A LETTER FROM OUR CSO
Hi all,
I hope everyone is finding ways to enjoy the cold of winter that has been upon us (at least here out east). Coming out of the new year, we are back to firing on all pistons.
On the retail side, while our end of year and Valentine’s day sales have ended, our focus has turned to developing strong campaigns leading into the spring. March/April marks a change in customer behavior as the weather warms and therefore an opportunity to strengthen our sales with attention to menu health. We have recently made it through most of our markets with a pricing update which should reflect in much better purchasing power for customers and hope to look at every market by the end of the month.
In Production, we continue to increase our efficiency and outputs while continuing R&D on some exciting new products. On the gummy side, we have been focused on developing new pectinbased recipes that will support the launch of our new effects-based edible brand called Tempo. We look forward to rolling this out in key markets in Q2. We are also expanding our line of beverage enhancers, developing an in-house brand of infused joints, and reworking
our brand positioning on chocolates and topicals. The marketing and production R&D team has been quite busy!
We have also been working hard on our expansion into Minnesota. We are in the middle of construction and plan to open a cultivation, manufacturing, and retail location in Q2, making MN our 7th market.
We know there is a lot going on, both in and outside of the workplace, and want to thank you again all for your hard work, focus, and resilience. Let’s remember to support one another, be kind, and don’t hesitate to ask for help. I look forward to the warmer weather ahead.
FEBRUARY 2026
NICK FRIEDMAN
2026
FEBRUARY BIRTHDAYS
Mar 1
Mar 2
Mar 3
Mar 4
Mar 5
Mar 5
Mar 5
Mar 7
Mar 7
Mar 9
Mar 9
Mar 12
Mar 12
Mar 16
Michael Rock
Jason Smith
Michelle Smith
Jake Pereira
Evan Gonneville
Matthew Malinoski
Erica Oliveira
Joseph Cloutier
Jeffrey Dawson
Jacob Clowes
Ryan Hurley
Alexa Burns
Wes Posey
Sarah Martineau (Temescal Wellness)
ANNIVERSARIES
8 YEARS
Mar 21
5 YEARS
Mar 1
Mar 8
Mar 8
Mar 15
Mar 15
Mar 22
Mar 22
Mar 22
Mar 29
Patrick Nunes
Mar 18
Mar 19
Kylee Lauer
Steven Sanders
Mar 21 Virginia Cruz Morales
Mar 22 Anthony Moses (Temescal Wellness)
Mar 22
Mar 24
Mar 26
Mar 26
Mar 29
Mar 29
Jacob Cabral
Desiree Short
Jaime Dubois
Chase Jubak
Zachary Hines
Nicole McCormick
Mar 29 Jeanette Paboojian
Mar 30
Mar 30
Mar 31
Mar 28
Mar 28
Connor Hansen
Jordan Fuller
Brandon Harris
Daniel Coleman
Stefan Karayan
Erica Oliveira
Desiree Pisani
Kate Powers
Evan Gonneville
FEBRUARY 2026
Shane Mcloughlin
Alexandria Schuckle
Katherine Karleskint (Temescal Wellness)
Deborah ONeil
Clifton Wood
Selena Webber 3 YEARS
Mar 27
Mar 27
John Kenney
Mar 3
Mar 13
Mar 26
Mar 26
James Griffin
Molly Kuhns (Temescal Wellness)
Craig MacDonald
Christopher Poe
Nathan Whitaker 1 YEAR
Mar 26
PROMOTIONS NEW HIRES
Leah Cuetara MIP Lead
Sadie Plante Wholesale Account Manager
John Anthony Director Maintenance & Facilities
Matthew McElwee Cultivation Vegetative Lead
Jonathan Fuentes Assistant Manager
Tammy Hight-Raftery Keyholder
Alex Emery Assistant Manager
Allyson Nemeth Theory Teammate
John Gay Theory Teammate
Lynette Vasquez Theory Teammate
Paul Gianfrancesco Inventory Specialist
Robert Conroy Warehouse & Logistics Associate
FEBRUARY 2026
EMPLOYEE OF THE MONTH
DILLON MUSCATO MASSACHUSETTS HVAC
Most people notice when something breaks. Fewer notice the people who make sure it never does.
You may not see Dillon every day, but you feel his work constantly. If you’ve ever walked into a flower room that was dialed in just right, or noticed that a potential climate issue never became a problem, there’s a good chance Dillon was on it. As our Massachusetts HVAC Technician, Dillon is the quiet force behind the scenes making sure the environments our plants depend on stay stable, healthy, and predictable.
Dillon is always watching. He keeps a close eye on our BMS (Building Management System), often catching climate swings before they turn into real issues. Theory invested in additional BMS training for Dillon, and he has put that knowledge to work by making meaningful improvements to how systems are set up across Bridgewater. The result is simpler controls, better information, and tighter room regulation. That work might not be flashy, but it directly impacts flower quality and product consistency every single day.
When things start to stray, Dillon is usually on it before anyone else notices. He stays calm under pressure, doesn’t make a big deal out of it, and just fixes the problem. If a chiller needs to be reset after hours or the site needs to be brought back online after an outage, Dillon often takes care of it without being asked. That kind of reliability builds trust across the entire operation.
And yes, if you happen to see someone racing toward Bridgewater in a BMW 340i a little earlier than most, there’s a good chance Dillon is getting a head start. Not to make an entrance, but to make sure everything is running exactly the way it should before the day really begins.
NOMINATE A CO-WORKER!
Shout out your teammates by nominating them for Employee of the Month! It’s a great way to recognize their hard work and celebrate the efforts across all departments.
TECHNICIAN
Outside of work, Dillon is a dedicated husband and a new father. Earlier this year, he and his wife welcomed their daughter, Delilah, into the family. He’s also a proud dog dad to Duke and Duchess. Dillon thinks long-term, both at home and at work, and genuinely cares about building a career at Theory. He has a strong interest in finance and investing, and he brings an ownership mindset to his role, valuing the ESOP and the people who have built a company worth standing behind.
Dillon’s impact is a reminder that some of the most important work at Theory happens quietly. The small adjustments he makes, the systems he simplifies, and the problems he prevents all add up to better environments, better flower, and better products for our customers. Much of Dillon’s impact happens before the day really begins, but it carries through our Massachusetts operation, flower, and products every day.
CLICK HERE TO NOMINATE A CO-WORKER
STRAIN DESCRIPTION CONTEST
Thank you to everyone who submitted strain descriptions for Old Dirty Biker last month. We loved the creativity and expertise you shared!
The winner is: Autumn Overton! Congratulations!
WINNER’S DESCRIPTION:
Old Dirty Biker doesn’t roll in clean, it rumbles up with grit and attitude. Crack the jar for deep earthy funk, diesel, cracked pepper, and worn leather. The flavor is bold and skunky with a smoky, herbal finish. Effects cruise in smoothly like a calming head buzz followed by a heavy, grounded body relaxation. Rugged, unapologetic, and perfect for kicking back when the ride is done.
Not selected or didn’t get a chance to submit? No worries! Stay tuned for the March Newsletter, where we'll announce the next strain description contest. The winner, chosen by leadership, receives an extra $50 in allotment and a shoutout in the April Newsletter. Plus, the winning description will be featured on our menus. Don't miss out on this exciting chance to showcase your creativity and win big!
FEBRUARY 2026
CUSTOMER SERVICE HIGHLIGHTS
CUSTOMER
SHOUTOUTS
Columbus: “Kindest staff and lowest prices in the city. Neven has helped me out a few times and he’s extremely knowledgeable. Thank you, Theory!"
Kittery: “Staff was knowledgeable about products they carried and friendly and courteous.”
Medford: “These guys are always awesome!!! My favorite dispensary in ALL of Mass no cap!"
South Portland: “LOVE THE BUD”
Trenton: “Muy buen sabor y fuerte! (Very good flavor and strong)"
HR UPDATES
March Madness & Teamwork
March Madness is almost here. While most of us won’t be watching games during work hours, the tournament is a great reminder of how important teamwork, preparation, and accountability are to success.
Championship teams win because:
• Everyone understands their role
• They communicate clearly
• They execute under pressure
• They support each other
The same is true across our retail, production, and corporate teams. As we move into a busy spring season, let’s focus on strong communication, reliability, and supporting one another to deliver a great experience for our customers.
Welcome Spring and Daylight Savings Reminder
Daylight Saving Time begins Sunday, March 8. Don’t forget to set your clocks forward one hour. Changes to sleep schedules can take time to adjust to, so try to prioritize rest and plan ahead for early shifts during the transition week.
Spring officially begins on March 20, bringing longer days and a fresh start. As we move into a new season, it’s a good time to reset goals, focus on wellness, and look ahead to the busy months ahead. Thank you to everyone who continues to support our teams and customers every day.
Recognition Moment
March is a great time to recognize teammates who go above and beyond. A quick thank you, shout out, or note of appreciation can have a big impact. Recognition doesn’t have to be formal to matter.
COMPLIANCE CORNER
Greeting from the Compliance Team. This month we will discuss our upcoming market: Minnesota
As you probably know, we are building a microbusiness location in Minnesota. But what exactly does that mean in practice? A cannabis microbusiness is an industry license type which, depending on the State, allows for multiple endorsements, be they retail, cultivation, delivery, etc. These endorsements are generally limited to relatively small canopy space and restrict how much cannabis can be brought in through wholesale. The plus side of a microbusiness is that they take relatively less capital to establish than a full, vertically integrated enterprise. They also entail lower license fees compared to other license types.
Our microbusiness in Minnesota will entail cultivation, production, and retail operations all in one location. This is similar to our setups in Bridgewater, Waterville, and Brattleboro (minus the cultivation), though the location will be smaller than the first two. We plan on producing chews, chocolate, vapes, and flower products, which will be key in a MInnesota market with limited wholesale at the moment. For context, MA has 132 active cultivation licenses, Minnesota has only 24.
One way the State is attempting to supplement cannabis supply in the nascent recreational market is by allowing cannabis businesses to purchase from Native American tribes in the state. Currently, the state has signed agreements with seven tribes under this program. Native cannabis and licensed recreational cannabis is further limited in MN by the lack of testing laboratories causing a testing backlog. Currently there are only three licensed labs. Compare that to over ten in MA. There are more labs in the licensing process however, and we expect to find a reliable partner when we start producing.
Minnesota also has some interesting aspects to its regulatory environment: To begin with, low dose hemp products are legal in the State, but cannabis businesses cannot participate in the hemp market at this time. Legal limits on cannabis in MN are also interesting, in that one can purchase up to two ounces of cannabis flower at a time and can store as much as two pounds at their residence. I know
that some of you in production deal with more cannabis daily, but to me, it still sounds like a lot.
On the compliance end, we submitted the plan of record (operating plan) to the state and are finalizing the internal SOP book, which includes retail, cultivation, and production procedures. Special thanks goes to Kate Powers for leading the charge on these projects, and to those of you who provided answers to our questions. There certainly was a lot of information to distill and we appreciate the help.
That's it for this month. I hope everyone has a great March!
James Matthew Judge Chief Compliance Officer
