What’s the biggest challenge facing the cannabis industry right now, and how are you and/or your company addressing it?
On a broader level, the tax burdens associated with 280E are hurting all operators. In the states we operate in, we are currently working through price compression, increased competition, delays with AR, and the constant moving targets that exist. I love it though. Challenges are opportunities, and that’s how we approach everything we do at Silver Therapeutics.
Where do you see the most exciting opportunity for growth and innovation in cannabis?
Tech platforms still need to catch up with retail and marketing innovations that you see in other industries. As an example, it’s been challenging to launch a loyalty program that is compliant in all of the markets we serve. The limitations on the tech side and among the regulatory bodies creates hurdles for us. If a new or existing company can create a POS system with reliable and consistent loyalty, marketing, and revenue attribution data, they will win.
What’s one piece of advice you would give to someone looking to break into the cannabis industry?
If you are looking to get into retail, raise twice as much money as you think you need, and double the amount of time you think it will take to open. If you are starting a new company and are taking on partners, choose wisely and make sure everyone is on the same page. Equity is like toothpaste, once it is out, there is no way to put it back in.
What is the most important thing you have learned from your experiences in the cannabis industry?
Keep moving forward, no matter what. Challenges are going to happen to you and you need to learn from them and move on. I’ve been on both sides of the cannabis market, and falling forward is always better than giving up.
What do you want your legacy to be as it relates to the cannabis industry?
I want my legacy to be known for being a part of a team that built a socially responsible cannabis company that took care of its customers and team members–something the cannabis community and industry is always asking for more of.