In an industry that has, to be completely honest, not lived up to the expectations of many investors, Sun Theory is proving to be somewhat of an anomaly: a company that generates actual profits.
And one of the key executives behind the scene is Matthew Melander, an investment banker by training and by bloodline, helping identify and research the company’s next investment targets.
Melander says Sun Theory is blessed to have the best operators in the country, which allows him to focus his energy on what he does best.
“I have a very simple management style, which is: I let the pros be the pros,” Melander says. “I’m not a professional cultivator. I rely on the team. I’m not a career manufacturer. I rely on the team. I think my job is to move the barriers out of their way, and when someone needs to come in with a hammer, I’m happy to do it, and then I support the team, no matter what.”
Sun Theory’s growing portfolio of brands and assets includes 15 cannabis retail stores and a cultivation facility in Colorado, plus minority shares in the multi-state operators Story Cannabis and Good Day Farms.
But in some ways, the crown jewel of the growing Sun Theory empire is Dialed In Gummies, the rosin-based edibles brand that is now distributed in eight regulated markets. Dialed In typifies Sun Theory’s approach — and Melander’s philosophy — of deploying capital, then implementing best-in-class operations and back-office solutions to hit profitability metrics that “are superior to really anybody I’ve seen,” he says.
Sun Theory acquired the Colorado-based gummy brand in August 2023.
“They were doing low eight figures of revenue and, call it, a 20% EBITDA margin,” he says. “Perfectly good little business.”
Within three months, Sun Theory had reduced Dialed In’s head count by about half and increased EBITDA margins to 45% — and has now grown line-line revenue every quarter since. As a solventless product, Dialed In Gummies fits nicely in Sun Theory’s wellness-focused portfolio; as a brand born in the oldest rec market in the U.S., it has staying power.
“If you can succeed in the legacy markets like Colorado, there’s something about your brand that stands out to a much more discerning customer base,” Melander says. “Yeah, it’s slightly more expensive, but I’d rather be the Dom Pérignon than the Two-Buck Chuck of an industry.”
Marijuana Venture’s 2026 40 under 40 feature was sponsored by MoonDust USA
MoonDust USA helps pre-roll brands and operators source custom cones, tubes, blunt wraps, and branded packaging with the consistency and speed needed to scale. As a women-owned direct manufacturer, MoonDust focuses on transparent pricing, dependable quality, and repeatable production, giving cannabis teams a supply partner they can count on as volumes grow.