Menu
Menu
What’s the biggest challenge facing the cannabis industry right now, and how are you and/or your company addressing it?
I think the biggest challenge is the lack of capital caused by delayed federal legislation. I’m optimistic that’s changing with the recent executive order from President Trump on rescheduling, which represents an important milestone in the foundation of the cannabis industry. While this won’t be a singular catalyst to help the industry reach its full potential, it will certainly help accelerate research, help remove the stigma associated with cannabis use and very importantly remove the 280(e) burden from cannabis companies. Our immediate challenge is to prepare for the coming inevitability of rescheduling, which will require financial resources. So we need safe banking, we need to create a business environment for companies to be profitable and we need interstate commerce. Also, candidly we need to build consumer education and consumer trust.
At MM Brands, we will address the ongoing challenges of the industry like everyone else: With a lot of pivoting and adapting to the changing landscape. A fundamental tenet for us is to remain flexible with minimal fixed costs by deploying an asset-lite model so we can maximize our investments in products, brands and route to market.
Where do you see the most exciting opportunity for growth and innovation in cannabis?
I think there’s tremendous potential for growth within the industry. Based on all the research I’ve seen, consumers are overwhelmingly using cannabis for its therapeutic benefits relating to sleep, pain management, anxiety and depression. I believe that category switching will help propel the U.S. cannabis industry to $100B and beyond as more consumers adopt cannabis as an all-natural alternative to synthetic prescription drugs and alcohol.
What’s one piece of advice you would give to someone looking to break into the cannabis industry?
Making money in the cannabis industry is hard. It’s very complicated. I think there’s a false expectation that all you have to do is get into the game and you’re going to be successful. In the early days that was probably true. People who got in early and exited early made a lot of money. But I think those days are over. The key to success going forward is going to be building sustainable businesses that look more like traditional CPG, but the challenge will be navigating the course between where we are today and where the industry needs to be in the next 5-10 years.
What is the most important thing you have learned from your experiences in the cannabis industry?
I’ve been in the industry for seven years now and if I’ve learned one thing it’s don’t try to use logic, common sense or hearsay to speculate on the timing of events affecting the industry, whether it be regulatory action in Washington, D.C. or activities at the local level. What I advocate people focus on is building a sustainable business, creating brands people trust and love and products that help improve the lives of our customers.
What do you want your legacy to be as it relates to the cannabis industry?
There are probably two things that make me most excited about working in the cannabis industry. The first is seeing firsthand how impactful cannabis can be on helping to improve people’s lives. I’ve been humbled by the hundreds of stories I’ve heard over the years about individuals overcoming adversity in their lives and the role that cannabis played in their journeys. The second is the tremendous opportunity within the cannabis industry. Not only by the potential to create value by building a great company and great brands but being part of the formation of a whole new industry. I hope my legacy will be that I helped create a business and industry that truly brought consumers and patients products that improved and elevated their lives.