The market of medical cannabis is occupied by a few companies in Florida. Nearly, a market of half-billion-dollar is captured by a single company, known as Trulieve. It makes up nearly 50% sales of the state. Hence it is very tough for a new bee to set in motion and hold a strong position in the market.
According to the research of Vicente Sederberg, the highest number of dispensaries is not the reason for Trulieve’s supremacy in the markets of Florida. It is the top average sales per-store making this company with the highest sales.
Trulieve’s supremacy in medical cannabis markets
Since the legalization of smokable flowers in Florida, the situation of the market has taken a turn. Trulieve was the first company that invested in it and now it commands almost half the growing market of smokable flower generating sales of almost $4 million per week.
Jeffery Sharkey, the executive director of Florida’s Medical Cannabis Association, and Sally Peebles, the cannabis attorney of Florida both say that Trulieve is undoubtedly the dominant company and has the highest market share. Sally Peebles gives the credit of the success of Trulieve to the superb marketing.
Trulieve has 31 dispensaries in Florida, whereas Curaleaf owns 26. The company had almost more than 55% sales in the state when medical cannabis got legalized in Florida. 22 companies have a license but only 12 of them have dispensaries in the state.
Andrew Livingston, director of Vicente Sederberg, analyzed the sales of each dispensary including medical cannabis products. He calculated that its sales are almost triple to Curaleaf and Surterra.
The CEO of Trulieve, Kim Rivers, attributes the success of Trulieve to the dispensaries which are present in almost all the communities of the state. According to the Marijuana Business Factbook, the sales of medical marijuana in Florida will be around $425 million-$525 million in 2019. Ultimately, the sales of Trulieve will reach almost $200 million in 2019.
The company that is near to Trulieve in sales per dispensary is AltMed Florida which is still 30% behind. The number of dispensaries of AltMed in Florida is 7.
Causes of Trulieve dominance
According to Livingston and Peebles, there are many causes of the popularity of Trulieve in Florida. The very first reason for its popularity is efficient marketing which involves marketing on the platforms of social media as well. Another factor of popularity is the loyalty of customers. The strong department of supply chain and a great variety of products both have a vital role in the dominance of Trulieve in Florida.
Trulieve provides the facility of home delivery of its products and also arrange informational workshops and seminars for the patients.
But other companies are trying hard to open new dispensaries in the state to increase their market share. So far, they have succeeded as there are some indications of the declination of the market share of Trulieve. There is still a notable demand for medical cannabis in Florida. Hence, there are a lot of opportunities to grow.
Experts say that the sales of Trulieve shall decrease in the future due to tough competition.
HempMeds® announces partnership with Sezzle, Offers New Payment Solution
Medical Marijuana, Inc, the first company to receive historic import permits for CBD products from the governments of Brazil, Mexico, Argentina, and Paraguay has recently announced a partnership of its subsidiary HempMeds with Sezzel, a leading alternative digital payment platform.
Located in U.S, the first ever publicly traded cannabis company Medical Marijuana inc. has also recently launched a new line of cannabis-derived nutraceutical products, brands and supply chain. As its subsidiary, HempMeds is a corporate portfolio company which is also the Company’s master distributor and contracted marketing company, handling sales and distribution.
Sezzle, a leading alternative digital payment platform offers customers cutting-edge payment alternatives. HempMeds® customers can choose Sezzle at checkout to delay full payment for their items, at zero percent interest. Consumers receive their items right away and Sezzle pays merchant upfront and assumes all repayment risk. It requires a 25 percent down payment at the time of purchase and the remaining balance is automatically scheduled as three equal-installment payments to be paid every two weeks.
President Todd Morrow of HempMeds said that their aim is to provide better services so everyone with a tight budget can afford the benefits. Sezzle offers a “buy-now, pay-later” service that does not require shoppers to enter into a traditional loan or pay any upfront fees or interest. Sezzle is certified up to PCI DSS Level 1 as a Service Provider. He further stated, “Partnering with Sezzle means that we can provide our customers with an easy way to lift some of the financial burden during this expensive time of year.”
HempMeds® was the first company to ever bring hemp-based cannabidiol (CBD) oil products to market in the U.S. and was also the first to make CBD products available in bulk for U.S. consumers. It was also the first-ever company to receive historic federal government import approvals for its CBD products in the nations, as well as the first to have its CBD products listed in the Prescribers’ Digital Reference and one of the first to be certified by the U.S. Hemp Authority.
Medical Marijuana, Inc. CEO Dr. Stuart Titus mentioned, “With the number of new consumers becoming interested in purchasing CBD, we believe that Sezzle is a great opportunity to make our CBD products more accessible to people of all socioeconomic backgrounds.” The number of people searching for e-commerce outlets to purchase CBD has increased every year since 2017. Researchers found that online search volume for CBD in the U.S. increased 160.4 percent in 2018 compared with 2017 and is expected to increase by 117.7 percent in 2019 compared to 2018.
Flower One partners with Kiva Confections, Premium Cannabis Confections
Flower One is the largest cannabis cultivator, producer, and full-service brand fulfillment partner in the state of Nevada. They have more than 20 years of greenhouse operational excellence with best-in-class cannabis operators, Flower One offers consistent, reliable, and scalable fulfillment to a growing number of industry-leading cannabis brands. The company produces a wide range of products ranging from wholesale flower, full spectrum oil, and distillates to finished consumer packaged goods including flower, pre-rolls, concentrates, edibles, beverages, and topicals for the top-performing brands in cannabis.
Flower One has announced its brand partnership with California-born Kiva Confections (“Kiva”), bringing their industry-leading, premium cannabis confections to the Nevada market. Kiva’s presence in Nevada will redefine consumers’ expectations of cannabis confections as they are in the market for 9 years and known for their precise, discreet, and delicious edibles.
Kiva currently occupies 5 of the top 10 selling edibles products in the state of California, and with their first launch Kiva’s Camino Gummies is introducing custom combinations of THC, CBD, and a range of carefully curated terpenes, Camino provides the most tailored cannabis experience on the market. Camino Gummies will be available in the Wild Berry (“Chill”), Sparkling Pear (“Social”), Pineapple Habanero (“Uplifting”), Wild Cherry (“Excite”), and Watermelon Lemonade (“Bliss”) flavours.
The Chief Strategy Officer at Flower One, Kellen O’Keefe is thrilled to announce the addition of Kiva Confections as their brand partners. He stated, “Kiva’s built an industry-leading, premium brand focused on quality and consistency. Their delicious, low-dose options and unique formulations will make excellent additions to Nevada’s growing variety of exceptional cannabis products.”
Kiva has become the most recognized edible brand in cannabis and the leading edible company in California after being launched in 2010. In addition to California and Nevada, Kiva products can be found in Arizona, Illinois, Michigan and Hawaii. Kiva’s product portfolio also includes its award-winning Kiva Bars, Petra Mints, Terra Bites, and Singles, all of which are scheduled to launch in Nevada retailers in 2020.
CoFounder and CEO at Kiva Confections, Scott Palmer also finds it reassuring that they are partnering up with Flower One. More people will have access to their delicious, trustworthy, award winning edibles. He also added, “With Flower One’s production and cultivation expertise, we are confident that this partnership will allow us to build on the business reputation and loyal following we have established in California – one of the most competitive and evolved cannabis markets in the world.”
Sh’nnong Beverage Company Launches Iced Teas with added CBD
Former PepsiCo global chief marketing officer, Jill Beraud and Charlie Herbstreith, executives with over 25 years of business and marketing expertise are launching their own brand of Iced Teas. Newest Má Functional Iced Teas with CBD+ natural botanicals is set to make its way to over 500 The Vitamin Shoppe stores. Beverage Company’s next-generation plant-based beverages start with the finest Green, Oolong or Bai Mudan Teas blended with CBD+ natural botanicals to detox, focus or relax. It might be new in the market, but it goes back to 2737 BC when Emperor Shennong of China discovered tea and combined it with organic hemp and botanicals to make his original Má brews.
Jill Beraud, CEO and Cofounder of Sh’nnong Beverages Company, is no stranger to the iced tea beverage category, as he previously served as President of Starbucks & Lipton Joint Ventures at PepsiCo. Sh’nnong Beverage Company is raising the bar with the next generation, plant-based beverages by infusing each Má Iced Tea with CBD+ natural botanicals. CBD+ not only harnesses the functional benefits of zero-THC Hemp CBD but elevates those benefits by combining it with nearly 20 different herbs and spices inspired by the original Má brews of Emperor Shennong. Shennong used his brews to treat a variety of conditions and later became known as the Father of Chinese Herbal Medicine.
Jill Beraud stated that he finds The Vitamin Shoppe as the perfect partner for this launch as they are known for establishing themselves as CBD, Central across multiple categories and have tremendous in store expertise in health, wellness and nutrition. The Vitamin Shoppe is located in Secaucus, New Jersey, the Company offers a comprehensive assortment of nutritional solutions, including vitamins, minerals, specialty supplements, herbs, sports nutrition, homeopathic remedies, green living products, and natural beauty aids. Sharon Leite, CEO of The Vitamin Shoppe, commented: “As a trusted resource for CBD hemp extract products, we are thrilled to be the exclusive launch partner of Má Functional Iced Teas with CBD+, providing our customers with a refreshing and delicious option in this category. We are especially excited to team with visionaries like Jill Beraud and Charlie Herbstreith.
All Má Functional Iced Teas with CBD+ Natural Botanicals are available exclusively at The Vitamin Shoppe, Má Iced Teas are carefully curated into three distinct blends and have no added sugar with less than 10 calories just for $4.99. For the time being, there are 3 unique blends available:
- FOCUS: Oolong Peach Spark that helps in feeling more focused with CBD + brain-stimulating adaptogens of ginkgo biloba, gotu kola and Rhodiola Rosea. With 40mg of natural caffeine added, it helps promote cognitive brain activity.
- RELAX: Lavender Berry Chill features blueberry-infused, caffeine-free Bai Mudan Tea blended with CBD, chamomile, lavender, lemon balm, elderflower and passionflower to impart calm and help reduce stress and anxiety.
- DETOX: Emperor Spice Cleanse is a caffeine-free, detoxifying brew to help purify the mind, body and soul with CBD + Green Tea, lemon, chamomile, schisandra berry and dandelion root to help remove toxins from the body.
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