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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?
The biggest challenge in NY cannabis real estate is finding it. Not only is a location expensive, it is difficult to locate. For example an operator has to be 200 ft from a church and 500 ft from a school. There are thousands of schools in NYC, and over 27,000 religious organizations that claim their space is a church. To add on top of that, half of the real estate owners in NYC do not believe in cannabis and refuse to rent to cannabis retailers. Putting all this together with the cost of real estate in NYC becomes very difficult to find a good space with enough traffic to be successful. The owners who do rent to cannabis retailers jack the price up to 30% higher than the going rate in that area, cutting profits by as much as 15% in the cannabis space.
Where do you see the most exciting opportunity for growth and innovation in cannabis?
The most exciting opportunity I think in the retail cannabis industry is expansion. There are a lot of opportunities in NY because the MSOs are still being blocked from coming into NY. It gives operators who are doing well an opportunity to expand and grow, assuming they can find a good location.
What’s one piece of advice you would give to someone looking to break into the cannabis industry?
The flower is amazing and unforgiving. If it is difficult for most people to navigate the government red tape, this business is not for you. Not only do you need to know how to operate a retail location, but you must learn to combine MRTA rules with everyday retail experience. That is not easy. Most people find the navigation very difficult and end up using attorneys and consultants. Some of these people are predatory and take advantage of the operators who do not have experience in retail and customer understanding. Be mindful of who you work with.
What is the most important thing you have learned from your experiences in the cannabis industry?
I learned that in cannabis retail, we don’t sell cannabis, we sell an experience. That’s what people want. They don’t want to only consume cannabis, they want a perfect experience tailored to an individual. By offering a custom experience to each guest, people continuously come back to Kaya Bliss for their cannabis needs.
What do you want your legacy to be as it relates to the cannabis industry?
It’s not always about getting high. I would love to think that I have helped a plethora of people feel comfortable with cannabis, learn how it can help them medicinally, and discover how cannabinoids can help others dealing with anxiety.