What’s the biggest challenge facing the cannabis industry right now, and how are you and/or your company addressing it?
Cash flow has got to be the biggest challenge. Getting paid, keeping the lights on while you’re waiting to get paid, having the right payment options, and affordable capital are all things that are particularly challenging for this industry.
Green Check is addressing these challenges with our ecosystem of cannabis friendly providers. We have financial institutions, lenders, payroll companies, payment companies, a debit card issuer, and cash couriers, all who are cannabis friendly and can help operators manage the money movement that happens daily to keep this industry moving.
Where do you see the most exciting opportunity for growth and innovation in cannabis?
The beverage industry is exploding and consumers are gravitating towards a familiar form factor. There are so many paths the industry can take within this vertical, whether it’s the social aspect, health and wellness, THC or other cannabinoids, terpenes and flavors, or even food pairings. It seems the possibilities are endless. I saw something the other day about a mom adding some cannabis beverage choices to her outdoor fridge and rather than bringing stigma about them, the other moms were particularly interested and curious. That alone feels like a huge opportunity.
What’s one piece of advice you would give to someone looking to break into the cannabis industry?
Do the research and planning. This is a complex, highly regulated and ever changing space. Nothing here is easy and you’ve got to have some understanding of what you’re getting into before you move. Luckily there are plenty of folks who have gone first and broken the trail, whether you’re an operator or a financial institution, someone has already learned some lessons and is generally willing to share them. And don’t be afraid to hire yourself some help. There are companies like Green Check whose whole purpose is to be a resource for the industry.
What is the most important thing you have learned from your experiences in the cannabis industry?
Not everyone here is an advocate for the plant and the people it helps. There are a fair amount of folks who are here simply because they see an opportunity to make money. That alone isn’t inherently bad, but many of those folks are willing to take short-cuts that can be harmful to the overall reputation of the industry.
What do you want your legacy to be as it relates to the cannabis industry?
I want to know that I personally, and the team at Green Check, helped legitimize the industry. That we broke through stigma and fear and brought financial services to the table that helped the industry conduct business as close to “normal” as is possible.