CEO of US marijuana company MedMen says Oregon, Colorado are 'horrible markets' to be in – CNBC
Marijuana dispensary operator MedMen sees major hurdles in operating in Oregon, Washington and Colorado, where pot is medically and recreationally legal, co-founder and CEO Adam Bierman told CNBC on Monday.
Bierman, whose company functions in California, Nevada, New York and Florida, called the first three fully legal U.S. weed markets “horrible markets to be in” in an interview with “Mad Money” host Jim Cramer.
“[It’s] good for business that those are tiny markets that, in the grand scheme of things, maybe matter not that much,” the CEO said.
“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.
While MedMen is licensed to operate in the United States, where some of its retail locations have been affectionately dubbed the “Apple Stores of weed,” the company is publicly traded in Canada on the Canadian Securities Exchange and the OTCQB Venture Market.
In early June, the Canadian Senate voted to legalize recreational marijuana nationwide. The move would make Canada the first and only country in the G-7 to fully legalize marijuana.
But Bierman won’t stop at Canada.
“From the beginning, we’ve been the ‘Why not?’ people,” he told Cramer. “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.”