What’s the biggest challenge facing the cannabis industry right now, and how are you and/or your company addressing it?
I believe there are two big “buckets” of hurdles facing the commerce and use around the plant right now. The first simply being access as not everyone has a legal means to partake in the commerce and consumption of cannabis and the second is the over-taxation and over-regulation in markets that do have legal access. The government is simply taking too much out of the pot to make this the same viable business it’s always been and regulators are making decisions without proper data and consulting.
At ACTIVE, we’re continually working to help our customers margins beyond simply the cost of acquisition through supply chain consistency, automation, and hands-on support. It’s not just about buying something at the lowest price and making a decent margin on it, it’s about replicating that process over and over and finding efficiencies and predictability to build a sustainable business model. Additionally, we’re a founding member of VapeSafer and are pouring our own resources into studies to provide data towards combat harmful legislation and further educate our industry around vape products.
Where do you see the most exciting opportunity for growth and innovation in cannabis?
Personally as a cannabis consumer, I will never lose excitement for finding new flavors and genetics that bring something new to the game. Outside of my personal desire to smoke fire weed, there is a massive educational gap around the plant and still a stigma that needs some work. Anywhere there is a gap, there is opportunity and I don’t think anyone has quite cracked that area yet.
Additionally, the global marketplace is exciting to me. We don’t even have legal cannabis in every state but in the scheme of the entire world, North America is leading the charge on legal commerce of cannabis and I believe opportunities will continue to pop up around the globe.
What’s one piece of advice you would give to someone looking to break into the cannabis industry?
Since I first entered recreational cannabis, I’ve always had three ways to get your start.
1. Get a job as a budtender – if you’re coming from another industry where you’ve earned a certain level of status this might seem to be more entry level to you but it’s simply the best way to learn products and EVERYTHING about the consumer, which is the root of what all of us are doing. It’s a high turn over position that has an easier point of entry than most spots in the space. You can also interact and network with brands that come in so I see as two-prong value passed the paycheck, learn and build your network.
2. Get a job as a sales rep – this is another high turn over/easier entry point position. If you work for a plant touching brand, you’ll get a master class on how buyers work, margins, and mark-ups. Transparently this is a HARD grind but can provide an opportunity to make a lot of money and build relationships with the golden goose of the industry, buyers.
3. Create content – this is an opportunity for anyone in any field/industry to get their foot in the door. You do need to know what you’re talking about first off, but if you know weed but aren’t in the space – start creating content and networking online. This was the biggest part of my personal journey and can attest to the fact it works.
What is the most important thing you have learned from your experiences in the cannabis industry?
First off, the grower is everything. While the consumer’s purchases power everything we do…there is no cannabis without the grower thus there is no industry without them either. Back in the day the grower was the ultimate plug and very few people were able to meet them and it could take years of grinding for a middle man to finally get that invite. Now in the legal market with the scale of these grows, the grower is the most important person to determine success and failure…plus it’s a 365 day a year job.
Secondly, your reputation is everything. Whether we’re talking legacy market or rec market – how you move and do business is everything. It’s a small pond and while frauds, scammers, and thieves will always find themselves in any pond, this is much harder to do over and over than what I’ve seen in the music and real estate industries. Shit is going to go right, left, wrong…it’s all inevitable but people willing to make things right or take an L in the short term for a long term W pays off immensely in this space. It always has, even before it was an industry.
What do you want your legacy to be as it relates to the cannabis industry?
I honestly just want to play my little part in helping usher this thing I’ve loved for so long into its new legal era, be a good example for my kids, and ensure that legacy has a seat at the table that’s going to inevitably be filled with business folks and not just weed folks. As long as I can be defined by people that truly know me and have worked with me, I’ll be alright.
Do you have a comment for Mitch?