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Virtual Medical International Inc. – Focused on creating a Fully Vertically Integrated CBD/Industrial Hemp Organization and building a Network of Different Franchise Models
Larson Elmore CEO
Virtual Medical International Inc.
Larson Elmore CEO
Interview conducted by:
Lynn Fosse, Senior Editor CEOCFO Magazine
Published – June 7, 2021
CEOCFO: Mr. Elmore, what is the overall vision behind Virtual Medical International, Inc?
Mr. Elmore: Our objective is to create a fully vertically integrated CBD/Industrial Hemp organization, including grows, product development and manufacturing, and a dedicated, broad-
A big part of our vision is to build a network of different franchise models. This strategy not only creates a distribution network of retail locations for our branded products, we’re also providing a turnkey business opportunity for those interested in opening their own store in the CBD space.
CEOCFO: What is the focus today? What are your first steps going to be?
Mr. Elmore: We just acquired the public company about 2 or 3 months ago, so right now the focus is on the corporate structuring. Our first objective is to complete our audits and become a fully reporting company. We will up-
CEOCFO: What does the company understand about this sector that will give investors or potential investors confidence? Why is the company going into this realm? Where do you see the most opportunities?
Mr. Elmore: The first thing we wanted to confirm when we started looking into the CBD / Industrial Hemp space, is that it’s still on the upswing. The CBD market has been growing since legislation started changing, but we see a lot of room for expansion. There are many opportunities for acquisitions, new business development and strategic alliances, not only in the United States, but worldwide. We view it as a global initiative with many compelling reasons to getting into the space, especially with an excellent and experienced management team like ours.
Also, there is a growing understanding of CBD and its properties. Most consumers now accept CBD as a viable ingredient in products that are viewed to be beneficial for pain relief and contribute to general well-
That void, combined with market awareness and growing investor interest in the sector pointed to a real opportunity for us to establish Virtual Medical as a platform for large scale distribution, of our own branded products as well as for existing companies seeking greater distribution and more profit potential. As bigger players enter the market it is becoming more about market share rather than standalone businesses. Our approach is to create a critical mass to become one of the initiatives in the cannabis sector as more significant player providing an alternative choice for a investment opportunity. Our structure as a public company provides multiple exits for the funding partners.
We not only see the public changing, but we see the corporate structure changing, with initiatives being created by some very established players moving into the space. It has opened the door for our company to become a like kind enterprise. There is ample room for competition in this emerging industry and we are participating with our business plan in this forward movement.
CEOCFO: Would you tell us about Cherry Valley Growers and Adler Properties. What do these additions add to Virtual Medical and why did you choose them?
Mr. Elmore: In the CBD / industrial hemp world, product quality is critical to success. And the best way to manage that is by establishing a relationship directly with the supplier. In the end, it becomes an agricultural play. If you grow the hemp, you control the source for your product. If you are going to process the hemp, it makes sense to own the farm. and that’s the idea behind acquiring Cherry Valley. That is the same with FarmShare in North Carolina which is a 50-
This is just part of our initial strategy to acquire the agricultural base of real estate that is licensed to grow cannabis on a per state bases. We can have more control of the cost of our products and not depend on other grower’s price points and have the ability to control testing of the product compliance.
The Cherry Valley is a 400-
These farms are already licensed, so we do not have that heavy lifting of applications and approvals. Simply put, there are many opportunities like these to acquire throughout the world making our business plan scalable.
This pattern of ownership of the agricultural play is something we want to do, not only in North Carolina and New York, but also the other markets where industrial hemp farming is permitted. Therefore, the opportunity to find farms or people that do not have the funds to build them out and to get them producing, becomes some real acquisition targets for us as a global opportunity.
CEOCFO: Are there continually new methods of growing, new ways of doing it better, more technology that you may be aware of that will help as you get started? What have people learned about growing that they may not have known previously?
Mr. Elmore: There are standard ways by which you cultivate: 3 basic methods, each dictated by State guidelines. There is the “outdoor” grow which is heavily dependent on the weather and environment to produce the product -
Finally, there are greenhouse grows. The greenhouse methodology is provided by various suppliers in the industry, some that basically are just the same technologies that were used to grow tomatoes and other crops.
Our interest is two-
CEOCFO: Would you tell us about your international plans?
Mr. Elmore: One of our franchise operators, is already established and demonstrated steady growth and financial success over the past 6-
We are finalizing negotiations with them for the marketing rights for USA and Canada. With this model we do not have to re-
We plan our expansion of other complimentary companies that support our mission of which they are located in the international market to support our franchise models.
CEOCFO: What surprised as you became involved with Virtual Medical International? What have you learned?
Mr. Elmore: Of course, the CBD market has been a booming industry and it keeps getting better. However, the availability of capital has not been that widespread and not available for many projects. Also, because cannabis is on the Schedule 1 drug list many funders could not participate making a short supply of capital, and the investors or lenders that have been willing to risk their money, are largely for short term and very expensive terms. Many of those situations, especially those debts and equities type of plays are somewhat problematic especially if the company that received that capital, and their production does not come about like they projected then have trouble meeting the payback or yield terms.
That is not the case for CBD and industrial hemp projects, where long-
We have chosen a public entity model, because it will facilitate our ability to secure capital -
CEOCFO: Would you tell us about your trademarked, “Amsterdam Café; Welcome to Your Whole Health”™?
Mr. Elmore: We have 2 proven franchise models in our roster. The first model is much like a GNC store. The idea there was to present a product on the shelf that was more than CBD. However, I think that CBD is the cultural drive to these retail stores. People are curious about what is available in the marketplace as CBD. That model also includes many health supplements, vitamins and so forth, which broadens our product offerings. So a consumer might be drawn in looking for weight loss products, vitamins or supplements and they can get those as well. That is why our tagline is “Welcome to your Whole Health.”
The model is simplistic, but a great model. It is very duplicable and the fortunate benefit about this particular franchise model is that some of the big box chains have already approved it to go into their store locations. It only requires about 1000 to 1500 sq ft to install.
The other model is in Europe as a cannabis store franchise outlet with more a flavor of Cannabis culture genre. This model has 150 stores in Europe. In that model, the size of the stores could be anywhere from 1,000 all the way up to 3,000, depending and they sell 6 categories of products from drinks, CBD and even a clothing line.
The third model is the Amsterdam Café model. This is basically a model as our corporate designed store. We are going to design it as a CONNECTION PLACE. The idea behind that is going to be where people can have an environment where they can meet, buy products and relax. However, it is going to be a larger model with coffee bar and a very minimal menu. Designed to be a place where customers can come sit, have a CBD drink and use the Wifi and connect with other customers. We want those stores to be, not just a place to go buy products, but also offer visitors a WOW experience.
CEOCFO: Very interesting and new idea?
Mr. Elmore: It is! It is a Connection of CBD on steroids as a Franchise Cafe experience venue.
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“This is just part of our initial strategy to acquire the agricultural base of real estate that is licensed to grow cannabis on a per state bases. We can have more control of the cost of our products and not depend on other grower’s price points and have the ability to control testing of the product compliance.”