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The cannabis industry has seen exponential growth in recent years, Summer emerges as a leading player. Verano operates in 13 states, with greater than 140 locations and reported revenue of $938 million in 2023. George Archos, founder and CEO of Verano, shares his story 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 advantages of the plant. He was influenced by a member of the family with multiple sclerosis, which motivated him to use for a license to grow in Illinois. Archos emphasizes the importance of building a company that does good for people, saying, “I’ve always loved the opportunity to do good for people, and this was an opportunity to do it in my home state.”
One of the keys to Verano’s success is a strong focus on culture and hospitality. With a background in the restaurant industry, Archos emphasized the importance of a friendly environment and excellent customer support. “Training and creating a family atmosphere is very important to us, and then delivering a great product to them,” he explains. This approach has played a key role in building a loyal customer base and a dedicated team of some 4,000 employees.
The journey hasn’t been without its challenges, though. Going public was a significant milestone for Verano, but it got here with its own set of challenges. Archos acknowledged that running a public company requires more time for investor relations and less field operations, which he likes. He says, “When you go public, unfortunately, you have to step away from that a little bit and spend a little more time on investor relations and traveling.” Despite those challenges, Archos has adapted and now sees the advantages of the increased exposure and learning experiences that come with being a public company.
Archos’ advice to other entrepreneurs is easy: make decisions and learn from them. He emphasizes the importance of trusting your intuition and not being afraid to vary direction if essential. “You have to make that decision. You have to trust yourself and move forward,” he advises. That mindset has helped Verano navigate the volatile cannabis market and position itself for future growth. Looking ahead, Archos envisions continued success for Verano, fueled by a commitment to quality, community, and innovation.
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