3 minute read
With All Eyes on The East Coast
THESE FEMALE CANNABIS LEADERS ARE PAVING THE WAY FOR A MORE SOPHISTICATED AND INCLUSIVE MARKET
BY ROSIE MATTIO, FOUNDER AND CEO OF MATTIO COMMUNICATIONS
Advertisement
For nearly a decade, the West Coast has defined national cannabis standards and trends—but much of this clout may soon be redirected to East Coast players as more states roll out adult-use sales over the next year. The industry’s infrastructure along the Northeast corridor was primarily built out by skilled regional operators who have not only kept a close eye on the industry’s past mistakes but are already setting higher expectations in this emerging market.
Considering how states like New York and New Jersey are expected to generate over $4.4 billion in annual sales by 2025, local companies have structured their operations to prioritize scale and inclusion to ensure that all communities can reap the economic benefits of legal cannabis. At the helm of many of these initiatives are a prominent group of female leaders striving to establish new operating standards that showcase how profitability and equity can work in tandem within the next great American sector.
While multi-state operators across the country are accelerating M&A activity, one New York-based operator has been especially proficient in this field. Last year, AYR WELLNESS added 45 new retail locations between Florida and New Jersey, an achievement largely driven by COCHIEF OPERATING OFFICER JENNIFER DRAKE, who joined the company in 2018 after gaining extensive M&A experience from Goldman Sachs and alternative investment firms.
As someone who acknowledges the role that mentors have played in her own career, Drake is also keen on making mentorship a standard practice at Ayr. As COO, she proactively recruits more women into cannabis by mentoring promising talent to leadership positions so that these leaders can pay it forward down the line.
ROSIE MATTIO
FOUNDER AND CEO OF MATTIO COMMUNICATIONS
Concurrently, female executives at top MSOs are also pushing their organizations to create new economic opportunities for minorities and communities impacted by the War on Drugs. One of the most notable figures is KHADIJAH TRIBBLE, CURALEAF’S SVP OF CORPORATE SOCIAL RESPONSIBILITY. Since assuming the role in 2020, she’s developed and launched Rooted in Good, one of the most comprehensive CSR initiatives in the industry.
Tribble, who also founded Marijuana Matters and earned her MPA from the Harvard Kennedy School, intends to provide accessible entry points for entrepreneurs of color in every part of Curaleaf’s supply chain. Her work has earned the Massachusetts-based operator several DEI impact awards and established a CSR framework for all cannabis companies to emulate.
As East Coast companies prepare for the forthcoming influx of consumer demand, cannabis investors are proactively funding ancillary companies to power the region’s operational needs. EMILY PAXHIA,
MANAGING DIRECTOR OF POSEIDON ASSET MANAGEMENT,
recently launched Poseidon’s third fund, which focuses on single-state operators and cannabis technology platforms.
The fund’s first round of investments included two Boston-based tech companies, Dispense and Adaviv, specializing in dispensary management and cultivation of artificial intelligence. In November, Paxhia also became the first woman to run a cannabis ETF featuring companies creating the infrastructure for American and emerging global cannabis markets.
Executives like Drake, Tribble and Paxhia showcase the unique foresight and capabilities female leaders possess in this male-dominated industry. Their collective commitment to bringing diverse talent into the space plays a significant role in increasing female representation and incentivizing skeptics to invest in more women-owned businesses. The East Coast market is a sleeping giant that will transform the cannabis space as we know it, but the industry cannot realize its full potential without more women leading the way.
JENNIFER DRAKE
CO-CHIEF OPERATING OFFICER AYR WELLNESS
