Wade Attwood, Green Mountain:

“Navigating the Canadian cannabis market can be challenging, but also profitable”

We have all heard the stories of the challenges in the Canadian cannabis market. So how do you start a successful company in today’s competitive market? Green Mountain took on the challenge in 2018. According to Wade Attwood, President, and CEO of Green Mountain, there were many challenges involved when building up their organic and sustainable medical cannabis company. However, those were not preventing them from achieving the successful start they were aiming for. “Lowering the cost of production is paramount. For example, the cost of our power is significantly reduced compared to most commercial growers.”


On the right: Wade Attwood

A challenging market
Green Mountain is a medically focused, indigenously aligned cannabis company that uses organic and sustainable practices. When they started in 2018, they faced the struggles that many cannabis start-ups have. “Getting permitted, construction delays, and raising funds were among the top challenges. Not to mention the challenges that come with facing a global pandemic. Moreover, it was a challenge to raise capital when many of the largest licensed producers are making new lows. As a team, we have overcome these and many more obstacles through a combination of determination, belief, and a clear strategy that our shareholders can understand and support,” says Attwood. As a result, the company completed phase one of construction near the end of 2021, were licensed by Health Canada in January 2022, and phase one has been operational since March 15th, 2022.

Of course, a major part of a cannabis company’s success relies on the cultivation. Attwood explains that cultivation is a process where there are definitely no shortcuts taken. “Our grow facility is purpose-built and located in a semi-arid desert climate in Okanagan Valley in British Columbia. We’re minimizing our carbon footprint by using recycled living soil and practicing water-conscious cultivation with mountain spring water through drip and rainwater reclamation for irrigation. Our comprehensive building design incorporates high-efficiency Philips LED horticulture lights, natural heating, and cooling, automated climate control solutions, live biological controls, and a closed loop nutrient system. Our grow team takes meticulous care in the processing and curing of dry flower. All of this combined contributes to the quality of our production.”

Such high-quality cannabis is exactly what you need to stay afloat in the Canadian market. “The market here is robust and growing, but demand is centralized around quality goods. Growing large industrial amounts of low-grade flower has not been a prudent business model for the first movers, who seem to be in the media a lot. We’ve been fortunate to be able to learn from the mistakes of others.”

Attwood explains that navigating the Canadian cannabis market can be challenging but also profitable if you have control of your margins. “Lowering the cost of production is paramount. For example, our power is drawn from the multiple hydroelectric plants operating in British Columbia, translating in significantly reduced cost per KwH as compared to most commercial growers.”

Future plans
Having just started their production, the company already has many future plans in the works. “Green Mountain recently signed a tripartite MOU with Sunnybrook Health and Sciences Centre and the Manitoba Métis Federation. We plan to run research and clinical trials and to develop medical products for afflictions suffered by the Métis and other indigenous groups, as well as the general public.”

Green Mountain also has a wholly owned subsidiary, Greener Life Medical, which they are working hard on. “It is an online medical cannabis consulting platform that was incorporated in 2019. It was founded to help patients find the most suitable medical cannabis options for their ailment with prescription, dosing, and follow-up as part of the service.”

“Moreover, when phase two of our project becomes operational, we plan to dedicate at least one bay of growing space to retail and farm gate sales, with provision to extend the grow area as demand picks up,” Attwood adds. For the moment, however, the company is very content with what they have achieved so far. “Now that we have completed phase one construction, have become licensed by Health Canada, and have begun operations, we are hugely de-risked as a business opportunity. Our current cash flow and spread of well-developed initiatives make us quite unique.”

For more information:
Green Mountain 
www.gmtn.ca 
Instagram: @greenmountain_gmtn

 


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