The marijuana industry's first $1 billion 'unicorn' (“cannicorn”?)
...is a company you've probably never heard of.
If you’ve ever wondered where the largest producer of Marijuana in the world is, look no further than Ontario, Canada. Canopy Growth, the “unicorn” of cannabis, has set up shop in an abandoned Hershey Chocolate Factory. The company has 6 licensed facilities at 665,000 sq. ft.
Canopy Growth is trading on the Toronto Stock Exchange (using the ticker WEED, naturally) and was valued at over $2 billion as of November 2016. With the progressing legalization of marijuana in the US and other countries alike, Canopy Growth hopes to start exporting their goods on a more expansive global platform. Currently, they only export to Germany and Brazil.. Their aim is “to become the Procter & Gamble of pot”. Canopy Growth umbrellas over a few brands, including Tweed, Vert Medical, and Bedrocan Canada; each with their own niche--the younger, sleeker market, the French speaking market, and strictly medical users--respectively.
Bruce Linton, CEO credits the success of the company to Canadian cannabis policies. Canadians have had the ability to possess and grow small amounts of marijuana for medical use for over 15 years. “ In 2014, the government began licensing companies like Canopy to produce mass amounts of marijuana for patients suffering from serious diseases. The Canadian cannabis industry raked in $869 million in legal sales in 2016 and is expected to reach $22.6 billion after Prime Minister Justin Trudeau opens up the recreational market this spring.” (Business Insider).
Canopy Growth’s take on the market brings a sophisticated view to the industry, as Linton elegantly stated, "We didn't try to pursue the lowest common denominator concept of 'Let's assume everybody's stoned and not paying attention.' We took the approach of 'Let's assume everybody's paying attention and maybe marijuana is something they're interested in”.
Aleks Novikova is Research Lead at Delta 9 Search, the only dedicated cannabis industry executive search firm in the Western Hemisphere, and has been with the company since the get-go, working directly on its marketing and recruiting efforts. To find out how Delta 9 can help your company identify and attract the key executives it needs to thrive and grow in the cannabis industry, shoot us an email, or give us a ring at 212.390.8190.