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EU verticals create new European MCOs: Multi-Country Operators
Sep. 11, 2024 by SOMAÍ Pharmaceuticals
New European MCOs: Multi-Country Operators
European cannabis markets are heating up, and virtually every country is buzzing about regulatory change since Germany decriminalized cannabis and removed it from their narcotics list. Now, countries must decide whether to adopt strict or loose medical regulatory frameworks.
European Multi-Country Operators, or MCOs, are becoming the dominant forces in medical cannabis markets around the globe.
MSO versus MCO
One can draw comparisons between multi-state operators in the United States and multi-country operators in the European Union, but there are significant differences between these medical cannabis distribution models.
American Multi-State Operators
The typical U.S. Multi-State Operator (MSO) is the best model for capturing and adjusting margins as prices compress over time.
In the early days of regulated cannabis in the U.S., when prices were high, most independent growers, manufacturers, and even white-labelers were able to flourish. However, prices quickly compressed, and these companies didn’t remain profitable for long.
To survive and flourish, cannabis companies vertically integrated by adding distribution and retail operations. Those that didn’t vertically integrate lived at the mercy of retailers and price compression. Today, only a few niche players still exist that are not vertically integrated.
As time went on, more states legalized medical cannabis, and due to the state-by-state cannabis laws in the U.S., products cannot legally cross borders. Each new state required new vertically integrated cultivation, manufacturing, and retail operations, which marked the start of MSOs that own the entire vertical in many states.
EU Multi-Country Operators
EU Multi-Country Operators (MCOs) are also vertically integrated; they own their own cultivation and manufacturing facilities and make extra profits on the sales side. However, a major difference between MSOs and MCOs is that MCO cultivation and manufacturing facilities can export to any country that accepts cannabis products.
EU MCOs can transport their product because medical cannabis is regulated like a medical product in the EU and carries the European Union Good Manufacturing Practices (EU-GMP) herbal pharmaceutical seal of quality. So long as an MCO’s manufacturer and cultivator are EU-GMP certified, MCOs can sell their products to pharmacies and distributors in any European country with regulated medical cannabis.
With the MCO model, one infrastructure can service many countries, which is a massive positive of MCOs versus MSOs.
Vertical sales and distribution
It’s trickier for MCOs to achieve complete vertical integration to capture the final margin.
MSOs own dispensaries because it is the easiest way to sell cannabis, even though it requires the MSOs to build and license specialty stores. In the EU, however, pharmacies sell products that MCOs produce, and delivering products to pharmacies requires either a pharmaceutical distributor or a specialized cannabis distributor. Though there are nearly 300,000 pharmacies in Europe — not to mention all those in non-European countries — there is little margin in pharmaceutical distribution or pharmacy sales.
The cost of fully vertically integrating by building or acquiring special infrastructure far exceeds the cost of using existing infrastructure. Using pharmaceutical distributors, pharmacy sales networks, and existing pharmacies may only cost the company 10-15% of the margin.
A significant challenge arises because cannabis is a narcotic in most countries and, therefore, not accepted enough to be a widespread pharmaceutical product. Accordingly, fewer distributors and pharmacies are willing to carry it.
Cannabis entrepreneurs saw this hesitancy play out in countries like Germany that legalized medical cannabis relatively early. These entrepreneurs created specialized large distributors and pharmacies that only serviced the cannabis industry. Although this strategy primarily concerns flower products, these groups buy from independent growers and resell to specialized pharmacies.
The uneven impact of specialized cannabis distribution organizations
Specialized cannabis distributors take 50 to 100% profit, or more, on these transactions. Pharmacies then take almost 50-100% profit in addition to that wholesale price. To illustrate, the cultivator might sell cannabis flower to the distributor for 3 euros/gram. The distributor sells the product to pharmacies for 6 euros/gram, and the pharmacy sells it for 12 euros/gram. The cultivator is already at the bottom of the pyramid, so any price compression causes more stress to their business models than distributors or pharmacies.
MCOs pursuing direct sales
Seeing this margin issue and being unable to reach the broader networks with lower sales margins, vertically integrated MCOs developed sales teams that communicate with doctors, pharmacists and other sales avenues.
These salespeople can reach out directly to pharmacies and drive prescriptions through doctors’ interactions with patients. Pharmacists are typically more knowledgeable about cannabis, especially when it comes to flower. However, the doctor is ultimately the one who writes the prescriptions for extracts.
To be a vertically integrated medical cannabis company that offers both flower and extract products, MCOs need to engage doctors and educate pharmacists to capture the margin of cannabis distributors.
Sales teams are very expensive, and not all cultivators can invest in going directly to the end buyer. With this framework, MCOs also need local inventory management staff, sales employees and managerial sales support teams for each country since they also need a local pharmaceutical distributor willing to work for lower-than-standard pharmaceutical margins. However, investing in sales teams allows MCOs to become as close to vertically integrated as they need to be.
Medical cannabis clinics and direct sales
Another avenue driving sales is the medical cannabis clinic. Specialized medical cannabis clinics are one of the fastest-growing ways for patients to get cannabis prescriptions, as they can advertise their services and provide a relatively simple avenue for access.
However, the price a patient is willing to pay for a prescription has now hit 1 euro since clinics are fighting for patient acquisition. This is not surprising since, in the early days of medical cannabis legalization, the U.S. and Canada also saw prescription prices drop to zero. Doctors won’t work for free, so clinics must still pay in-network doctors between 50 and 100 euros for their time and consultations; having in-house doctors is very expensive.
Cannabis clinic business models for maximum profitability
So, how can clinics make money?
As one option, they can forge deals with manufacturers and cultivators for bulk discounts of around 25%.
Alternatively, they can own the manufacturing and cultivation, like Curaleaf, and bring in profit by selling products through a clinic. In this situation, the clinic becomes an extension of the sales team.
Finally, some clinics may own their own pharmacy. This setup gives them the closest possible thing to true vertical integration, where they control the margin from seed to sale. When the clinic owns its own pharmacy, it can generate prescriptions and dispense them in the same location — or even by delivery.
The future of European MCOs
As more regulated cannabis markets emerge in the EU, MCOs will be required to conform to each country’s laws. They will also have to make country-by-country decisions on capturing the entire margin and determining which investments make sense for that country’s volume.
Merger activity, new medical cannabis companies, and structures will emerge as MCOs lead. Europe’s MCOs are the new MSOs. Though not without drawbacks, capturing margin by vertically integrating with sales or clinics will continue as the trend in the future.
The EU and global cannabis markets don’t have dispensaries, but they have existing massive pharmacy networks. Either way, spreading products around the globe and getting them into patients’ hands requires creativity.
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To Be Blunt: The Professional Cannabis Business Podcast – Episode 117: The Global Cannabis Market and Why Germany is Poised to Lead
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Karma Koala Podcast Episode 92: Professor June McLaughlin, Kim Stuck Allay Consulting, Michael Sassano Somai Pharmaceuticals & Amy McDougal Clearsources
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Consider Cannabis
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Disposable Vapes Are An Environmental Concern But Producers Won’t Stop Making ’til You Stop Buying
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SAFE Banking Act Dropped From China Competition Bill
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Thailand removes cannabis from narcotics list, decriminalises growing plants at home
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3 Reasons Cannabis Sin Stocks Stay Strong in Volatile Markets
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Karma Koala Podcast Episode 67: This Week Michael Sassano, Inesa Ponomariovaite & Our Regular Segment From Dentons German Cannabis Head, Peter Homberg
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Synthetic Cannabinoids versus Plant-Derived Products
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Spotlight Interview with Michael Sassano, CEO and Chairman of the Board for Somai Pharmaceuticals
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How Germany Can Enter The Adult-Use Cannabis Market Successfully
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How Germany Can Enter The Adult-Use Cannabis Market Successfully
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Portugal Is Highly Likely To Legalize Recreational Cannabis
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Michael Sassano – Somai Pharmaceuticals – Conforming to the Highest Pharmaceutical Standards
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Uber Eats to Offer “Baked Goods” with Canadian Cannabis Partnership
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Croptober – Navigating the Business of Cannabis Cultivation and Sustainability – Michael Sassano
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Which Countries Will Likely Legalize Cannabis In 2022 And Why Isn’t The US Among Them?
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Michael Sassano, Renowned Pharmaceutical Expert, and Founder and CEO of Somai Pharmaceuticals LTD Zoom Interviewed
EIN Presswire Michael Sassano, Renowned Pharmaceutical Expert, Founder & CEO of Somai Pharmaceuticals LTD Zoom Interviewed for The DotCom Magazine
DotCom Magazine Interview of Michael Sassano, CEO & Founder of Somai Pharmaceuticals LTD
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How SOMAÍ is Bringing ‘Peak Efficiency’ and ‘Peak Profitability’ to the European Cannabis Market
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Few Medical Cannabis Licenses in Portugal Have Been Awarded
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Cannabis Co. Receives $3M ‘Innovative Products’ Grant From Government, EU In Portugal
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BusinessCann SOMAÍ Pharmaceuticals Unipessoal LDA has received an innovative products grant of 2.7 million euros by the Portugal 2020 committee....
Projeto Nº POCI-02-0853-FEDER-179647
SOMAÍ Pharmaceuticals Unipessoal LDA has officially opened its new state-of-the-art pharmaceutical EU-GMP facility in Portugal.
EU: Cannabis company receives €2.7 million grant
MMJ Daily Somaí Pharmaceuticals has received a €2.7 million grant from the Portugal 2020 committee.
SOMAÍ Pharmaceuticals Erhält Im Rahmen Von Portugal 2020 Fördermittel In Höhe Von 2,7 Mio. Euro
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Somai Pharmaceuticals: SOMAÍ Pharmaceuticals erhält im Rahmen von Portugal 2020 Fördermittel in Höhe von 2,7 Mio. Euro
Finanz Nachrichten LISSABON, Portugal, Nov. 10, 2021 (GLOBE NEWSWIRE) -- SOMAÍ Pharmaceuticals Unipessoal LDA hat vom Portugal 2020-Komitee Fördermittel für...
SOMAÍ Pharmaceuticals awarded €2.7M in funding from Portugal 2020 Grant
Yahoo Finance LISBON, Portugal, Nov. 10, 2021 (GLOBE NEWSWIRE) -- SOMAÍ Pharmaceuticals Unipessoal LDA has received an innovative products grant...
SOMAÍ Pharmaceuticals awarded €2.7M in funding from Portugal 2020 Grant
AP News LISBON, Portugal, Nov. 10, 2021 (GLOBE NEWSWIRE) -- SOMAÍ Pharmaceuticals Unipessoal LDA has received an innovative products grant...
SOMAÍ Pharmaceuticals awarded €2.7M in funding from Portugal 2020 Grant
Opera News LISBON, Portugal, Nov. 10, 2021 (GLOBE NEWSWIRE) -- SOMAÍ Pharmaceuticals Unipessoal LDA has received an innovative products grant...
SOMAÍ Pharmaceuticals awarded €2.7M in funding from Portugal 2020 Grant
Profiles in Legalization LISBON, Portugal — SOMAÍ Pharmaceuticals Unipessoal LDA has received an innovative products grant of 2.7 million euros...
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Somai: The Global Story of Cannabis
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These Are The Cannabis Industry’s Biggest Tricks and Treats So Far
Benzinga Halloween is almost here. As costumed revelers prepare for a weekend of celebrations, the cannabis industry readies for the...
Michael Sassano: GMP Series #7: Personnel Recruitment
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Michael Sassano: GMP Series Part 6 – Quality Assurance Implementation
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Michael Sassano CEO and Chairman Somai Pharmaceuticals: GMP Series #5: ERP Implementations
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Does Big Business Provide A Better Look Into Cannabis Reform Than Capitol Hill?
Business Insider Operators in various sectors of cannabis feel that the industry provides a better insight into regulatory needs and...
Does Big Business Provide A Better Look Into Cannabis Reform Than Capitol Hill?
The Fresh Toast Operators in various sectors of cannabis feel that the industry provides a better insight into regulatory needs...
Does Big Business Provide A Better Look Into Cannabis Reform Than Capitol Hill? Operators Believe So.
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Cannabis Stocks Next Big Wave Is Coming Late August
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Michael Sassano and Antonio Guedelha: GMP Series Part 4: Laboratory Set-Up
Cannabis Law Report The laboratory is both one of the most active and one of the most critical rooms in...
GMP Series Part 3: Process Equipment Procurement
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Could Drug Store Giants Eventually Sell THC? It’s Possible, But Many Hurdles Remain
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European Cannabis is Starting to Look Like the US Market 10 Years Ago
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CANNA WORLD EXPO EUROPEAN UPDATE SOMAI PHARMACEUTICALS CEO MICHAEL SASSANO
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Beyond CBD, THC: ‘Minor’ Cannabinoids Flood Market — Lack of data is concerning, even for practitioners who believe in medical cannabis
MedPage Today On the heels of the cannabidiol (CBD) craze come three other cannabinoids touted as potential treatments for various...
Why GMP is the Future of Quality Control for the Global Industry
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SOMAÍ Pharmaceuticals Bringing The Future Of European Cannabis Market
Benzinga When the COVID-19 pandemic hit the world by surprise last year, cannabis businesses around the world faced the uncertainty...
SOMAÍ Pharmaceuticals Bringing The Future Of European Cannabis Market
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Morocco: Cannabis Legislation but the Devil in the Details
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Low-Cost Pot Stocks To Consider, According To SOMAÍ Pharmaceuticals CEO Mike Sassano
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Cannabis Revival and Year of the SPAC’s: What’s To Be Expected the Rest of 2021?
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SPAC Mania: The Biggest Cannabis Boom Is Yet To Come
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GMP Series Part 2: Building and Design – Authored By: Michael Sassano and Antonio Guedelha
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Benzinga Cannabis Capital Conference | February 25-26, 2021 | Michael Sassano
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Cannabiz: How to Invest in This Growing Industry
Ticker Tape Early February marked a big step for the cannabis industry with the announcement that Jazz Pharmaceuticals (JAZZ) will...
GMP & Compliance: GMP SERIES #1: “Starting Your GMP Approval Process for Cannabis Correctly”
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PREDICTIONS | Want to know the future? There are two ways: a crystal ball or really smart people (pages 74-75)
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These Are The Top European Cannabis Companies
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UK to see largest medical cannabis market growth in Europe 2020 to 2025
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Desert Oasis | Solaris Farms is capitalizing on a prime location and plenty of Nevada sunshine (page 58-61 November issue)
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Real Deals – Michael Sassano
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Cannabis Terpenes: What Growers Need to Know
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Opening the Pot: Vegas Cannabis Industry Moving Ahead Amidst COVID
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California joins push to let cannabis businesses use banks as part of coronavirus relief
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Why Large-scale cannabis producers are turning to Hybrid Greenhouses
Joomag "The environment can be controlled in both indoor and hybrid greenhouses in almost the exact same way, but it...
Lawmakers Look to Include Cannabis Banking Reform in Next COVID-19 Stimulus Bill
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COVID-19 Is Leaving Its Mark On The Cannabis Industry, Insiders Say
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Why Cannabis Will Boom During the “New Normal”
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Cannabis Do-Gooders: These Companies Are Lending A Helping Hand Against COVID-19
Benzinga “Creating a safe environment while cannabis is deemed 'essential' added tremendous positive energy for our team, while at the...
Cannabis Do-Gooders: These Companies Are Lending A Helping Hand Against COVID-19
Yahoo finance "Recently, in-order to give back to the community and create outward good will, Solaris Farms reduced pricing to...
Hemp Companies Step Up To Help During Pandemic
Hemp Market Report “Although our first priority is to the safety of our employees and doing our part to slow...
Cannabis Pros Sound Off On How Coronavirus Pandemic Will Affect Industry
Forbes Michael Sassano, founder and CEO of Solaris Farms, a Las Vegas-based greenhouse for growing cannabis, is filtering the turmoil...
CannaBusiness Tips For Coronavirus Times
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Cannabis Executives on Turbulent Markets: “Don’t Panic”
Equities “I’m a believer in letting the flood gates open. But I see things from a well established position. The...
Michael Sassano: the man bringing US cannabis know-how to Europe
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Michael Sassano: the man bringing US cannabis know-how to Europe
NBR A US native, Sassano believes a more liberal approach to the use of cannabis will take some time for...
Michael Sassano: the man bringing US cannabis know-how to Europe
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New Cannabis Products: Kiva’s Camino CBN Line, Solaris x Cannabis & Culture’s Line And A Topical Cream
Yahoo finance "With over $100,000 in sales the first week of launch, it’s clear that Culture and Cannabis’s reach means...
New Cannabis Products: Kiva’s Camino CBN Line, Solaris x Cannabis & Culture’s Line And A Topical Cream
Benzinga Michael Sassano, CEO of Solaris, told Benzinga, "The merger of the Culture and Cannabis media group with Solaris Farms...
European Union Urges Member Nations to Vote for World Health Organization’s Cannabis Rescheduling Recommendations
Cannabis Business Times “The 1961 Narcotics Act of Europe is similar to [the Drug Enforcement Administration’s (DEA)] Schedule I in...
“Marijuana is a global trend that can no longer be stopped.”
Incrussia The largest marijuana market in Europe is now Germany ($100 million). The American market is estimated at about $10...
Which European Countries Cannabis Investors Should Watch in the New Decade
Equities Europe is at the crawling stage of cannabis development and starting their first awkward steps with medical acceptance. -...
Solaris Farms & Tech-Driven Growing
Culture & Cannabis The cultivation is relatively new, springing up in the summer of 2016. Despite its age, Solaris Farms...
‘Big Cannabis’ Technologically Ahead Of Its Times, But Post-Harvest Automation Remains Elusive
Forbes “The tech is getting closer but we’re not there yet,” said Michael Sassano, CEO, Solaris Farms, a cannabis cultivator...
U.S. leads in cannabis innovation, but cedes global market to Canada
The Denver Post The genetics and sophistication underlying the U.S. cannabis industry lead to better-quality and higher-potency flowers for those...
American pot is the gold standard. But Canada leads the export game — for now
Salon The genetics and sophistication underlying the U.S. cannabis industry lead to better-quality and higher-potency flowers for those who smoke...
American pot is the gold standard. But Canada leads the export game — for now
Kaiser Health “The world wants that technology,” said Michael Sassano, CEO of Solaris Farms, the largest cannabis hybrid greenhouse in...
From Seed to Sale Nevada’s Cash Crop Cannabis Industry
Nevada Business Initially, no one thought growing cannabis in the Southern Nevada desert would take. But Solaris Farms is growing...
America’s marijuana growers are the best in the world, but federal laws are keeping them out of global markets
Washington Post Federal prohibitions are getting in the way of efforts to grow the U.S. marijuana business into a global...
What Should Investors Take Away From MJBizCon 2019?
Equities Marijuana Business Daily’s annual MJBizCon is the largest conference and convention in the global legal cannabis industry. This year's...
How to Do Cannabis Cultivation Business Planning for Growth
B-Plans Developing a cannabis cultivation business requires significant planning, dedication, and focus. Initially, you’ll need to develop a solid plan...
“5 Things I Wish Someone Told Me Before I Started Leading a Cannabis Business”, with Michael Sassano and Len Giancola
Medium The cannabis business is a complete dedication and you must make large sacrifices for it. It is very fast...
Key trends when investing in the Cannabis industry in Opportunity Zones
Opportunity Zone Cannabis land development is growing and gaining traction in Opportunity Zones (OZ). Not only has a large amount...
Vegas Hybrid GreenHouse Dominance by Mike Sassano – page 20
Vegas Cannabis magazine
The Cannabis Cultivation Costs by State
MG Retail Magazine To the outside world, the legal cannabis industry appears to be one big cash machine. While it’s...
Mike Sassano: Increasing Potency with Greenhouse Technology
Ganjapreneur Michael Sassano is the CEO and founder of Solaris Farms, one of three large greenhouse cannabis cultivators in Nevada....
OZ WRITERS COUNCIL DIRECTORY
OZ WRITERS COUNCIL DIRECTORY The Council is an invitation-only group of executives and professionals with experience in the Opportunity Zone...
Are cannabis hand-trimmers an endangered species?
Leafly Many people in the cannabis industry start out as trimmers. Wearing “sticky gloves” is a way to learn the...
Automation and sensors in hybrid greenhouses
AgTechTomorrow Solaris is a high tech hybrid greenhouse designed specifically for desert environments. It was the first ground up hybrid...
Desert Greenhouse Cultivation
Blunt Business Desert greenhouse cultivation with Michael Sassano Founder and CEO of Solaris Farms. Michael says they have the largest...
Five Diverse Questions With Michael Sassano, Founder: Solaris Farms
Forbes I was born and raised in Cleveland, Ohio before attending Boston University. I graduated Cum Laude with Distinction in...
Automation is the Future of Cannabis
Equities As industries evolve, the companies within them consistently work to implement new methods that update their processes so they...
How Solaris Farms’ Michael Sassano Works: Cannabis Workspace
Cannabis Business Times In this installment, CBT presents an up-close look at the tools and habits behind the Nevada-based cultivator’s...
Federal Court Orders DEA to Explain Inaction on Cannabis Cultivation Applications
Analytical Cannabis Michael Sassano, founder and CEO of the Nevada-based cannabis cultivation operation Solaris Farms, told the Cannabis Business Times,...
Federal Court Orders DEA to Explain Why It Has Ignored Cannabis Cultivation Applications
Cannabis Business Times A federal court has ordered the Drug Enforcement Administration (DEA) to explain why it has not responded...
Soma Pharmaceuticals Reveals Plans for Ireland’s Medical Cannabis Market
Cannabis Business Times As cannabis policy reform continues to sweep the globe, Ireland has launched a medical cannabis pilot program,...
What Technology Will Most Impact The Cannabis Industry? 24 Experts Share Their Insights
Disruptor Daily Cannabis legalization is gaining serious steam, and the industry is coming to a crossroads as nationwide demand for...
Solaris Farms Tackles Desert Heat with Global Tech
CannabisTech When Michael Sassano founded Solaris Farms in the Las Vegas area in 2016, his goals were ambitious - create...
What Trends Are Shaping The Cannabis Industry In 2019? 25 Experts Weigh In
Disruptor Daily Considering the topic of this article, you'd be forgiven for wondering whether it's 4/20 yet. It's not, but...
What’s The Future Of The Cannabis Industry? 28 Experts Share Their Perspectives
Disruptor Daily Bob Dylan once said that the times are a-changin', and no industry echoes that message like the cannabis...
CANNABIS INTERVIEW – MICHAEL SASSANO – FOUNDER SOLARIS FARMS
Cannabis Magazine Want to know more about one of the world’s largest greenhouses for growing cannabis? We sat down with...
Mike Sassano – A Cannabis Business in the Opportunity Zone
BuzzSprouts Mike Sassano's eclectic career has taken him from Cleveland to Wall Street, to Monaco and now Las Vegas. As...
Define “Organic”: The Cannabis Movement Is Stuck On Labeling
Dope Magazine Michael Sassano of Nevada’s Green Cross of America said all cannabis grown in the state is done without...