In this interview clip from Backstage Pass, recorded on March 11, Cameron Forni, president of Select at Curaleaf Holdings (CURLF -8.78%), explains what Cannabis 2.0 is, and what it means for the life of the marijuana industry.

 

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Cameron Forni: Cannabis 1.0 is what I call the gold rush. That was when everyone and their friends, their family, their aunts, their uncles their grandparents, everyone decided that they were going to be a cannabis entrepreneur and everyone really jumped in. They may not have signed the right leases, they may not have had the right business model or business plan. They may have grown a plant in their bedroom or spare room and thought they could scale a large cannabis grow and make an investment from their friends and their family. They all got into the cannabis space. As states like Oregon looked at increasing their revenue, they allowed more and more licenses. They allowed so many licenses that eventually flooded the market to such a dramatic proportion that you saw 40, 50% of all the business go out of business.

What I call Cannabis 2.0 is really that evolution and revolution of who are the true operators that have been able to evolve and have staying power in the industry? Who's had the true brands and the true technological advances in cultivation and extraction methodologies and consumer experience that have been able to withstand that transition from Cannabis 1.0 with the gold rush to Cannabis 2.0, which is that evolution of true brands, technologies, and customers experiences.