Augusta, Maine--Tyson 2.0, the premium cannabis brand co-founded by boxing legend and entrepreneur Mike Tyson, has entered the Maine market in collaboration with East Coast Cannabis, a local operator.
The partnership aims to enrich people's lives through the responsible use of cannabis, offering a range of products that reflect the shared ethos of both groups.
In a news release, Tyson expressed gratitude and excitement about this development, viewing it as a testament to the brand's growth and commitment to quality.
"I am very grateful to bring TYSON 2.0 to Maine, as the New England region holds a special place in my heart," said Tyson, co-founder and Chief Brand Officer of TYSON 2.0, in the news release.
The veteran boxer added that the release represents the growth of TYSON 2.0 and the company's dedication to excellence and quality. "We believe in enriching peoples' lives through the responsible use of cannabis, and I can't wait for the people of Maine to experience what we've passionately built with TYSON 2.0," he noted.
Product offering and ethos
The products made available in Maine include indoor flowers in varying sizes, concentrates, vapes, and the Mike Bites edible line. Tyson 2.0 and East Coast Cannabis will work closely on genetics to ensure the uniqueness and quality of each product launch.
East Coast Cannabis's co-founder, Ryan Ward, said the partnership was a natural fit, as both groups embody Maine's adventurous spirit.
"Our motto is 'live the adventure,' and few embody that ethos like Mike," stated Ryan Ward, co-founder of East Coast Cannabis. "Our mission has always been to provide the best customer service and the highest-quality cannabis to our customers. TYSON 2.0 shares that mission."
Tyson 2.0's CEO, Adam Wilks, mirrored this sentiment, expressing excitement over the partnership and pledging to deliver a unique experience in Maine.
"Creating the world's best cannabis products and exceptional customer service are the core of what we do," Wilks stated in the release. "East Coast Cannabis shares our values, and now, together, we will continue to deliver an experience unlike any other in Maine."
Maine cannabis market
The launch of Tyson 2.0 in Maine comes when the state's adult-use cannabis market is increasing, despite facing some challenges, such as price pressure and competition from the medical cannabis sector.
According to data released by the Maine Office of Marijuana Policy, the adult-use market brought in more than $72 million in 2021, setting 11 consecutive record months from October through August. The market now has 57 active store licenses throughout the state, with as many as 174 applications under review as of October 2021.
However, the adult-use market is still dwarfed by the more mature medical cannabis market, which generated $250 million in sales in 2020. The medical market also offers lower prices and less regulation than the recreational one, creating an uneven playing field for some operators.
John Kreis, the owner of adult-use cannabis dispensary Portland Greenhouse, told Mainebiz he was already worried about market saturation in Portland when he opened his store.
"I went into it thinking there would be lines up the street. It hasn't been that way," he told the outlet. "It's hard to say how the year will be. There are so many moving parts. It changes from week to week."
Kreis said he hopes that more education and awareness will help consumers understand the benefits of supporting the adult-use market, which pays higher taxes and fees than the medical one.
There's so much more to look forward to for businesses such as Tyson 2.0 and dispensaries such as Portland Greenhouse, as a Marijuana Business Daily report states that recreational marijuana enterprises in Maine are projected to yield annual sales ranging from $275 million to $325 million by 2024. The impressive $420 million worth of sales recorded by dispensaries in Massachusetts during their initial year of recreational marijuana commerce underscores the considerable potential for cannabis businesses in the Northeast.
International partnerships
In addition to the Maine launch, Tyson 2.0 recently announced a partnership with InterCure Ltd., an Israeli company that operates Canndoc, one of Israel's largest licensed cannabis producers.
This collaboration will grant InterCure the exclusive distribution license to cultivate, manufacture, sell, and distribute Tyson 2.0 products in territories such as Israel, Australia, the United Kingdom, Germany, and other EU countries.
The partnership aims to make high-quality cannabis accessible to a larger audience, reflecting Tyson's vision for Tyson 2.0.
"This relationship with InterCure is the next step of scaling up our operations to deliver on that vision," Tyson said in a release announcing the move. "Together, TYSON 2.0 and InterCure will provide immediate solutions to international communities looking for the high-quality cannabis flower, concentrates, and consumables that TYSON 2.0 is known for,”
Expanding beyond cannabis
Meanwhile, Tyson has also entered the coffee shop business, launching Coffeeshop Tyson 2.0 in Amsterdam, the Netherlands. This venture offers a unique mix of coffee and Tyson's branding, serving as a testament to Tyson's entrepreneurial spirit.
The coffee shop, located in the heart of Amsterdam's cannabis district, features a mural of Tyson, a boxing ring, and memorabilia from his career. It also offers a variety of coffee blends, snacks, and merchandise.
Tyson said he was inspired by the culture and history of Amsterdam and wanted to create a place where people could enjoy coffee and cannabis in a relaxed and friendly atmosphere.
"It is a dream come true to open our first coffeeshop in Amsterdam," the celebrity boxer said in the announcement. "The Coffeeshop TYSON 2.0 will immerse fans in a full on experience where they can enjoy my favorite TYSON 2.0 products the way I do. I've tried and tested all of them, and I can't wait to share some of my most beloved and undefeated goods with Europe."
The launch of Tyson 2.0 in Maine and its international expansion represent significant milestones in the growth and development of the brand. These initiatives underscore Tyson's commitment to making premium cannabis accessible to a larger audience while diversifying the brand into other related sectors.
Tyson 2.0, launched in October 2021, now boasts a vast global network spanning 17 countries. The brand offers an award-winning cannabis line, branded accessories, and other products.