CEO, TRULIEVE CANNABIS, TALLAHASSEE
During her college years at Florida State, Rivers served as student body president while majoring in multinational business and political science. The tracks served her well as she now heads the Canadian-listed largest pot seller based in Florida. Trulieve last year posted a $178-million profit on $253 million in revenue. The daughter of a police officer and educator, Rivers is a University of Florida law graduate. She was an M&A and securities attorney in private practice and businesswoman before joining Trulieve. “I’m a recovering lawyer” is her laugh line. Her advice to women looking to lead in her industry: “I would say just to take your seat at the table. I think so often we as women sometimes have a tendency to not speak up and speak out.”
She’s plenty loud in Florida. Metrics tell all: The company had 46 stores in Florida as of April, seven more than its nearest competitor. Trulieve holds nearly 60% of the smokable pot market. It sold 1,226 pounds in one week in April alone. It also has huge market share leads in marijuana oils products. Competitors seeking more opportunity and less competition are redirecting their investment outside Florida. Trulieve employs more than 3,000 companywide and is Gadsden County’s largest private employer. At year-end it had 1.7 million square feet of “cultivation capacity.” It gained market share in the pandemic. Overall, the Florida market in late March was up 17% for oils and 37% for smokable. Trulieve, in the same period, grew oil sales 31% and smokable 62%. Florida had 333,810 “qualified patients” as of April.
“Florida is our back yard, and we intend to dominate this market,” she told investors in April. The company expects Floridians to legalize recreational pot with the market opening in 2022.
“We continue to expand our footprint in our home state of Florida to serve our patients and maintain our leadership position. On the product front, along with innovating new products through our R&D group, we fully expect edibles will finally hit the market in 2020.”