Thomas Winstanley, Marketing VP at Theory Wellness – Interview Series

We obsess over the details of how a product comes into the market, and that attention helps us thoughtfully bring about different and unique experiences with our products. In turn, that attracts a unique clientele seeking that elevated and premium experience that’s refined but accessible.

-Thomas Winstanley

As Thomas Winstanley from Theory Wellness puts it, running a legal cannabis enterprise is “equal parts challenging and rewarding.” Being an emerging industry, there are no “guide 101”s or playbooks to fall back on and if anything, the industry keeps metamorphosing as new rules and regulations are created.

Through apt leadership, some cannabis businesses have managed to maneuver the rugged terrain to create reputable brands. One such canna-business is Theory Wellness which is currently operating in Massachusetts and Maine.

We spoke to the VP of Marketing at Theory Wellness, Thomas Winstanley, to get a feel of how the journey has been.

Meet Thomas

Your family has an interesting cannabis legacy, can you share a little bit about the role that cannabis played in your years growing up?
Cannabis has been around my family since I can remember (and well before)! My dad had a small backyard cultivation at our house that he tended to in the summers. When I was introduced to cannabis in high school, I realized how wildly I misunderstood the plant. Over the years, my affinity for cannabis increased, and I preferred it to alcohol in college. While my usage and familiarity with the product changes and continues to evolve, my interest has become professional.

As a high-end cannabis brand you do not compete on pricing. How difficult has it been for Theory Wellness to carve out a niche clientele?
To some extent, everyone has to compete on pricing. However, our focus has always been to look internally to produce the best and highest quality products. This approach allows us to look at the operations holistically, from cultivation to production, packaging, brand positioning, and ultimately, retail. We obsess over the details of how a product comes into the market, and that attention helps us thoughtfully bring about different and unique experiences with our products. In turn, that attracts a unique clientele seeking that elevated and premium experience that’s refined but accessible.

Vertical integration versus horizontal integration or specialization, which trend best suits the cannabis industry?
This is a difficult question to answer given the diversity of the industry and the respective legal market’s approaches to legislation. We’ve been fortunate in Massachusetts and Maine to be vertically integrated and control the entirety of our product-led supply chain. While this approach is not without its challenges, it’s a model that works well for us. There are many entrepreneurs and brands who are horizontal and are also finding success. It comes down to your operational goals, and the type of company in cannabis you want to become. Over time, with the size of the market, both vertical and horizontal integration will have a home as more specialization develops.

Due to the strict regulations, marketing cannabis is anything but straightforward. What can be done to make things easier on this end?
Cannabis is challenging to market, but it presents a significant opportunity to differentiate. The amount of regulatory red tape narrows the field and forces ingenuity and creativity. When you remove the “pay-to-play” media side, earned media becomes a key ingredient. This makes getting the fundamentals right exceedingly crucial for marketing a brand or product. To stand out requires a thoughtful approach to answering critical questions like: Who is the brand for? What does it stand for? What problems are we answering? If you can answer those questions and work backward into your marketing strategy, it will help cut through the noise.

You are involved in both the medical and recreational markets, how do the two markets compare?
We started as medical and transitioned to recreational in Massachusetts. Generally speaking, the medical market is a much smaller percentage of the business by comparison. While medical cannabis for a Massachusetts resident is a great option, we do see many visitors from other states who don’t qualify. With the number of non-legal recreational states surrounding us, there is a much broader base for recreational, though that will likely change with New York, Connecticut, and New Jersey legalizing adult use in the future.

As an entrepreneur in the legal cannabis space, what is the one thing that you wish you knew before you took the big leap?
 Its equal parts challenging and rewarding. There are no playbooks or case studies to guide. It comes back to sound judgment and informed decision making.

Theory Wellness is a vertically integrated medical and recreational cannabis brand that is based on the East Coast. They have locations in both Massachusetts and Maine where they serve patients and customers.

Thank you for the great interview and for all of the work that you have done to help move this industry forward, readers who wish to learn more should visit Theory Wellness.