As the Chief Strategy Officer of the renowned cannabis company TerrAscend, Heather Quinn Molloy recently talked about the current position of the business in the market, as well as the expectations for the near future regarding the growth of the business. She indicated that the company has been analyzing deeply in which areas of the value chain the company wants to invest more efforts, and also spoke about the areas of operations that can be enhanced. Overall, Molloy’s discussion showed the efforts the company is undertaking to diversify and become a more well-rounded cannabis player.
Malloy explained how the cannabis market is starting to work with products like beverages and edibles that come from other sectors, which can give a giant boost to the cannabis industry. This rollout has been occurring for just over a year, but is gaining a lot of traction, and the next five years are going to see massive changes in the beverage and edibles markets. TerrAscend has also been working on investing in the US market so it can “eat while we dream,” said Molloy.
In other markets, a higher investment is required, and a significant amount of time is needed to begin to start seeing revenue. Instead, operating in the US market has the potential of providing the company with good revenue while growing the business, and not just be focused on a growth high enough to see a profit. In addition to that, Molloy considers that it is important for TerrAscend to look for those people who can fit the company’s values and mission to be part of the operation.
“On the beauty side, right now I think I am really jazzed about things that are really familiar in other industries and are now crossing to cannabis,” said Molloy. “I like beverages, I like pill-delivery formats. I like things that feel more medical or wellness and I think there is a huge market for women,” she added. TerrAscend has the goal of reaching a market that targets women and pharmaceutical products, which is of big interest to Molloy.
Another area of focus is the end consumer, as the company believes that retails sales will continue to bring a significant portion of the revenue and that in the long term, the margins will be better. Finally, Molloy said that the company wants to focus on having more data to develop products that people are already looking for, instead of just pushing other products blindly.