DISCUSSING CANNABIS RETAIL WITH GGB CEO PETER HORVATH
Over the past three decades, Peter Horvath has worked at retail leaders such as Victoria’s Secret, DSW, and American Eagle. HIs experience at those companies saw him successfully adapting to major shifts in retail habits, such as competition from online retailers and the rise of the smartphone.
His role as CEO of Green Growth Brands, a lifestyle oriented, consumer products focused cannabis company, sees him making the move from growing and developing established businesses to launching a new company in a new retail sector.
We asked him how he got involved with cannabis and what GGB will offer the market.
How did you become involved with GGB?
PH: It was simply someone reaching out to me, asking if I wanted to get involved. Researching the cannabis sector, I saw an emerging market unlike any other, certainly within my lifetime. Companies already established in the sector are successful at securing and cultivating capital but not at branding. Not at competing for customers.
What type of gap did you see in the industry that fit your experience?
Within the sector, recreational cannabis retail is the next frontier. At GGB, we’ve brought in people with experience running multi-billion dollar personal care, beauty, and apparel companies. When it comes to retail spaces, measuring performance, customer experience, growing customer loyalty, and competing, GGB has great experience and, therefore, an advantage when developing customer-oriented brands.
Where will GGB’s experience make a difference?
Retail has changed over the last twenty years. Your first encounter with a brand is likely via your phone. GGB’s staff histories include overseeing dominant companies that have adapted their strategies to accommodate those changes.
We did 100 recreational cannabis store visits in the US. Nobody’s got it yet. Every store is underperforming their potential. The experience is intimidating and bureaucratic, those retailers rely on exclusivity to make money, but will suffer when there’s more competition.
Product is important, but customers are important too – their experience is the heart of retail success. A brand offering a flexible customer experience, that meets and exceeds expectations and eliminates dissonance for the customer, will be the brand with the stickiest customers.
In the long term, what do you want to see GGB achieve?
Well, when someone says “we’re the Starbucks, Amazon, or Apple of XYZ,” my advice is to run away. If it was easy to be those three companies, we wouldn’t be talking about them. I want us to be the GGB of cannabis, creating a retail experience that surpasses customer expectations and the competition.
Where do you think the biggest challenge is in establishing a retail cannabis company?
Legislation. Navigating through the legal nuances between states, between recreational and medical cannabis law and areas that aren’t clear yet. Over time it will become clearer, but for now, it’s a challenge.
Thanks for talking to us today Peter. it was interesting to get your take on how customer experience is going to figure in the development of the market.
GGB is the leading recreational and medical cannabis lifestyle brand. Developing a unique retail experience has given them a crucial competitive edge. Interested in learning more about Green Growth Brands and its investment opportunity? Download Our Investor Deck at https://www.greengrowthbrands.com/investor-deck.