In the fourth episode of “Big Ideas in Cannabis,” a podcast from the Beard Bros Media Network, host Cassie Tomaselli welcomed Hope Wiseman, a prominent figure in the cannabis industry, for an in-depth conversation about her journey, the evolving market landscape, and her vision for the future. Wiseman, who has emerged as a trailblazer in the space, shared her insights on how she made her mark in this industry, and how she’s making her mark now.
Wiseman’s entry into the cannabis industry was rooted in her upbringing and a lifelong entrepreneurial mindset. “My mother, a successful entrepreneur in her own right, instilled in me a critical way of thinking that always challenged me to find new opportunities to build wealth,” Wiseman said.
Her decision to enter the cannabis space was driven by her experience as an economics graduate. Upon observing the growth and potential of the industry, Wiseman, armed with her economics background, immediately recognized the industry’s potential for growth. “I saw the opportunity with this industry and that it was still at the ground floor level,” Wiseman said.
Wiseman, along with her mother and a group of trusted individuals with diverse skill sets, formed a team to pursue a cannabis license. The team’s research led them to Maryland, where a medical cannabis bill had recently been passed. This group succeeded in obtaining a license, and Wiseman became the youngest female Black dispensary owner in the nation.
“It’s not something I was thinking about or even realized was happening,” Wiseman stated. “However, I am still proud to represent that, and I believe that I have helped inspire a new wave of Black entrepreneurs pursuing this space.”
Maryland’s shift to an adult-use market has presented significant opportunities for Wiseman’s company, Wiseco, and its retail brand, Marion, Maine. Wiseman highlighted the state’s impressive growth, noting that Maryland’s revenue is some of the healthiest in the nation, with sales exceeding a billion dollars in the first year.
Wiseman attributes the smooth rollout of Maryland’s adult-use program to the state’s efficient regulatory framework and forward planning. “We anticipated the increase, and we were prepared for two to three times the business we were seeing,” she explained. The company’s ability to adapt and optimize its operations was critical during the transition to adult use, enabling it to handle the increased volume of customers and sales.
Wiseman has also had ongoing discussions with Governor Wes Moore, who she credits for his support of the state’s cannabis program, especially regarding the social equity program. Wiseman emphasized the importance of funding for social equity businesses, noting that the governor’s office has pledged resources to assist these businesses in getting established.
Looking ahead, Wiseman predicts that the business landscape in Maryland will evolve as the market matures. While she anticipates a rise in competition and potential price compression, she believes that the state’s geographical diversity and balanced licensing approach will help moderate these impacts.
The conversation then shifted to the products that are being sold in Maryland. Consumers are looking for products that they recognize from other states, particularly those from the West Coast. To meet this demand, businesses are forming partnerships, white labeling, and introducing a range of different brands to cater to diverse consumer preferences.
Wiseman also addressed the growing demand for low-dose products in the market, acknowledging that while this segment is experiencing growth, it is not yet outpacing the demand for high-dose THC flower. She anticipates that this trend will continue and gain prominence as the industry matures.
To describe the Marion, Maine dispensary experience, Wiseman emphasized the welcoming and family-oriented atmosphere, where customers are greeted with warmth and attentiveness. The dispensary prioritizes providing a comfortable environment, helping customers navigate the complexities of the shopping experience and educating them about the products.
Marion, Maine is a retail brand of Wiseco, a larger holding company that has diverse operations and investments within the cannabis industry. Wiseco owns a manufacturing license in New Jersey and is in the process of launching manufacturing operations in Maryland. They are in the process of establishing partnerships with other businesses. This vertical integration will allow Wiseman to introduce her own products into the market.
Wiseman explained the systems and strategies her business uses to grow sustainably. The company prioritizes strategic decision-making, focusing on long-term goals and financial stability. To stay on this track, Wiseman employs a deliberate approach, evaluating the potential returns of new opportunities, and waiting until the right moment to make the move, rather than following the “shiny objects” and distractions that often arise in the rapidly changing industry.
Wiseman has cultivated a robust social media presence, using the platform to connect with the community and answer their questions, sharing her experiences and offering advice.
“I don’t sugarcoat that this is a difficult space to be in,” she said. “And a lot of people think that this industry is just a joke. Look, you might see us at a conference and then, you know, we might be smoking a joint outside of the conference or something like that. But honestly, these folks are extremely just like you drink a drink at your conference. Shoot, we’re doing that too. But it’s not a joke. These people are sophisticated.”
Wiseman is preparing to launch Legal and Licensed, a new community designed to provide resources, and connect entrepreneurs, investors, and current licensees in the cannabis industry. The community will offer courses, resources, and a monthly Q&A session with industry experts.
“Legal and Licensed is a community where we will share ideas, share resources. I will be dropping many courses and other resources in there for our members, as well as have a monthly Q&A call where I will bring on different subject matter experts,” Wiseman explained.
In terms of the future, Wiseman predicts that New York will experience major growth in 2025 as its market matures. She also highlighted the focus on rescheduling. While acknowledging that meaningful change, such as federal legalization, will take time, Wiseman is optimistic about the industry’s long-term prospects.
“For Marion, Maine, it’s all about laying our foundation. We’re really focused on maximizing our opportunities in Maryland and becoming more financially sound and having a really, really strong bottom line so that we can truly become the sustainable business that I believe,” she said.
