What’s the biggest challenge facing the cannabis industry right now, and how are you and/or your company addressing it?
The cannabis industry seems to always be facing serious challenges from multiple angles, and now is no different. From regulatory and taxation hurdles, to access to home growing, and all the engrained reefer madness in between, this isn’t an industry for the faint of heart.
But if I had to isolate one single challenge, I would probably point to the widespread confusion between “Hemp” and “Legal Cannabis”. Specifically the mess that has caused at smoke shops in “Non Recreational” states.
In quite a few markets, the easiest place for a consumer to get their cannabis is at their local smoke shop or gas station. Don’t get me wrong, I am 100% for widespread access to cannabis. But what we are seeing is unscrupulous actors using poorly converted CBD, or worse, unregulated toxic research chemicals, being passed off as somehow safe products. Boner pills, stay awake potions, and other sketchy products have always been sold at these establishments, but the majority of consumers see these for what they are, unsavory at best.
But when the average consumer in Texas looks around and sees half of the other states in the union selling cannabis, because they have decided it’s not actually that bad after all (True!), how are they supposed to know that the product advertised as “Legal THC” is potentially not the same? How could they know that dangerous chemicals and/or side reactions occurred during the manufacturing of those compounds and that they are about to eat or smoke those impurities?
A recent bout of deaths in the mycology world just happened because of this exact problem, and now even legitimate mushroom products have led to confused customers, nervous about their safety.
The cannabis industry is in line to make the same mistakes.
Where do you see the most exciting opportunity for growth and innovation in cannabis?
I really enjoy seeing the emergence of cannabis consumption lounges. These establishments were common in pre legalization, medical based markets, and are a cornerstone of world renowned cannabis markets such as Amsterdam and Barcelona.
Having areas where fellow “stoners” can congregate to share their flower, hash, and ideas is essential to furthering the industry as a whole.
Remember, when coffee shops and tea houses began replacing bars and taverns, they often became the intellectual centers of great revolutions!
What’s one piece of advice you would give to someone looking to break into the cannabis industry?
In general, with any industry, look for problems and figure out solutions. Alternatively, look for waste streams and figure out how to monetize them.
Specifically in Cannabis right now, if I was starting fresh, I would start out in a freshly legal market, on the ground floor if I had to, so that I could learn the ropes on someone else’s dime. Once I had built up some experience, I would look to any one of the many global emerging cannabis markets, and would move myself into position as a person with experience in cannabis startups.
What is the most important thing you have learned from your experiences in the cannabis industry?
The government is never here to help you or make anything better.
What do you want your legacy to be as it relates to the cannabis industry?
As a guy that did all he could to help spread cannabis extracts to as many people as possible.
Do you have a comment for Dustin?