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The cannabis industry has seen rapid growth in recent years, with Verano emerging as a major player. With more than 140 locations across 13 states, Verano is projected to generate $938 million in revenue in 2023. Verano Founder and CEO George Archos shares his journey and insights into building a successful cannabis company, emphasizing the importance of culture, adaptability and community impact.
Arcos was drawn to the cannabis industry because of the potential benefits of the plant. A family member with multiple sclerosis inspired him to seek a cultivation license in Illinois. Arcos emphasized the importance of building a company that benefits people, saying, “I’ve always liked the opportunity to do something good for people, and this was an opportunity to do that in my hometown.”
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One of the keys to Verano’s success has been its focus on culture and hospitality. With a background in the restaurant industry, Archos emphasized the importance of a welcoming environment and good customer service. “Training and creating a family atmosphere are very important to us, and then we deliver a great product,” he explains. This approach has helped build a loyal customer base and a dedicated team of nearly 4,000 employees.
But the journey hasn’t been without challenges. Going public was a major milestone for Verano, but it didn’t come without its challenges. Archos acknowledges that running a public company means spending more time on investor relations and less on the ground. “Unfortunately, when you go public, you have to step away from that a little bit and spend a little more time on investor relations and traveling,” Archos says. Despite these challenges, Archos adapted and is realizing the benefits of the increased exposure and learning experience that comes with being a public company.
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The advice Archos has for fellow entrepreneurs is simple: make a decision and learn from it. He stresses the importance of trusting your instincts and not being afraid to change course if necessary. “You have to make a decision, believe in yourself and move forward,” he advises. This mindset has helped Verano navigate a volatile cannabis market and positioned it for future growth. Looking forward, Archos envisions Verano’s continued success through a commitment to quality, community and innovation.
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