George Scorsis, Florida, Legalisation
George Scorsis, a Canadian entrepreneur with ties to Florida, furthers medical treatments.
Former executive in Florida, George Scorsis specialises in highly regulated industries, like energy drinks, alcohol, medical cannabis and, most recently, medical psilocybin. He is skilled at rapidly scaling-up businesses despite stringent regulatory conditions and is the co-founder and chair of Awakn Life Sciences Corp., a biotech company, as well as the executive chairman of Entourage Health, a publicly traded company that produces cannabis products.
Career Background
For more than two decades, George Scorsis has furthered business objectives in highly regulated industries. He carved out a niche in guiding companies through rapid periods of growth, and while they were under scrutiny from heavy government oversight.
Since February 2019, he’s served as the executive chairman of Entourage Health, formerly known as WeedMD, a publicly traded company that produces cannabis products for both medical and recreational use.
Scorsis is also the co-founder and chairman of Awakn Life Sciences Corp., a biotechnology company with clinical operations, developing and delivering psychedelic medicine to better treat addiction. He has also conducted several M&As with the sale of Mettrum to Canopy Growth for $473 million and, most recently, he spearheaded the merger of WeedMD with Starseed.
During the course of his career, George Scorsis has held numerous leadership positions, including, Managing Director of Red Bull Canada, Executive Chairman of Starseed, Chairman of Tassili Life Sciences, Chairman of AWKN, and Chairman of the Board of Directors of Scythian Biosciences Corp. From 2012 to 2015, he sat on the Board of Directors of the Canadian Beverage Association, a natural extension of his expertise from his executive career with Bacardi Canada and as the president of Red Bull Canada, where he was instrumental in not only restructuring the organisation, but also growing the business to $150 million in revenue. Early in his career, he also worked closely with Health Canada on guidelines to regulate the energy drink market.
Purpose beyond profit
Today, George Scorsis is particularly interested in the business opportunities presented through the clinic applications of psychedelics as well as plant based medicines through the clinic applications of psychedelics as well as plant based medicines. It is his belief that psychedelics, including MDMA and psilocybin, offer enormous possibilities as alternative medical treatments. With that belief in mind, Scorsis formerly served as chairman of Scythian Biosciences, which was behind a landmark effort in Florida. The company partnered with the University of Miami Miller School of Medicine and the Miami Project to research treatment of traumatic brain injuries and concussions. George previously previously served as chairman of Tassili Life Sciences, Corp., which intends to substantiate that measured and timely doses of Psilocybin+CBD will enhance the clinical and psychological effectiveness of Post-Concussion Syndrome, Post Traumatic Stress Disorder and Obsessive-Compulsive Disorder treatments.
The recent breakthrough decision by Health Canada to approve psychedelics for medical purposes provides companies conducting clinical trials on them a clearer path toward government approval.
Scorsis is an industry leader in ensuring the safety of consumers and use of cannabis as an alternative to medical treatment. Now, he finds his efforts serve a few purposes. He gains satisfaction from finding businesses and helping them flourish and finding ways to support businesses that create products and opportunities for the benefit of mankind.
Education
Scorsis earned his Bachelor in Administrative Studies from York University in Toronto, then received an MBA from Queen’s University in Kingston.
The person behind the business suit
Outside of work, Scorsis is actively involved in philanthropy, particularly in Toronto.
He prides himself on contributing to the betterment of his community and supporting the efforts of a number of organisations in Canada. George Scorsis consistently backs the Agincourt Community Services Association Foodbank in Toronto’s Scarborough neighbourhood, where he grew up. He’s also a supporter of animal-related causes.
Whenever possible, he likes to visit his family’s place of origin, Rhodes, Greece. He is deeply connected to his roots and to his family, having visited relatives in Greece throughout childhood and adulthood. Now, he enjoys traversing Greece by motorcycle, stopping to admire stunning vistas, finding delicious cuisine and interacting with locals.
George Scorsis: Florida Business Environment
The Sunshine State has long been lauded for its open-armed welcome to businesses and entrepreneurs. George Scorsis, who worked for several years in a highly regulated industry, knows well that Florida offers both big rewards for those willing to take risks — and potential pitfalls for those that can’t see the big picture of the state’s complex business community.
For George Scorsis, Florida represents a beautiful opportunity for innovators and small-business owners who know how to juggle smart expansion — and also understand how to meet and exceed the expectations of government regulators.
“Florida’s economy has been booming for a long time, and all signs suggest that will continue to be the case for the foreseeable future,” Scorsis said. “However, it’s also a state with a lot of contradictions in how it governs the private sector. So there’s opportunity aplenty, but you need to understand the business sector and the government to get ahead and stay there.”
A prime example of this friction is found in the state’s medical marijuana industry, which continues to have an uneasy relationship with many of the state’s political leaders. At the same time, it’s a huge and thriving industry.
In fact, Florida is the largest medical cannabis market in the US, with more than $1 billion in sales last year. It’s a quickly evolving industry, making it a challenge to identify which markets are best for growth. The state also has a large diversity of consumer preferences and sales trends, making it more difficult to enter for those not already familiar with its nuances.
“Not too many industries can say that they not only weathered the pandemic, but continued to grow — cannabis is one of them,” Scorsis said.
That was helped by the US government declaring medical marijuana dispensaries an “essential” business and allowing for home deliveries. According to local reports in Florida, nearly a million residents now have medical cannabis cards, with greater numbers signing up every year since it became legal in the state in 2019.
But for all the positives, said Scorsis, Florida laws make compliance a difficult proposition for many business leaders. For example, the packaging requirements for Florida are different from other states. The same is true for many financial requirements of the dispensaries. Florida can also have a reactionary approach to companies that fail to comply with regulations, rendering even small mistakes relatively important for businesses that want to avoid trouble.
“But there are very encouraging signs for the future,” said George Scorsis, Florida’s one-time businessman.
That includes new rules released by the Florida Department of Health after dragging their feet for years. The rules communicate how businesses can enter the medical marijuana industry, which could make it easier for new dispensaries to open doors in the state.
In December 2022, the state agency released two new rules indicating the application process for companies seeking a medical marijuana treatment center license, which permits them to cultivate, process and dispense medical marijuana.
“Very few companies have been able to receive licenses to operate in Florida,” Scorsis said. “As the state opens up this industry and makes it easier for businesses to enter the market, we can expect even more growth in the future.”
Frequently Asked Questions
From Canada to Florida, George Scorsis Has Succeeded in Emerging Industries Your career has taken you through a range of regulated industries. What is unique about this particular market space?
George Scorsis: It’s true that working in a regulated industry is more challenging than many other possible fields in the business world, but this is also the area for opportunity. The average corporate CEO needs to focus on shareholders, the board, management, quality, distribution, marketing and the customer. Leaders in highly regulated industries always have a silent partner: the government, state, provincial, federal. This partner is not always understanding, consistent, agreeable or straightforward as it relates to the commercial needs of an organization, and you need to work in a mutual area that will assist both the advancement of regulations and commercial activity.
How have you been able to thrive in this highly-regulated environment?
George Scorsis: To succeed in regulated industries, you need to have an incredible eye for detail, because your partner, the government, reviews your business line-by-line, with an intense focus. You also need to be flexible, able to innovate amid a harsh regulatory environment. The one thing that is no different between corporate responsibility in traditional industries and newer, regulated sectors is the focus on the consumer. In each case, it is the consumer who provides purpose to your entire enterprise, and can make or break your prospects for success.
How did you get your start in this business?
George Scorsis: My first position was with Bacardi, which is a hugely important company in Canada. I actually started at Bacardi while still a student at York University. In my spare time I was a university ambassador for the brand. Upon graduation, I was thrilled to be offered a full-time position there. At Bacardi, I began to develop what I believe is one of my business strengths: the ability to look down the road and anticipate new products, new markets, new customers.
We know that wasn’t the end of your career arc. What are some of the other business challenges that have attracted your interest?
George Scorsis: While leading Entourage Health, I became aware of new opportunities that could help the cannabis industry grow, modernize and become more efficient. Mergers and acquisitions would help consolidate the industry, improving both performance and the product. Along those lines, I managed the merger of Entourage Health with Starseed, which generated a $120 million increase in capital funding for our new company.
Along the way, I continued to form partnerships and collaborate with health leaders to innovate and even revolutionize industries. As chairman of Scythian Biosciences in Florida, I partnered with the University of Miami Miller School of Medicine and the Miami Project to research treatment of traumatic brain injuries and concussions. I believe that Psilocybin+CBD will enhance the clinical and psychological effectiveness of Post-Concussion Syndrome, Post Traumatic Stress Disorder and Obsessive-Compulsive Disorder treatments.
Where did that vision take you?
George Scorsis: Based on my view of where the adult-focused beverage industry was headed, I transitioned to Red Bull, where I served as president. On my watch, Red Bull’s annual revenues passed $150 million for the first time. Restructuring was a key to this success — organizationally and geographically. As president I naturally became extremely familiar with the regulatory environment for energy drinks, and I got to know leaders in other companies who also spent a great deal of time on regulatory issues. One of these organizations was Health Canada, which ultimately led to my growing interest in finding new ways to improve the health of people, first in Canada and later in Florida. I began to explore the health and remedial benefits of cannabis, and later psilocybin.
You seem to place emphasis on revolutionizing industries while also doing good along the way. Why is that important and what project stands-out as one of your favorites as far as innovation-to-treatment/useful products for patients?
What captivates me about my work is that it pushes against the often limiting mindset that is sometimes prevalent in Western medicine. It is a relief to see the medical community beginning to see the promise that alternative medical treatments can offer, and I don’t simply mean with regard to medical marijuana, but also psychedelics paired with proper treatment.
The human brain is uncharted territory and as we just begin to understand it, we are just beginning to grasp how we can help people who have a variety of traumas or imbalances in the brain. The use of alternative medicine combined with western medical studies, diagnostic equipment, and sometimes even combined with other medications can mean an incredible boost to quality of life for many people who struggle daily just to function. It is a science of its own, and is in its infancy. This is an exciting time to be human.
I’ve mentioned it before, but helping bring the Scythian Biosciences, University of Miami Miller School of Medicine and the Miami Project research of traumatic brain injuries and concussions treatment to fruition is something I value, and will value for the rest of my life. I think, at the end of the day, we all want to make a difference. That really is an instance where I felt like we accomplished something remarkable.
George, you often discuss how Florida is a mecca for business innovation across-the-board, but what do you think that will look like in the future, particularly when the Sunshine State is haunted by so many natural disasters?
George Scorsis: Florida is shining in the highly competitive field of attracting industry. It’s a “game” with billions of dollars at stake, not to mention the livelihoods of people who choose to live in the area. I have experience conducting business in Florida in the past and an incredible appreciation for the people, the landscape, and the culture. The damage from the hurricanes and the loss of life is unbelievable and heartbreaking, but I also have no doubt of the resilience of Floridians. Certainly, businesses have been and will continue to be impacted by the tragedy that came to shore, but Florida stands-out as an incredible place to conduct business partly because of the incredible strength of its people and the resilience that has been generated through generations of weathering every kind of storm.
George, you are the consummate businessman. I mean, your path was pretty well established right when you left university. As you eye the business landscape and what the future holds, what do you see?
This particularly applies to my industry: we are slated to change lives, to create the opportunity for people to live better lives and without the side-effects of the medications that are currently used for treatment. Can you imagine what that will be like—for them to receive proper treatment and to actually feel better in the process? The medical marijuana/alternative medicine industry is burgeoning with possibility.
George, you have discussed walking in the footsteps of your ancestors in Greece as a child and of now riding your motorcycle over there. Why has it been important for you to experience Greece during your life? This might be an obscure question, but have these experiences helped you at all in business?
My family in Greece has always, ever since I was a boy, been so welcoming and kind. Even when they didn’t have much, they shared without hesitation. They seem to value personal relationships, making connections, and creating experiences maybe more so than we do here in Canada or in the United States. I would define it as less of an emphasis placed on material items, and the emphasis instead shifted to EVERYTHING else. It’s really healthy to experience that, particularly when you find financial success in life.
I go to Greece and ride my motorcycle when I find myself at some sort of crossroads in life; when I have a big decision to make and I’m unsure of my path. There is something about being there, in the land of my ancestors that is healing and reassuring— and that always helps me make the right choice. And yes, some of these big decisions have been about business.