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Highlights from the U.S. Life Sciences sector.
The United States multi-state operators (MSO) focused segment of the Life Sciences day of ATB Capital Markets 10th Annual Institutional Investor Conference included discussions with a broad cross-section of leading public and private U.S. MSO’s.
Brand Building and Leadership: The Good, The Bad, The Ugly
The reality is that on balance consumers are looking across multiple brands for best-in-class (or best at a price point) product, versus a single brand spanning across multiple categories trying to be too much of everything (for everyone), and ending up not being enough of anything. The tailoring of offerings (and price points) is increasingly in focus.
East Coast: The Heat is On this Winter
With each of the key East Coast markets at very different stages of development, while there is overlap in some of the obvious building blocks of a market leading presence in these states, a winning strategy will require nimble footwork and a good reading of the leaves. The frustration, on the continued delays in the start of recreational-use in both the Garden and Empire states, is palpable.
Bridging the North East: New Jersey as a Key Market
New Jersey while ultimately a massively attractive opportunity, the continued delays in the start of adult use has been a source of (increasing) pain for leading MSOs in the state, who have on balance been ready to go (with the carry costs that imputes) since the initial expected start date of August 22, 2021.
The Next Wave: Getting Private with Leading Privates
The capital constraint is all the more pronounced for private operators, and continues to inhibit both in state (and new state) expansion. The leading privates remain focused on their strategy, driving share gains, and improving efficiency with a relentless focus on delivering high quality products and service, as the competitive intensity and landscape evolve.
Fireside: California’s Path to Profitability in Focus
The state of California itself is the best brand in the industry today, and while being inherently challenging in nature, California continues to be a coveted market for cannabis businesses. As competition increases and margins are compressed, consolidation is expected to continue, making for a tough market for new entrants and single operators.
Kenric Tyghe, 647-776-8249
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