M7 Sets Sights on CSE and California Markets as Distribution King
Ash Stringer
August 29th, 2019
App, Exclusive, News, Top Story
The state of the cannabis industry looks a lot like other young sectors that are going through light-speed growth. It’s a bit of a vacuum with a few leading players, but no brands like Kleenex, Q-Tips or Coke that are unequivocally synonymous with a particular market.
In time, there will inevitably be growth stocks that build that type of brand. But, in order to do so, companies are going to have to navigate a quagmire of a supply chain that is riddled with complexity across jurisdictions. After all, distribution is king.
Recognizing this market opportunity, ManifestSeven has built a portfolio of solutions to help cannabis companies expand their footprint. M7’s industry “superhighway” connects and services all the critical touch points, including suppliers, manufacturers, distributors, retailers and consumers. In the process, so grows ManifestSeven and its own network, both organically and through prescient acquisitions.
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Focused on California, North America’s Biggest Market
If it were a country, California would be the fifth biggest economy in the world behind only the U.S., China, Japan and Germany. Nearly 40 million people live in a state comprised of 70 counties and 480 municipalities that generated gross state product of $3.02 trillion in 2018.
According to a new report this month by Arcview Market Research and BDS Analytics, California’s legal cannabis market will reach $3.1 billion in 2019 and cross parity with black market cannabis by climbing to $7.2 billion in 2024. The research groups expect $7.2 billion to be 40% larger than the Canadian market and more than 250% higher than Colorado, the next-largest state market in America.
Against this backdrop, California is arguably the best place to be for any company looking to scale quickly. Some networking and services help from Commerce, CA-based ManifestSeven (M7) certainly would assist in achieving growth targets.
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The company provides solutions through California’s first omnichannel platform spanning a broad market spectrum, such as branding, accounting and commerce (business-to-business (B2B) and business-to-consumer (B2C)). Equally important, M7 offers products and services covering compliance, a byzantine part of the cannabis business that varies across jurisdictions and simply cannot go overlooked without taking big corporate risk.
Up and Down Key CA Corridors
From San Diego to Sacramento and from the desert to the ocean, M7 has seven hubs scattered throughout California that have integrated the company’s compliant distribution operations and retail channels into one seamless platform. The robust platform not only includes partner retail locations, but also a growing portfolio of M7 owned and operated brick-and-mortar dispensaries, local on-demand delivery services, e-commerce and subscription offerings, part of which underwent an innovative transformation this month.
M7 last week launched a new retail marketplace -“Weden”. Weden merges M7’s e-commerce storefront, delivery and call center services into a singular consumer-facing brand serving as the company’s B2C division. The new unit neatly ties up M7’s existing dispensaries and June acquisitions of the delivery service M Delivers, which serves more than 30,000 retail customers in California, and the premier phone portal 1-800-CANNABIS that will be the gateway for businesses and customers to access M7’s products and services. Its latest acquisition, the Haven (formerly operating as ShowGrow) dispensary in Santa Ana, California, will serve as Weden’s flagship location; the first of what M7 hopes will be many as it continues to build out its statewide operations.
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The acquisitions were the cornerstones that M7 needed to solidify its foundation for which it continues to stack upon.
“The Weden brand launch for our consumer segment is a significant milestone for M7 as we continue to build a seamless, one-stop-shop retail experience, with a focus on major markets in California,” said Pierre Rouleau, COO of ManifestSeven, in a new release.
Also in the B2C lane, investors and consumers will be watching for the launch of M7’s delivery operations in Orange County in the coming weeks to further widen the company’s California presence.
As explained by M7’s Director of Delivery Operations Christine Bordenave, the company will be in an enviable position with the Orange County launch because few licenses have been issued to date in one of the most affluent markets in the U.S. According to Bordenave, Weden will provide “immediate access to more than two million potential customers over the age of 21, including a diverse baby boomer population and veteran community.”
Anticipated Public Listing
At its annual shareholders meeting in April, ManifestSeven – known as MJIC at that time – got the green light from shareholders to move forward with a merger with its wholly owned subsidiary P&P Ventures, Inc. (TSX-V: PPV.H).
Like so many cannabis companies have done, ManifestSeven is opting for a listing on the Canadian Securities Exchange over the TSX-Venture Exchange. Companies have sought-out the CSE rather than the TSX exchanges operated by TMX Group because of TSX policies that create challenges to list in Canada and conduct business in the United States.
The CSE also touts other advantages, such as faster transaction reviews (and approvals) and fewer expenses and wait time to become a public entity. M7 is currently moving through the merger and “going public” processes, with a request already in with the CSE for the trading symbol MSVN.
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The company asked Investment Industry Regulatory Organization of Canada (IIROC) to halt trading of shares of PPV.H in March ahead of the merger news. Sitting idle ever since, it certainly begs of the question as to whether or not pressure will be building in anticipation of the CSE listing.
In the meantime, it’s business as usual with M7 planting its flag deeper in the massive California cannabis market.
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