14 minute read
Step by step
from CCR Issue 8
Nick Friedman and Brandon Pollock, co-founders, Theory Wellness
Step by step
Don’t reinvent the wheel. That was the drive behind the creation of Theory Wellness, the East Coast medical and recreational cannabis brand that continues to find ways to change how to succeed in today’s growing cannabis landscape.
Started in 2015 and opening its first dispensary in 2017, every step Theory Wellness has made is a methodically strategic one, from cultivating its product, operating extraction labs, manufacturing infused marijuana products and serving its loyal customer base. Operating from cannabis dispensaries in Massachusetts and Maine, the Theory team focuses on small batch, craft cannabis cultivated using sustainable techniques on our outdoor cannabis farm and at our state-of-the-art indoor gardens. In-house premium products include flower, concentrates, edibles, and an array of infusions for medical and recreational consumers in New England. To get a feel for how Theory Wellness is continuing its expansion efforts, we sat down with COO Scot Lee and VP of Marketing Thomas Winstanley.
GIVE US A SNAPSHOT OF YOUR BRAND? Theory Wellness is a vertically integrated cannabis brand on the East Coast looking to define the future of cannabis as it begins to take shape in the social fabric through legalization. We think holistically about the brand experience through each touchpoint from retail, to packaging, to digital. We’re a team of enthusiasts who enjoy the thrill of helping define an industry as it starts to take shape. WHAT TYPE OF CONSUMERS ARE YOU TARGETING? We believe that cannabis access should be available to all adults, and we cater our experience to all types of consumers. Unlike other industries that target certain groups or subsets of consumers, we’ve worked to make our brand as accessible to a wide array of consumers and patients from the connoisseurs to the canna-curious. Through the diversity of products and their effects, there is something for everyone.
WHAT ADJUSTMENTS HAVE YOU MADE TO CATER TO HOW CUSTOMERS SHOP TODAY? This is a great question. In a lot of ways, our stores are dynamic by virtue of the fast evolving industry in cannabis. Over the past two years, we’ve seen a rise in pre-ordering, added capabilities for curbside, and scaled for additions of new products that need to be displayed like apparel or beverages. We even put in a drive-up window for consumers to pick-up orders which was an industry first on the East Coast. Every new store we build evolves a little differently from what we learn as we grow. Reapplying knowledge and feedback from our staff and customers is crucial to continue to enhance the experience at retail, especially during COVID.
HOW DOES THE OVERALL DESIGN OF YOUR SHOP CATER TO WHAT TODAY’S CONSUMERS ARE LOOKING FOR? Every part of the experience at Theory has intent—from the pathway outside the store to the engagement with a cannabis consultant. We want to provide consumers with a memorable retail experience that’s thoughtful, educational and, most important, fun. Legal cannabis is still new, and many are visiting a dispensary for the first time. We take that very seriously and want to make a good impression, not just for Theory, but the industry as a whole, and what it can offer.
WHAT TYPE OF AREAS DO YOU LOOK FOR WHEN SEEKING STORE LOCATIONS? We like to look in areas that are accessible for guests to access us quickly. We have some limitations by state/municipality we need to work within and are constantly seeking high quality, high impact real estate locations with ample parking and universal accessibility. We always appreciate being mixed in with a diverse portfolio in any community and blend well into the landscape. WHAT’S YOUR SHORT-TERM STRATEGY? LONG-TERM? Hoping to come out of COVID in entirety, we have been pushing consistently and thoughtfully to secure and bolster ourselves in existing and emerging markets. We’re now seeing more viability in the landscape to expand operations and scale into other states over the next six-12 months. This is exceedingly prescient with legalization growing in states like New York, New Jersey, Connecticut, and many more. As we look forward into 2023 and beyond, we’re expecting to have operations in many states and will start expanding our line of unique products, which include fast-acting beverages and edibles under the Hi5 brand.
WHAT ADVICE CAN YOU OFFER OTHER BRANDS ON HOW TO DEAL WITH WHAT’S HAPPENING RIGHT NOW? We believe it is critical to be patient and nimble, yet stand ready to pounce on opportunity. Cannabis moves fast, sometimes it’s difficult to secure the right dream spot or land exactly where you desire. There is a tremendous amount of opportunistic space after dealing with the pandemic, it is inherently offering some more choices to companies that may have struggled to find that space a couple years ago. Some landlords are offering incentives to help lock these vacancies down. Ultimately, be prepared to pivot, change course and prepare for the unexpected.
WHAT MAKES YOUR LOCATION ENGAGING TO TODAY’S CANNABIS CUSTOMER? HAVE YOU ADDED ANY IN-STORE FEATURES? We believe it’s all about the people. Our team drives 100% of the engagement, whether we’re growing and developing stellar products on the back end, or serving them all the way through a consultation. Our people make the absolute difference. We have been on the forefront of technology here at Theory, always innovating ways to ensure a quick and seamless experience for our guests.
WALK US THROUGH HOW YOU DESIGN YOUR SHOPS? Our business is thoughtfully designed to balance a complex array of heavy security, consumer pathways and aesthetics under the umbrella of regulations. It all makes sense, but we have taken time to really make sure the experience flows, is natural and offers a world-class experience guests expect. We work tirelessly with experts and our team to ensure every facility is made with the most modern tech and highest level of standards across the board. It involves the input of our consumers who are always vocal about what works and doesn’t—that feedback is crucial. We take pride in bringing all stakeholders together within the company to share in the vision and have input on key details that lead to our success.
GIVE US A RUNDOWN OF YOUR MARKET’S LAYOUT. Theory Wellness is vertically integrated in the two largest recreational markets on the East Coast. We started in Massachusetts with a medical dispensary and cultivation/ production facility in 2017. Later that year,
we opened another medical dispensary in Great Barrington. Things changed in 2019 when recreational cannabis went into effect, and our Great Barrington location became the sixth dispensary in Massachusetts and one of the first on the East Coast. We followed the emergence of recreational cannabis with one of the first-ever outdoor farms on the East Coast for a more sustainable approach to cultivation. Then, mere weeks before the pandemic, we opened our third location in Chicopee, which is co-located with medical and recreational sales. In October 2020, we opened one of the first recreational dispensaries in Maine on their opening day. A few months later, we opened our second dispensary in Waterville, where our cultivation and manufacturing are located, too. Most recently, we opened our third retail store in Bangor, Maine. Today, Theory operates a total of six retail locations, consisting of nine total retail licenses between recreational and medical. As it goes in the industry, this number will likely change in the coming months with further expansion plans in both markets.
WHAT’S THE BIGGEST ISSUE TODAY RELATED TO THE CONSTRUCTION SIDE OF THE BUSINESS? Finding contractors that get the complex needs and unique attributes to our business. We have special infrastructure needs in this industry that often create layered challenges for project leaders in the field. We sometimes need to bring in many specialists around IT, CCTV, security systems and find it difficult to get firms with a great portfolio of experts on hand to solve these issues. Given the complexities we are facing, we need to find experts that can scale and take atypical approaches along the way. A great example was our flagship in Chicopee that required a wide range of solutions to complex business scaling needs, like, a striking retail experience, a comprehensive vault solution, a logistics hub for wholesale, and general warehousing non-cannabis related items. To pack all of these elements together with a vendor who could meet our vision was daunting until we partnered with CS Hudson who fundamentally understood the vision and helped us make it a reality as a partner. TALK ABOUT SUSTAINABILITY. Sustainability is an incredibly important element of our business as we scale. At every step of our growth, we’re looking for more sustainable solutions around things like packaging that is recyclable or running recycling programs in our stores, using renewable energy at our production facilities and expanding outdoor cultivation which reduces our environmental footprint. We’re even investing in hybrid vehicles for delivery. It’s not as easy as one would think, for example, packaging that requires child safety often requires non-recyclable components. It’s a commitment we have both from an investment and culture standpoint
WHAT TRENDS ARE YOU SEEING/EXPECTING? We’re starting to see things like delivery and diversification of products come into play in the industry. We’re working hard to develop new technology and product assortments to compete in this landscape. We have launched medical delivery in Bridgewater and Boston and we’re onto recreational delivery in Chicopee and the Springfield, Massachusetts area. We want to be highly competitive in the pandemic and going forward as we adapt to an ever-changing market. WHAT TYPE OF OPPORTUNITIES DO YOU SEE MOVING AHEAD? We see tremendous growth opportunities in states where ballot initiatives are going up, and we see a significant runway on expanding product portfolios and diversifying assortments to suit the needs of consumers. The largest challenge will be continuing to work on the stigma of cannabis and getting into certain markets with open arms.
WHAT IS THE SECRET TO CREATING A “MUST VISIT” LOCATION IN TODAY’S COMPETITIVE LANDSCAPE? A beautiful and clean look with a warm and approachable staff. Most people are still learning how to use cannabis and are starting to learn about all of the different methods of consumption that will help them. Our job is making sure they feel welcome, comfortable and heard.
WHAT IS TODAY’S CONSUMER LOOKING FOR? Every consumer is different and looking for something to meet them where they are in their cannabis journey. It’s our job to help them in any way we can whether it’s making
a recommendation, troubleshooting an ailment, or helping them really enjoy a movie on a Friday night. Regardless of what your experience or intent is, we likely have something for you and our team is there to help.
TELL US WHAT MAKES YOUR BRAND SO UNIQUE? This is a tough question to answer. In general, we like to think broadly about our brand and what it means to our staff, our customers and the growing industry. The brand is a reflection of the many attributes of our operations and we want to be thoughtful about the aesthetic and let it show the future of cannabis we want to see. At the end of the day, the people who work at Theory are passionate about cannabis and its future adoption socially. We want our brand to be that, too, and we’re unwavering in that pursuit.
ONE-ON-ONE WITH...
Theory Wellness’ Scot Lee
What’s the most rewarding part of your job?
Serving our team and our guests. We get to serve people in need and provide them a natural option to help them manage many challenging conditions. We see people from all walks of life, their stories are powerful and being there to serve and help them is truly incredible.
Describe a typical day. What’s the biggest thing on your to-do list?
We need to continue to refine operations, from increasing productivity, cost savings and finding renewable energy sources to compete in an expanding marketplace. Like so many companies in this space, we have grown extremely fast and with that comes the opportunity to refine and tighten up operations on a regular basis. Our largest priority in 2022 will be systems and infrastructure to continue scaling and sustaining our model.
What was the best advice you ever received?
Listen to your team. While this sounds obvious and we should all do it, leaders often fail to give their team appropriate time, venues and support to communicate. Companies that miss that valuable feedback often lose ground in innovation and development. We pride ourselves on our Theory team being the core to our success.
What’s the best thing a client ever said to you?
“You’re helping me enjoy my last few weeks on this planet.” I had someone with courage in front of me sharing a powerful moment and it changed everything I did from that point going forward. We often don’t realize the impact of pain on people and what they are going through unless we experience it ourselves. These moments teach us how precious life is and how important it is to realize the powerful benefits cannabis has in helping people manage complex issues and give them a better quality of life.
How do you like to spend your down time?
Like many people in our cannabis communities, we’re passionate about our earth, our people and our pets. We take pride in balancing a great sense of support to those in need, donating time to help those less fortunate and also spending immense time enjoying mother nature. Theory, along with myself, love to be involved in helping others be better. We have been on the forefront of social equity and helping to innovate free education for our team, along with other incredible community support missions to better our towns and the quality of life.
Top 3 Misconceptions About Window Film
Window film has made significant technological advancements since Window Film Depot began in 1992. When the average consumer thinks of window film, tinting is typically the first and only word that comes to mind. Maybe that was closer to the truth in the 90’s, but the window films of today offer modern solutions to modern problems. Let us debunk the top three misconceptions this industry faces to bridge the gap between what consumers do and do not know about window film.
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Most consumers are surprised to learn about the variety of applications available for window graphics and wall graphics. High-quality commercial graphics can meet a plethora of business needs regardless of an idea’s complexity. For example, we created a word wall and glacier wall wrap for the IceBox Cryotherapy studio location in Reno, Nevada to bring the personality and feel of the brand directly into the building for their customers to experience. Being semipermanent, vinyl graphics are also an ideal solution for building owners with changing tenants. Whether you want to make an entire wall look like a glacier or simply need your logo and store hours on your front door, vinyl graphics can achieve it. From blocking out computer screens to custom wall wraps, most consumers do not realize the variety of business solutions that their local window film vendor offers. Do you have glass walls that need distraction markers? Window film can help. Is your building too hot and uncomfortable for employees? Window film can fix that. Are you rebranding your business and needing your office space to reflect the new branding? Again – window film! Visit www.windowfilmdepot.com to learn more.
