three hours away to make its first sale, Rivers told Benzinga's Dustin Blitchok in 2020. On day two, "we realized we didn't have anybody to sell to," she added. A lot has changed since, as demand ramped up in the state. Yet, there’s a lot more that could be done with adult-use legalization.

In Friday's TDR podcast, Rivers discussed recent regulatory advancements and Trulieve's strategic direction in light of these changes.

Trulieve's financial success, noted TDR, is marked by a 58% gross margin, resulting from strategic investments and planning. The company's Florida facility highlights a hands-on approach to quality cannabis production. Trulieve's expansion strategy includes 197 stores nationwide, with data analytics driving customer-centric growth.

November Cannabis Legalization Initiative

In terms of advocacy efforts such as the YesOn3 Campaign in Florida, Rivers has not only been working closely with Safe and Smart Florida, but Trulieve has donated somewhere in the area of $40 million to the effort. Other cannabis companies finally began to throw money into the kitty beginning in April.

Asked about Gov. Ron DeSantis' string of comments opposing the proposal, Rivers told TDR  she wasn't convinced that the governor's position is "100 percent policy-based" and could well be based on the general Republican-party’s distaste for the abortion issue, which was also approved to appear on the ballot this coming November.

DeSantis Puts Up Roadblocks But Will Accept Will Of The People

Dales wondered if the Republican governor would change his opposition if legal cannabis was approved as did Ohio's Mike DeWine (R), who got on board once voters approved legal marijuana last November. Like Florida, an abortion bill was also on the ballot in Ohio.

"I think there's a lot of strategic conversation right now happening on abortion, and then I think that we're a little bit of a byproduct of that," Rivers replied. "I do think that Governor DeSantis historically has been absolutely a man who I think will continue to stand behind the will of the people once they've spoken."

She continued: "I mean, getting over 60 percent of the electorate to vote in favor of anything is a tall feat," Rivers said, adding that "we will have to go through implementation, but I do not expect or anticipate that Governor DeSantis would put up massive roadblocks post-approval in November."

Kim Rivers has attended nearly every Benzinga Cannabis Capital Conference and will likely join us again in Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

Photo: Benzinga