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From Milk to Cannabis, it is "Deeply Rooted" in the FamilyRoswell, New Mexico, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Gerry Greathouse settled in the Pecos Valley of New Mexico 40 years ago with his wife and newborn baby to start a dairy business with his college roommate. The Pecos River valley just south of Roswell has been home to farming for over 100 years due to its world-class aquifer, whose water use is closely safeguarded. At a time when most dairy producers were becoming milk producers as part of larger cooperatives, Gerry and his partner, Jeff, had the idea of developing a vertically-integrated dairy operation that would produce, bottle and distribute milk to the region. So, Gerry took the reigns of the dairy and Jeff took the operation of the bottling plant, and they were off to the races. To those not familiar with dairy farming, it is a combination of hard work, long days, and the need to be familiar with the constantly-evolving sciences of crop (feed) cultivation, animal husbandry (genetics), and cow health, which includes maintaining the best possible environmental conditions for the animals as well as animal nutrition. A dairy farmer also needs to be familiar with waste management and Gerry was firm believer of using composting for nutrient recycling to the crops. To keep up with all the work, Gerry’s four children all became involved in the operation when they became old enough. In between sports practices and games, his three sons and daughter milked and watered cows, maintained cow pens, took care of calves, and helped with the books. Eventually, Gerry’s oldest son, Jason, took over as farm manager. From Left to Right: Clinton, Cristina, Lupe, Gerry, Kyle & Jason Thirty-five hard working years later after all the ups and downs of growing their business from a couple hundred to over 2,200 milking cows and producing over x cartons of milk per year for the regional education system, it was time to do something new. In 2014, Gerry sold the cows and the following year together with his sons and some local friends, applied for one of New Mexico’s medical cannabis licenses. The family did not know anything about growing cannabis and yet in 2015, they received their license. Gerry’s second son, Clinton moved back to the farm from Texas to help get the new business, Pecos Valley Production (PVP) off the ground. PVP built its first greenhouse cultivation facility in the summer 2016 and opened its first dispensary in Roswell in August that same year. PVP ended 2016 with nearly $377,000 in revenue and a loss of over $400,000. The initial days of getting their new business that involved the once-illegal cannabis underway in the conservative farming region were difficult for the family and many local business eaders frowned upon the endeavor. The family put their heads down, however, and continued to pursue their new venture. PVP added two new dispensaries in Carlsbad and Las Cruces in 2017. Gerry’s daughter, Cristina helped operate the Carlsbad facility that year, and after some disagreements with their investor partners led to a parting of ways of the Roswell dispensary manager, Gerry’s oldest son, Jason became involved with the company on a part-time basis. PVP ended 2017 with $2.3mm in revenue and losses of over $600k. Undeterred, the family continued to put all efforts into expanding the business. The next year saw the opening of PVP’s 4th dispensary in Clovis along with a protracted legal battle that resulted in the final separation of some of the minority shareholders that did not share the vision of reinvesting all available proceeds into growth. PVP did some financial restructuring and brought in some additional management to help the family continue to pursue its cannabis development. PVP finished 2018 with $4.2mm in sales (up 80% from the previous year) and was essentially at a break-even point. Jason came on board full-time in 2019 to serve as the lead in cultivation and processing while the youngest brother, Kyle came aboard to work in dispensary operations. In addition to the now three brothers at the helm, two (2) of the brother’s wives also came on board to help out with HR, payroll, and the medical training of the company and its patients. With the management team complete (and an increase in plant count), the company moved quickly to open another three (3) dispensaries in Southern/Eastern New Mexico. PVP finished its 3rd full year of operation with $7.2mm in sales and became one of the top 5 largest producers in the state. The company added two (2) additional dispensaries in early 2020 and continues to aggressively expand its cultivation and retail capabilities. Growing a new business in a competitive market while managing over 120 employees and operating during the C-19 epidemic has provided its share of challenges. Add the dynamics of a large family and there is never a dull moment. While they have plenty of disagreements amongst themselves about how to best move forward in the various areas of the business (as all siblings do), the members of the family have learned to provide each other enough leeway and support to work through the challenges. The goal of this one-time dairy family is to develop a long-term cannabis business that provides the highest quality product at the lowest price to customers throughout the state of New Mexico. Their background in large-scale vertically integrated agriculture and where everyone relies on each other for support has provided a solid basis to continue their quest. The company added two (2) additional dispensaries in early 2020 and continues to aggressively expand its cultivation and retail capabilities. Growing a new business in a competitive market while managing over 120 employees and operating during the C-19 epidemic has provided its share of challenges. Add the dynamics of a large family and there is never a dull moment. While they have plenty of disagreements amongst themselves about how to best move forward in the various areas of the business (as all siblings do), the members of the family have learned to provide each other enough leeway and support to work through the challenges. The goal of this one-time dairy family is to develop a long-term cannabis business that provides the highest quality product at the lowest price to customers throughout the state of New Mexico. Their background in large-scale vertically integrated agriculture and where everyone relies on each other for support has provided a solid basis to continue their quest. Contact Information: Attachment |