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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?
Price compression. No matter where you operate, price compression will impact your decision-making. The kneejerk reaction is to lower prices. But whether you are a brand, a retailer, or even an ancillary business, you must think through the impact and optic of doing so. We address this through our revenue recovery strategies. This pivots our clients’ thinking away from the race everyone else is running: the race to the bottom. Instead, we analyze other ways to trim the fat – everything from operational efficiencies and optimizing the sales/marketing tech stack to customer retention and getting the most out of events.
Where do you see the most exciting opportunity for growth and innovation in cannabis?
Infused beverages. The opportunity is immense, especially considering that U.S. alcohol sales are decreasing (only 54% of adults report regularly drinking alcohol), the non-alc and RTD categories are quickly growing, and that a new audience of canna-curious customers can purchase THC beverages in big-box liquor stores like Total Wine. But with this excitement comes two problematic perceptions: 1) there’s a low barrier to entry in this space, and 2) the green rush is NOW. This is why we are seeing hundreds of new beverage brands going to market every quarter. The problem: if you don’t have the financial runway to intentionally and intelligently build a brand, your bev will drown in the sea of seltzers, mocktails, and more.
What’s one piece of advice you would give to someone looking to break into the cannabis industry?
Act like a grown up. This is a real industry, making real money. So don’t let “but this is cannabis” be an excuse for business-immature behavior. Not even once. This is imperative, especially if we plan to actually realize federal legalization. In fact, just the other day I was asked to lie to one of the largest organizations in cannabis. Although, I was equally disappointed and not surprised, I took it as an opportunity to talk about values, consequences, and how we have to fight like hell to mature this industry.
What is the most important thing you have learned from your experiences in the cannabis industry?
You have to be clear about your own values in order to provide true value in your business relationships.
My core values include:
Knowing my values affords me the opportunity to know my own value. Knowing my value is essential for demonstrating my value, and therefore creating trust and driving positive change for a business. This is key, whether I’m serving a client as a fractional CRO or a business strategist, or building a relationship with a colleague.
What do you want your legacy to be as it relates to the cannabis industry?
Heart. People perceive me as a highly driven, goal-obsessed strategist, but at the heart of what I do is, well, my heart. It’s a part of every action and every interaction. My sincere hope is that I get to continue growing this industry in the right direction, and that I’ve in some way positively impacted those around me to shine to their fullest. It’s a tough space, but when we operate at the soul level, from the very heart of who we are, I know we can move mountains.