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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 challenges are the high taxes, compliance costs, and enormous startup capital necessary to operate legally. The Artist Tree combats the first of these challenges by offering meaningful guest experiences, frequent discounts, and customer service that keep our customers coming back, despite the fact that they have the option of purchasing similar items for much less from non-licensed shops and delivery services. We also offer free items to medical patients to reduce the cost of medicinal cannabis, through our compassion program. We combat the 2nd two challenges through fiscally conservative operations, thoughtful and gradual expansion, and strong relationships with local municipalities to foster reform in the industry.
Where do you see the most exciting opportunity for growth and innovation in cannabis?
As one of the few cannabis lounge operators in the US, we see the growth of additional cannabis consumption spaces as a very exciting opportunity for growth and innovation. Cannabis lounges are needed in all areas where cannabis is legal, so consumers have inviting, fun and safe venues to consume cannabis socially. Lounges are essential for normalizing cannabis use and cementing the role of cannabis as an important facet of mainstream culture. Lounges offer endless opportunities for unique business concepts, and, as cities and states allow for more lounges, I predict a plethora of new destination types that embrace cannabis, from private clubs and cigar-lounge type venues, to concert spaces, bowling alleys, spas, fitness/wellness venues, restaurants, and more.
What’s one piece of advice you would give to someone looking to break into the cannabis industry?
It’s complicated and you’ll need a thick skin. Despite the fact that cannabis has been legal in states like CA for many years, the industry is still villainized by governmental authorities and even local residents. Because of this, cannabis operators have to be ready and able to challenge outdated stereotypes and misconceptions about the safety of cannabis dispensaries & lounges. Additionally, cannabis businesses aren’t inherently profitable, and it’s extremely difficult to operate successfully in today’s business climate. Newcomers should beware of this and accurately assess the costs of starting a new cannabis business, including cash necessary to maintain operations until profitably, to avoid the fate of many brands and retailers who are struggling or shutting down.
What is the most important thing you have learned from your experiences in the cannabis industry?
We are a community and we are stronger together. Despite the many challenges to operating a cannabis business today, the cannabis industry is a community unlike any other. Our fellow retailers, brands, and customers are all in this together, working towards an era where cannabis won’t be stigmatized or villainized and will be viewed on par with alcohol. Our combined efforts are slowly making changes in the city and state level, as new cities and states expand legal cannabis opportunities and some areas are finally starting to realize the harm from high cannabis tax rates. I love walking into our stores and chatting with customers or meeting with other cannabis operators, because, in general, the vibe is positive, communal and inclusive, unlike many other industries.
What do you want your legacy to be as it relates to the cannabis industry?
My goal with The Artist Tree has always been to show people a new, unexpected side of cannabis that brings cannabis into the spotlight instead of keeping it in the limelight. By creating spaces that feel more like mainstream shopping destinations than cannabis retail, highlighting local artists, and emphasizing education and wellness, we’re working daily to shatter expectations and show the public that cannabis is a legitimate part of mainstream culture. I want our retail and lounge spaces to continue to foster creativity and culture, to bring people together, and to showcase the important connection between cannabis and art.