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What’s the biggest challenge facing the cannabis industry right now, and how are you and/or your company addressing it?
A challenge in this industry that continues to frustrate us is the ongoing struggle to get paid in a timely, professional manner. As cannabis business operator, we understand the capital constraints the industry faces, but it feels like there should be better accountability in the industry when it comes to payment. It feels like this is an industry-wide issue. For our part, Bonanza works very hard to conduct its business in a highly professional manner, but we often are forced to chase payment for inventory we have already delivered. There has been some movement to regulate this challenge, which we welcome. For example, the state of Washington has mandated that cannabis wholesale deliveries to be cash-on-delivery only. The industry needs some mechanism to hold businesses accountable.
Where do you see the most exciting opportunity for growth and innovation in cannabis?
The demand for “smokeless” products continues to grow, and as a manufacturer of cannabis concentrate products, we couldn’t be more thrilled. The categories of vape cartridges, all-in-one devices and edibles offer so much room for growth and innovation. We have already witnessed a ton of new types of vape products hit the market and a lot of new edible formulations. We think this trend will continue for the foreseeable future as consumers increasingly desire products that are more discreet and more easily managed. Bonanza is here for it.
What’s one piece of advice you would give to someone looking to break into the cannabis industry?
If you are looking at the industry as a “get rich quick” opportunity, you’re in the wrong business. There will be challenges you cannot even imagine, so be prepared to adjust your expectations on an almost daily basis. This industry is still a patchwork of complex regulations that change all the time and vary from state to state. It’s why I always say there are no “typical” days in cannabis.
What is the most important thing you have learned from your experiences in the cannabis industry?
I think the biggest lesson we have learned is the importance of running your business with integrity and professionalism. We have worked very hard in a difficult industry to maintain high standards of quality and consistency in both our products and how we operate. Our reputation has become our strongest attribute – and it is what is helping us succeed as we expand into new markets.
What do you want your legacy to be as it relates to the cannabis industry?
We are proud to be a family-owned and operated company, which means our reputation is on the line with everything we do. This is just one of the reasons why we place such high importance on adhering to regulations for safety and testing, partnering with reputable processors for the highest quality ingredients and using only top-shelf hardware in Bonanza’s products. Since establishing the company, we have found success in growing an organically profitable business without relying on loans or external financing, so we can maintain our focus on quality control. We own manufacturing facilities in every state we operate, which provides yet another way for us to ensure consistency and quality. I think our focus on quality and demonstrating how this industry can be navigated with integrity will be the legacy of the business.