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The cannabis industry has experienced exponential growth over recent years, with Verano emerging as a leading player. Verano operates in 13 states with over 140 locations and posted revenue of $938 million in 2023. George Archos, the founder and CEO of Verano, shares his journey and insights on building a successful cannabis company, emphasizing the importance of culture, adaptability, and community impact.
Archos was drawn to the cannabis industry by the potential benefits of the plant. He was influenced by a family member with multiple sclerosis, which motivated him to pursue a cultivation license in Illinois. Archos highlights the importance of building a company that does good for people, saying, "I always loved the opportunity to do something good for people, and this was an opportunity to do it in my home state."
One of the keys to Verano's success is its strong focus on culture and hospitality. With a background in the restaurant industry, Archos emphasized the importance of a welcoming environment and excellent customer service. "Training and creating that family vibe is very important to us and then providing them a great product," he explains. This approach has been instrumental in building a loyal customer base and a dedicated team of roughly 4,000 employees.
However, the journey hasn't been without challenges. Going public was a significant milestone for Verano, but it came with its own set of difficulties. Archos admitted that managing a public company involves more time on investor relations and less on-ground operations, which he enjoys. He shares, "Once you go public, unfortunately, you have to step away from that a little bit and spend a little bit more time on investor relations and traveling." Despite these challenges, Archos has adapted and now sees the benefits of the increased exposure and learning experiences that come with being a public company.
Archos's advice to fellow entrepreneurs is straightforward: make decisions and learn from them. He stresses the importance of trusting one's gut and not being afraid to pivot if needed. "You have to make that decision. You have to trust yourself and you have to move forward," he advises. This mindset has helped Verano navigate the volatile cannabis market and position itself for future growth. Looking ahead, Archos envisions continued success for Verano, driven by a commitment to quality, community, and innovation.
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