Adam Bierman, the co-founder as well as CEO of MedMen, a marijuana dispensary operator, has said that Colorado as well as Oregon and Washington are not ideal markets for marijuana.
Speaking to CNBC’s Jim Cramer, who hosts “Mad Money”, Bierman said the three states are “horrible markets to be in.”
MedMen, which has been referred to as the “Apple Stores of weed” does business in California, Nevada, New York, and Florida.
Bierman said, “[It’s] good for business that those are tiny markets that, in the grand scheme of things, maybe matter not that much.”
“What’s really important to understand is every market since those markets came online [has] been supply constrained, so limited licenses and, most importantly, especially for the MedMen’s case, the most arduous retail zoning restrictions known to man,” Bierman continued.
“From the beginning, we’ve been the ‘Why not?’ people,” Bierman remarked. “Why can’t you build a billion-dollar business in this industry? Why not? Why can’t you take the biggest U.S. weed company and make it public and available for people to own all over the world? Now, there’s a lot of roadblocks in that kind of an attitude and we can’t list here in the U.S., so we have to list in Canada and, unfortunately, that’s the only place to go. Now, fortunately, it is a place to go and they’ve been great partners.”
MedMen is publicly traded in Canada on the Canadian Securities Exchange as well as the OTCQB Venture Market.
“The concept of a stoner or a stoner image is something that’s yesteryear,” the CEO also remarked. “This is about Chardonnay moms. This is about working dads. This is about marijuana substituting and replacing, you know, other things that people are already utilizing that, in some instances, are detrimental to their health.”