In this edition of "Rising High," The Fly conducted an exclusive interview with George Scorsis, chief executive officer of Liberty Health Sciences (LHSIF), a cannabis provider with dispensaries across Florida and a focus on offering a high-quality cannabis experience for all users. Here are some of the highlights:
PATIENT FOCUS: Liberty Health Sciences is an organization concentrated on bringing high-quality standardized medical cannabis to users. “What we attempt to deliver here is a platform that, in any market we enter, we ensure that we will be providing the patients, which is the most important part, accessible, affordable, high-quality cannabis that will provide them with the standardized effect every single time,” Scorsis said, adding that he believes cannabis offers a safer alternative to “traditional” medication. “In a time that consumers are becoming more aware to the detrimental effects of many of what I would consider the traditional medications, I believe that cannabis can definitely help fill a void in the marketplace,” he said.
DIFFERENTIATION: The CEO said Liberty differentiates itself from competitors through three factors: one-on-one interactions with patients, education and accessibility. Scorsis called the patient interaction “the most precious of all interactions” and said, “The patient is looking for a company that can be trusted, that will stand by their product and that will deliver consistent product. ” The CEO added the patient needs to have the exact same effect every single time when they are treating ailments. In addition, Scorsis said the company also differentiates through its platform for education. “The majority of consumers who are using medical cannabis are either first-time users or they have not used cannabis for medical reasons so they have a significant amount of questions,” he said. “When you walk into any one of our dispensaries, we really take education as one of the most important platforms. We need to educate every single patient and that’s when we get some higher level retention than our competitors. Rather than patients just walking in and it being a transaction, it becomes more than that. It becomes a situation where the individual really understands it and they feel comfortable with the use of it.” The third differentiator for Liberty is accessibility, Scorsis said. “Accessibility is that we need to be able to get these products or medicines to the consumer in a very easy way,” he said. “That’s handled in two different ways, both through brick-and-mortar buildings and also we offer delivery.” The CEO noted that the company offers a 24-hour deliver system and most consumers, after becoming comfortable with product use, ultimately want to get products from the comfort of their own home. Scorsis added that accessibility also includes affordability. “Because it is not federally approved as of yet, healthcare providers do not allow insurance to cover medical cannabis,” the CEO said, “What we strive to do is not only have very high-quality products but ensure that they are affordable.”
LEGALIZATION: When asked which country might follow Canada’s lead in legalization, Scorsis said he believes there will be “drastic movements” south of the border. “I do believe that you’ll see Mexico take great strides over the next few months,” he said. “You will see not only Mexico, but you’ll see most Latin American countries start moving to a legalized platform.” The CEO added that Europe has seen “sweeping change” and Canada has really demonstrated that a federally-regulated system does work. “When you look at the United States, north and south of the border are offering a system that has been demonstrated to be highly effective,” he said. “That puts a little bit more pressure on the federal departments to really take a look at this.” Scorsis said there is still more work to do, including “massive amendments” to U.S. banking and regulatory changes to allow for a more federal-driven policy, adding that many see legalization as “a major mandate as part of the next presidential campaign.”
CHALLENGES: Scorsis said he sees the biggest challenges for both the company and the industry around banking and research. “The federal government needs to allow for better banking methods than what we currently have,” he said. “That will allow cannabis to no longer work in an area of gray but really work in a system that might be tracked, measured and ensured that it’s safe.” The CEO added he believes the federal government also needs to make “sweeping change” to the research that can be conducted. “It’s always been somewhat problematic in the past,” he said. “Many of us, to be able to do the research that we need, we need many of the federal agencies to be able to provide the support…And if we have research to be able to support that it has efficacy in many different ailments then it can help not only the naysayers, but also doctors in how they will prescribe this as a day-to-day product in medicine.”
OPPORTUNITIES: When looking at opportunities in the space, Scorsis said he believes there will be an evolution of delivery systems and brands. “Traditional medicines can be delivered in a multitude of ways...It’s not just simply about tablets, which is the most commonly used,” he said. “I think what you’ll see is delivery systems continue to be enhanced because we are all becoming more sophisticated on how to make cannabinoids available through different systems.” The CEO added the he expects the evolution to help destigmatize cannabis and validate it with doctors. Scorsis said he also expects the evolution of national brands. “Consumers are quite wise to gravitate towards brands that they trust,” he said. “The consumer, whether it be a medicine or an actual day-to-day use product, they have comfort by knowing that a certain brand stands behind something. Right now, because it’s such a fragmented universe, you’re not seeing national brands being created and I think that you will see that over the next little while.”
OTHER CANNABIS STOCKS: Publicly-traded companies in the space include Aurora Cannabis (ACB), Aphria (APHA), CV Sciences (CVSI), CannTrust Holdings (CNTTF), Cronos Group (CRON), General Cannabis (CANN), Canopy Growth (CGC), Tilray (TLRY), Innovative Industrial Properties (IIPR), India Globalization Capital (IGC), ICC International Cannabis (KNHBF), Biome Grow (ORTFD), MediPharm Labs (MLCPF), Indiva (NDVAF), OrganiGram (OGRMF), KushCo (KSHB), MedMen Enterprises (MMNFF), Elixinol Global (ELLXF), Planet 13 Holdings (PLNHF), Wayland Group (MRRCF) and Khiron Life Sciences (KHRNF).
“Rising High" is The Fly's recurring series focused on cannabis stock news.
Liberty Health Sciences
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Aurora Cannabis
+0.03 (+0.42%)
APHA
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CV Sciences
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CNTTF
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Cronos Group
+0.61 (+2.74%)
Trees Corporation
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Canopy Growth
-1.14 (-2.47%)
Tilray
-0.42 (-0.52%)
Innovative Industrial Properties
+2.58 (+3.98%)
IGC Pharma
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ICC International Cannabis
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ORTFD
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Changed to MEDIF
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INDIVA
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Organigram
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KushCo Holdings
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MedMen
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Elixinol Global
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Planet 13 Holdings
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Wayland Group
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Khiron Life Sciences
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