Menu
Menu
What’s the biggest challenge facing the cannabis industry right now, and how are you and/or your company addressing it?
The biggest challenge in Missouri is reciprocity. Due to changes in rule language when Missouri legalized adult use, companies are now legally allowed to own 22 retail locations with loopholes in the language that allow for more. This has created a reciprocal landscape in the Missouri market with large verticals horse trading and structuring shelf-space agreements with one another. This structure limits the shelf space available to the smaller operators who cultivate and/or manufacture but do not have retail or have a small number of retail stores.
Where do you see the most exciting opportunity for growth and innovation in cannabis?
The answer to this question largely depends on the market at this juncture in cannabis. In Missouri, the most exciting opportunity for growth is through buying additional retail licenses. The issue is the price for a retail license in Missouri. Retail licenses are selling for a minimum of $5 million in the Missouri market with the largest sale resulting in retail locations that sold for an average price of $24 million per location.
Overall, I am still bullish on the brand play. I have always been a cannabis advocate for the plant’s medicinal benefits and a connoisseur of premium cannabis products. Product quality, unique delivery methods and affordable cannabis is what gets me excited and makes me want to continue down the path of brand and product creation in Missouri and other markets.
What’s one piece of advice you would give to someone looking to break into the cannabis industry?
You better have thick skin and be willing to grind for the bigger picture. If you are looking to enter the industry because you like to consume and think it is an easy industry where you can make good money, you are wrong.
What is the most important thing you have learned from your experiences in the cannabis industry?
Not everybody plays by the rules. There are a lot of companies out there that mislead the consumer to benefit their sales. Which leads me to the next most important thing that I have learned in the last 13 years of working in this industry. Education among consumers is still lacking significantly. THC percentages sell products, not the quality of the product itself. Eventually I believe that will reverse. Consumers will become more educated and start to buy products based on quality while still keeping budget in mind. There are great products in the market in each category that can be purchased based on your budget constraints, but education is what is lacking.
What do you want your legacy to be as it relates to the cannabis industry?
I want people to look back and say “now that is a great company to work for.” Not only because of the way we operate our business, but because everybody who works for the company can stand behind the products we produce with pride.