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Navigating the Missouri Cannabis Market with John Pennington
After a brief hiatus, Karson Humiston returns with an engaging conversation with John Pennington, the co-founder and CEO of Proper Cannabis in Missouri. John shared his early entrepreneurial spirit, from shoveling driveways as a kid to running a business in high school and college. His transition into the cannabis industry was influenced by his work in real estate and his involvement in building Missouri's largest non-profit methadone treatment center. This experience opened his eyes to the potential of cannabis as a regulated industry.
They discuss the importance of having a clear vision and mission, and how John successfully scaled Proper Cannabis from a preliminary idea to a leading company with over 450 employees. He emphasized the significance of writing down goals, empowering teams, and fostering a strong company culture. Proper Cannabis is known for its low turnover rate, which John attributes to the intentional culture they've built, where every team member feels valued and connected.
John also highlighted the rapid growth of the Missouri cannabis market, which has expanded significantly since the legalization of adult-use cannabis. Proper Cannabis has become a market leader in various product categories, including pre-rolls, concentrates, and edibles.
One of the most inspiring parts of our conversation was John's commitment to social justice. He teaches a class called "Business, Purpose, and the Bible" in the St. Louis County jail system, helping inmates find hope and purpose. This aligns with his broader mission to advocate for policy changes in Washington, D.C., and support re-entry programs for formerly incarcerated individuals.
Looking ahead, John envisions Proper Cannabis expanding beyond Missouri and becoming a multi-state operator while maintaining its strong ethos and commitment to quality. His dedication to both business success and social impact makes him a standout entrepreneur in the cannabis industry.
https://www.propercannabis.com/
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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State of Cannabis Employment: A Deep Dive into the 2024 Jobs Report
Karson Humiston discuss the release of the Vangst annual cannabis industry 2024 jobs report with Bruce Barcott, a seasoned writer in the cannabis space, and Beau Whitney, the chief economist at Whitney Economics. The trio share insights into the current state of cannabis employment.
They begin with a sense of optimism as they reveal that the industry has bounced back from a challenging period, adding almost 23,000 new jobs, bringing the total to 440,145 full-time equivalent positions as of early 2024. This marks a 5% year-over-year increase, driven by a national revenue increase of about 10%. However, they note that not all states have experienced growth, with some leading the way in job opportunities.
Michigan, Missouri, and New Jersey are highlighted as the top three states for job additions, with Michigan adding over 11,000 jobs. Karson discusses the factors contributing to Michigan's growth, including lower product prices, increased legal market participation, and cannabis tourism from neighboring states like Ohio.
Conversely, the episode also addresses the job losses in established markets such as California, Colorado, and Washington, attributing the decline to various challenges including profitability issues, oversupply, and changes in consumer behavior. The conversation touches on the need for state regulators to adapt their policies to support the health of cannabis businesses, not just focus on public safety.
Looking ahead to 2024, the Karson predicts job growth in Ohio, New York, New Jersey, and Maryland, driven by new licenses and market maturation. They express concern for mature markets like Colorado, where businesses are struggling, and emphasize the importance of federal and state-level reforms to ensure the industry's sustainability.
The episode concludes with their predictions for the 2025 jobs report, expressing optimism for continued growth, especially with potential federal reforms and international developments like Germany's move towards legalization. They encourage listeners to download and share the report to raise awareness of the job creation potential of the cannabis industry.
Listeners can download the full 2024 jobs report at Vangst.com and use it to advocate for the cannabis industry's job creation potential. We encourage sharing the report with friends, employees, and politicians to support the industry's growth toward the goal of one million U.S. jobs. https://www.vangst.com/2024-jobs-report
Timestamps00:00:00 - Introduction and Annual Jobs Report Release
00:00:49 - Positive Growth in Cannabis Jobs
00:02:20 - Significant Job Increases in Specific States
00:04:47 - Michigan's Surprising Job Growth
00:05:46 - Factors Contributing to Michigan's Job Increase
00:06:41 - Predictions for Job Growth in Ohio
00:07:20 - Potential Impact of Ohio's Market on Michigan
00:08:28 - States Expected to Add Jobs in 2024
00:10:43 - Maryland's License Increase and Job Growth
00:11:33 - States That Lost Jobs in 2023
00:12:36 - California's Job Loss and Industry Struggles
00:13:47 - Economic Challenges in the Cannabis Industry
00:15:54 - Delinquent Payments in the Cannabis Industry
00:16:05 - Comparing Bad Debt Ratios
00:17:30 - The Decline of Colorado's Cannabis Job Market
00:18:28 - Future Predictions for Cannabis Job Growth
00:19:44 - The Role of Regulators in Market Maturation
00:21:13 - Right-Sizing License Structures
00:23:09 - 2025 Job Growth Predictions
00:24:40 - Potential Impact of New Markets
00:25:16 - International Developments in Cannabis Reform
00:26:07 - Global Cannabis Market Influence
00:27:27 - Optimism for the Cannabis Industry's Future
00:28:38 - Importance of the Annual Jobs Report
00:29:10 - Advocacy and Political EngagementProduce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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Saknas det avsnitt?
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Crafting the Perfect Smoke: Inside the World of Cannabis Accessories with Bryan Gerber
Karson Humiston welcomes Bryan Gerber, co-founder and CEO, of Hemper and Hara Supply, also known as the "King of Cones." The nickname stems from a Forbes article that highlighted Bryan's success in building a $75 million pre-roll empire. Both Karson and Bryan reminisce about their college days and the realization that they are no longer the young entrepreneurs they once were, with Bryan approaching his 33rd birthday.
Brian recounts the early days of his business, which started when he was 23 years old, shortly after graduating from George Washington University. He shares the story of how he convinced his roommates to start a subscription box for smoking accessories, despite being called crazy at the time. The business, launched on May 1st, 2015, was inspired by the subscription economy trend, with companies like Birchbox and Dollar Shave Club making waves. Hemper's initial concept was akin to a "Birchbox for stoners."
The subscription box took off when they introduced a guest-curated concept, where celebrities would select items for the box, allowing subscribers to "smoke like Snoop Dogg" for a month. This concept rapidly increased their revenue, and within six months, they were processing six figures monthly. From just a couple of hundred subscribers in the first four months, Hemper grew to over 30,000 subscribers.
As the business evolved, Hemper faced the challenge of keeping the subscription boxes fresh and interesting. They decided to develop their own products, becoming an authority in enhancing the smoking ritual. Brian mentions the Jolly Pop, a water pipe that resembles a lollipop, as an example of their innovative products.
The conversation shifts to Hemper's expansion into retail stores. Brian explains their strategy of leveraging the brand's power to drive traffic to retailers by announcing the availability of Hemper products in specific locations. They positioned themselves as a partner to retailers, not just a supplier, and emphasized their strong online presence, including a significant Instagram following, to support retail partners.
Bryan also discusses the company's foray into manufacturing pre-roll cones. Initially, they were approached by Kush Bottles (now KushCo Holdings) to fill a market shortage. Brian's business partner, RJ, went to India to learn the cone-making process, as all cones are handmade due to the fragility of the paper. They now run 15 manufacturing sites in India with about 4,000 employees, producing around 100 million cones a month, primarily for the North American market.
Despite the challenges, such as the vape crisis and the COVID-19 pandemic, Bryan notes that these events positively impacted their business by driving consumers back to pre-rolls and increasing sales.
Looking to the future, Bryan envisions moving into automation for cone production and continuing to innovate with product development. He also plans to expand into Europe, with Germany's recent legalization being a significant opportunity.
Bryan concludes by offering advice to his younger self and to aspiring entrepreneurs: avoid shiny object syndrome, stay focused, and be willing to reinvent the business model as needed. He encourages listeners to reach out via email or LinkedIn if they're interested in joining the Hemper team, emphasizing the value of taking initiative.
https://www.hemper.co/
https://harasupply.com/
TIMESTAMP:
00:00:00 - Introduction to Brian Gerber
00:00:39 - Bryan's Age and Feeling Old
00:01:02 - College Graduation Years
00:01:18 - Starting Hemper at 23
00:01:34 - The Idea Behind Subscription Boxes
00:02:38 - Celebrity Curated Boxes and Growth
00:03:11 - Transition to Creating Own Products
00:03:35 - The Jolly Pop Product Discussion
00:04:22 - Moving to Retail and Distribution Strategy
00:07:03 - Funding and Financial Growth
00:08:10 - Decision to Focus on Profitability
00:08:37 - Expanding into Retail Stores
00:11:00 - The Shift to Pre-Roll Cones Production
00:13:42 - The Handmade Process of Cone Production
00:14:44 - Domestic Operations in Las Vegas
00:17:03 - Future Plans and Expanding into Europe
00:20:20 - Hiring the Right People
00:23:35 - Impact of Vape Crisis and COVID on Business
00:25:13 - Bryan's Vision for the Next Decade
00:26:14 - Advice to Younger Self
00:27:30 - The Importance of Reinventing the Business
00:28:12 - How to Get in Touch and Join the TeamProduce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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Behind the Scenes of Cann Beverage: From Startup Struggles to Market Dominance
Karson Humiston is joined by Luke Anderson, co-founder of Cann, where he discusses the journey of founding and growing the company. Initially, Luke reflects on the early days of Cann, highlighting the challenges and milestones of launching a microdose THC beverage in California. He shares insights into the struggles of raising capital, navigating the cannabis industry, and building a strong brand identity.
As the conversation progresses, Luke delves into the pivotal moments and decisions that shaped Cann's trajectory. He talks about the strategic pivot towards profitability, including the acquisition of Cann Media and the challenges faced during the Hollywood media strike. Despite setbacks, Luke emphasizes the resilience of the Cann team and their ability to adapt to changing circumstances.
https://drinkcann.com/
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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"Navigating Highs and Lows with Aaron Miles: Verano's Investment Strategy Unveiled"
In the latest episode of the "Proud to Work in Cannabis" podcast, listeners were treated to an engaging and insightful conversation with Aaron Miles, the Chief Investment Officer at Verano.
Aaron talks to Karson Humiston about his unexpected journey into the cannabis industry, which began with a serendipitous text message while celebrating his 40th birthday in Italy. Despite initial skepticism, Aaron's curiosity about the industry's potential led him to pivot from a traditional corporate path at Pier One Imports to the dynamic world of cannabis at Cresco Labs, and eventually to his current role at Verano.
Throughout the episode, Aaron provided a candid look into the complexities of taking a cannabis company public, the nuances of navigating the industry's unique challenges, and the strategic moves Verano has made to position itself for future opportunities, including uplisting to the CSE. He emphasized the importance of being prepared for the U.S. capital markets and the potential impact of federal legislative changes on the industry.
Aaron also shared his personal connection to the medicinal benefits of cannabis, reflecting on a family member's struggle with addiction and how it shaped his perspective on the plant's potential as a safer alternative to opiates.
The episode concluded with a discussion on the current scale of Verano, its operations across multiple states, and Aaron's optimistic outlook on the future of cannabis legislation. His passion for the industry was evident as he spoke about the broader implications of cannabis legalization, including job creation, community investment, and the potential for groundbreaking medical research. https://www.linkedin.com/in/aaron-miles/ https://www.verano.com/
TIMESTAMPS
00:00:00 - Podcast Introduction
00:00:11 - Attempting to Connect with Aaron Miles
00:00:28 - Aaron's Health and Company Challenges
00:00:44 - Post-MJBiz Plague and COVID
00:01:15 - Aaron's History with MJBiz
00:01:26 - Comparing MJBiz Attendance
00:01:36 - Aaron's Role as Chief Investment Officer
00:01:54 - Unexpected Entry into Cannabis
00:02:16 - Transition from Newspaper to Cannabis
00:02:38 - A Text Message That Changed Everything
00:03:09 - Analyzing the Cannabis Industry's Potential
00:03:30 - Joining Cresco Labs
00:04:01 - Learning the Cannabis Ropes
00:04:12 - Moving to Verano
00:04:34 - Verano's Stage When Aaron Joined
00:04:48 - Verano's Late Public Market Entry
00:05:30 - Preparing Verano for Public Listing
00:06:34 - Aaron's Multifaceted Role at Verano
00:06:59 - Readying for U.S. Capital Markets
00:07:54 - Involvement in M&A and Capital Markets
00:08:47 - Verano's Scale and Operations
00:09:40 - The Role of a Chief Investment Officer
00:09:50 - Verano's Current Business Scale
00:12:04 - The Opportunity Post-Rescheduling
00:12:29 - Anticipating DEA's Confirmation
00:13:17 - Political Landscape and Cannabis
00:13:50 - The Impact of Cannabis Legalization
00:14:15 - The Frustration with Political Obstacles
00:14:25 - The Potential of Rescheduling
00:15:06 - Advocating for Cannabis in D.C.
00:15:38 - The Misconceptions and Education Gap
00:16:30 - The Absurdity of Political Opposition
00:16:59 - The Future of Cannabis Legislation
00:17:49 - Personal Stories and Political Influence
00:18:11 - The Economic Impact of Cannabis
00:19:08 - The Ripple Effect of Dispensary Spending
00:20:02 - Conversations with Cory Booker
00:20:37 - The Generational Divide in Cannabis Perception
00:21:19 - Aaron's Personal Connection to Cannabis
00:22:00 - Changing Family Perceptions on Cannabis
00:22:47 - The Challenges of Cannabis Advertising
00:23:28 - Business Strategy Post-Rescheduling
00:24:10 - Verano's Financial Management
00:24:53 - Preparing for Market Changes
00:25:24 - Potential Growth in Key States
00:26:06 - Verano's Expansion Plans
00:26:38 - Uplisting and Capital Market Readiness
00:27:15 - The Impact of Rescheduling on Operations
00:27:59 - The Future of Cannabis Banking and Advertising
00:28:48 - The Need for Cannabis Education
00:29:28 - Aaron's Motivation in the Cannabis Industry
00:29:54 - The Broader Impact of Cannabis Legalization
00:30:25 - The Excitement of Working in Cannabis
00:30:58 - The Dynamic Nature of the Cannabis Industry
00:31:35 - The Opportunity to Influence the Industry
00:32:09 - How to Follow Aaron and VeranoProduce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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"Navigating the Wild West of California Cannabis: A Founder's Journey"
Live from MJBizCon 2023 in Las Vegas, Karson Humiston is joined by Dave Holmes, founder and CEO of Clade9. The conversation kicks off with a candid discussion about Dave's early exposure to cannabis, starting from a young age due to his older brother's involvement in selling weed. Dave shares how his upbringing around drugs shaped his perspective on the industry.
As the discussion progresses, Dave delves into his journey in the cannabis business, from his initial experiences with cultivation to navigating the evolving legal landscape in California. He reflects on the challenges of transitioning from a low-profile operation to establishing Clade9 as a legitimate business in the industry.
The conversation shifts to the current state of the cannabis market in California, with Dave highlighting the issues of high taxes, fierce competition from the illicit market, and the struggles faced by regulated operators. He emphasizes the need for tax reforms to level the playing field and make the market more competitive.
Looking ahead, Dave shares his plans for expanding Clade9 to new markets, including New Jersey, and discusses the potential for interstate commerce in the cannabis industry. He touches on the importance of hiring passionate and dedicated individuals for his team, emphasizing the value of both cannabis-specific experience and traditional agricultural backgrounds
Throughout the episode, Karson and Dave engage in a candid and insightful conversation, offering a glimpse into the realities of operating in the cannabis industry and the challenges and opportunities that lie ahead. Their authentic and relatable dialogue creates a welcoming atmosphere for listeners, inviting them to connect with the personal experiences and perspectives shared on the podcast.
https://clade9.com/
https://www.linkedin.com/in/dave-holmes-95695810b/
TIMESTAMP:
00:00:16 - Introduction at MJ BizCon 2023
00:01:31 - Early Experiences with Cannabis
00:02:18 - Childhood Exposure to Cannabis
00:03:32 - First Experience with Selling Cannabis
00:04:13 - Transition to Academic Focus
00:04:24 - Introduction to Indoor Growing
00:06:25 - Evolution of Growing Operations
00:08:19 - Formation of Clade9
00:09:18 - Early Days of Establishing the Business
00:10:32 - Current Operations in South LA
00:11:49 - Challenges in the California Market
00:12:18 - Expansion Plans to New Jersey
00:12:57 - Phased Expansion Approach
00:13:14 - California Market Challenges
00:13:33 - Issues with Taxes and Illicit Market
00:14:16 - Consumer Behavior and Market Dynamics
00:15:02 - Importance of Payment Convenience
00:15:51 - Addressing Illicit Market Competition
00:16:02 - Solutions for Market Competitiveness
00:17:11 - Impact of Brand Saturation in California
00:18:39 - Potential for Interstate Cannabis Shipping
00:19:31 - Anticipated Industry Changes with Banking
00:20:33 - Challenges in Hiring for Cannabis Operations
00:22:35 - Hiring Criteria for Cultivation Managers
00:24:37 - Utilization of Technology in Cultivation
00:25:56 - Evolution of Tools and Technologies in Cannabis Industry
00:26:28 - Hopes for Future Industry DevelopmentsProduce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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Petalfast and the Evolution of Cannabis Distribution: A Conversation with Jason Vegotsky
In this episode, CEO of Vangst, Karson Humiston, had the pleasure of sitting down with Jason Vegotsky, the visionary founder of Petalfast, a company that's revolutionizing the cannabis distribution landscape. Jason's journey is a fascinating one, and he shared insights into the challenges and triumphs of navigating the complex world of cannabis distribution, drawing parallels with the alcohol industry, and his own personal growth as an entrepreneur.
Jason began by giving an overview of Petalfast, a distributor that outsources logistics and warehousing in certain states. He explained the core functions of a distributor in getting products into stores, handling customer relations, and ensuring brands are presented effectively to retailers. Petalfast operates with a selling organization and a field team that represents a portfolio of brands in California, Arizona, Massachusetts, and is looking to expand further as legalization progresses.
The conversation delved into the three-tier system in alcohol, which separates producers, distributors, and retailers to prevent monopolistic environments and to facilitate tax collection. Jason highlighted the differences in cannabis, where vertical integration is common, but he believes that the breakdown of verticals is necessary for scaling and success.
Jason shared his background, starting with a brief stint at Goldman Sachs, which he quickly realized wasn't for him. He then moved into alcohol beverage distribution, leveraging his father's experience in the industry. However, his entrepreneurial spirit led him to partner with a beef jerky brand, where he learned valuable lessons in brand building and go-to-market strategies.
An unexpected encounter at a Wegmans store led Jason to pivot from beef jerky to butane gas, a key component in cannabis oil production. Despite his initial reservations, he saw an opportunity in the cannabis industry and took a calculated risk that paid off when a hurricane in Texas disrupted butane supply, allowing his company to capture significant market share.
Jason's success with butane gas led to a merger with KushCo, where he took on the role of president. At KushCo, he gained invaluable experience but realized the need for a better go-to-market strategy for cannabis distributors. This realization led to the creation of Petalfast, which he envisioned as a distributor that could sell to the alcohol industry without taking on inventory and accounts receivable risks.
When building his team, Jason focused on hiring individuals with a mix of alcohol beverage experience and cannabis industry knowledge. He values the lessons learned from failure and seeks out those who have experienced setbacks to help guide Petalfast away from similar pitfalls.
Looking ahead, Jason discussed the challenges facing the cannabis industry, including the need for consolidation and better regulatory frameworks. He emphasized the importance of being financially prudent, especially in the current climate where investment is scarce. Petalfast plans to pursue strategic M&A opportunities and continue to build its team with top talent.
https://www.linkedin.com/in/jason-vegotsky-138549102/
https://petalfast.com/
Timestamps
00:00:42 - Introduction to Petalfast
00:00:55 - What Petalfast Does
00:02:01 - Alcohol Three-Tier System vs. Cannabis Distribution
00:02:28 - Vertical Integration in Cannabis
00:04:59 - Jason's Background and Career Shift
00:05:25 - Transition to Alcohol Beverage Distribution
00:06:09 - Motivation and Entrepreneurial Drive
00:06:20 - Chance Meeting and Beef Jerky Business
00:07:23 - Learning from Business Failures
00:07:58 - Combining Food and Alcohol Go-to-Market Strategies
00:08:19 - Post-Beef Jerky Ventures and Cannabis Industry Entry
00:09:06 - Introduction to the Cannabis Industry via Butane Gas
00:10:10 - Summit Innovations and Hurricane Strategy
00:12:01 - Merging with KushCo and Leadership Challenges
00:13:07 - Jason's Preference for Startup Phases
00:13:35 - Identifying a Gap in Cannabis Distribution
00:14:08 - Petalfast's Business Model and Hiring Strategy
00:15:36 - Fundraising and Belief in the Business
00:16:01 - Storytelling and Investor Relationships
00:17:39 - Hiring Philosophy and Team Building
00:18:14 - Preparing for Alcohol Industry Entry into Cannabis
00:20:32 - Financial Prudence and Future Plans
00:21:52 - M&A Strategy and Self-Distributing Organizations
00:22:56 - Expanding Sales Forces in California
00:24:29 - Retail Relationships and Brand Support
00:25:17 - Technology and Order Management
00:26:05 - Industry Challenges and Future Outlook
00:27:27 - Credit Rating Tools and Collections Strategy
00:28:39 - Financial Management and Growth Plans
00:29:02 - Closing Remarks and Future ExpectationsQuotes
"I think it is the single biggest problem in the cannabis space and why most people fail." - 00:02:39-00:02:49
"I'm not in alcohol beverage distribution. I'm in the tax collection business." - 00:03:32-00:03:43
"I quickly realized that wasn't for me. And I pivoted and got into alcohol beverage distribution in New Jersey." - 00:05:15-00:05:25
"I'm sure you have a similar experience of like, OK, I get up and I work every day, but am I motivated the way that I was motivated?" - 00:06:09-00:06:20
"I met him at Wegmans and got in the next day. And geez, I've failed so incredibly miserably." - 00:07:12-00:07:23
"I don't know if I or anybody else has enough money to be able to do each one of those verticals well." - 00:02:49-00:03:00
"I'm going to Colorado for a week to figure this thing out. Can you come with me? Because I don't know any of the lingo." - 00:09:49-00:09:59
"Hurricane hits Houston. There is no butane coming out of Houston for about three months. I had all of it." - 00:11:44-00:11:55
"I like to go from zero to 10. I'm not 10 to 100, somebody else can do that." - 00:13:07-00:13:18
"I specifically look for people that are coming off of failure." - 00:19:21-00:19:32
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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From Challenges to Opportunities: Unpacking the Cannabis Market with Delta Emerald Ventures
Karson Humiston reflects on the recent CannaDataCon conference with the show's organizer, Ian Dominguez, the founder and chief investment officer at Delta Emerald Ventures. The conference, held in Miami, aimed to address the repetitive nature of cannabis conferences and to foster a space for sharing best practices among operators and technologists in the cannabis industry.
Karson describes the conference as intimate and small-scale, with a setting that encouraged mingling and networking among participants. The event saw an increase in attendance from the previous year, with both in-person and online participants nearly doubling. Despite this growth, Ian Dominguez intends to maintain the conference's intimate nature, capping in-person attendance at 200 for the following year.
A significant change in this year's conference was the inclusion of operators, which led to more comprehensive discussions. Panels featured industry experts like Dennis O'Malley, who spoke on topics such as discounting strategies. The conference's structure focused on driving sales and profitability in the cannabis retail space, with a strong emphasis on cooperation within the industry.
The episode delves into the key takeaways from the conference, including the importance of addressing meaningful problems collaboratively and the potential of hemp beverages as an emerging market. Karson and Ian discuss the consolidation trend in the cannabis industry, emphasizing the value of experienced talent and the benefits of companies working together to achieve profitability.
Ian shares his investment perspective, highlighting the importance of customer-focused founders and the potential of hemp, which is estimated to be as large as the cannabis market. He also touches on the challenges and opportunities in plant-touching operations and the need for focus and long-term commitment in the industry.
The conversation shifts to federal rescheduling of cannabis, which is seen as a positive development, though it is acknowledged that the process will be lengthy and complex. The potential impact of rescheduling on profitability and investment in the industry is discussed, along with the importance of state-level developments, such as the possibility of Florida legalizing adult-use cannabis.
The episode concludes with a discussion on the long-term mindset required for success in the cannabis industry, the importance of understanding customer needs, and the optimism and excitement for the future of cannabis that was palpable at the conference. They encourage listeners to attend the next CannaDataCon and to stay tuned for the release of recorded sessions from the event.
https://www.linkedin.com/in/iancdominguez/
https://www.deltaemerald.com/
https://www.cannadatacon.com/
TIMESTAMPS
00:00:00 - Introduction to Proud to Work in Cannabis Podcast
00:00:10 - Ian Dominguez and Canna DataCon Success
00:00:41 - Frustrations with Cannabis Conferences
00:01:40 - Canna DataCon's Intimate Setting
00:02:12 - Feedback and Future Size of Canna DataCon
00:03:13 - Inclusion of Operators at the Conference
00:04:24 - Key Takeaways from the Conference
00:05:00 - Conference Structure and Profitability Discussions
00:06:05 - Cooperation and Growth in the Cannabis Industry
00:06:39 - Hemp Beverages and Industry Trends
00:07:31 - Collaboration and Consolidation in Cannabis
00:08:08 - Talent Acquisition and Industry Consolidation
00:09:02 - Importance of Experience in the Cannabis Industry
00:10:03 - Reducing Redundancy in Cannabis Tech Providers
00:11:02 - The Future of Cannabis Service Providers
00:12:08 - Long-Term Mindset in the Cannabis Industry
00:13:02 - Federal Rescheduling and Industry Impact
00:14:26 - Investment Criteria for Delta Emerald Ventures
00:15:35 - Pre-Selling and Customer Validation
00:16:37 - Investment Focus for 2024
00:18:01 - Challenges and Opportunities in Plant-Touching Operations
00:19:55 - Long-Term Commitment in the Cannabis Industry
00:21:04 - The Future Size of the Cannabis Industry
00:22:38 - Federal Rescheduling and Momentum in the Industry
00:24:24 - State-Level Wins and Industry Optimism
00:25:05 - The Impact of Rescheduling on the Cannabis Market
00:27:00 - Consumer Demand and Hemp Product Safety
00:28:04 - Capitalizing on Industry Timing
00:29:07 - Optimism and Excitement in the Cannabis Industry
00:30:39 - Learning from Industry Trends at Canna DataCon
00:31:08 - Rationalization in Competitive Cannabis Markets
00:32:16 - Closing Remarks and Future Canna DataCon AnnouncementsQUOTES
"I felt like a lot of the same things were being said." - 00:00:51
"You're not going to solve them by just acting like everything's OK." - 00:01:23
"The whole purpose of Canada Data Con is to share best practices." - 00:01:33
"People love the intimacy of it." - 00:02:24
"We can cooperate to grow the size of this pie together." - 00:05:54
"Hemp beverages are extremely topical right now and something that we are very bullish on." - 00:06:15
"Talent is actually the scarcest resource in this industry today." - 00:08:18
"The cannabis industry will be bigger than the alcohol industry." - 00:21:14
"It's an indication of the consumer's level of demand for this product." - 00:27:20
"We pushed out some irrational actors, and now the players that are in that game right now are doing pretty well." - 00:31:29
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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Navigating the Highs and Lows of Cannabis Business with Frank Perullo
Broadcasting live from MJ BizCon in Las Vegas, Karson Humiston had the pleasure of sitting down with Frank Perullo, the co-founder of Ascend Wellness, a name that's become synonymous with success in the cannabis industry.
They dove into a rich conversation about the evolution of the cannabis industry, Ascend's growth, and the challenges and triumphs of being a cannabis entrepreneur. Frank's journey began in 2012 when Massachusetts passed its medical cannabis law. As a political consultant and lobbyist, he saw an opportunity where others hesitated, leading to the creation of a cannabis practice that leveraged his expertise in land use and advocacy.
The pivotal moment for Ascend came in 2018, as adult-use cannabis was on the horizon in Massachusetts. Frank teamed up with his business partner, Abner Curtin, to leverage their combined skills in investing and consulting within the cannabis space. They faced the daunting task of securing their first retail license in downtown Boston without any direct cannabis experience. Through strategic hiring and a relentless work ethic, they not only secured the license but also expanded into Illinois and Michigan, setting the stage for Ascend's presence in seven states.
Frank shared insights on building a team that embodies intellectual curiosity, a high motor, and a customer-centric approach. He emphasized the importance of perseverance and the ability to navigate the industry's unique challenges and barriers.
As Ascend grew, Frank transitioned into a director role, focusing on expanding into new markets and working with government partners to advance the industry. He stressed the significance of founders stepping back at the right time to allow their companies to flourish under new leadership.
Reflecting on the state of the industry, Frank predicted that 2024 could be a monumental year, especially if the government removes the burdensome 280E tax code. He highlighted the importance of focusing on quality and customer service as key differentiators for successful companies.
Frank also shared his perspective on state programs, praising New Jersey's rollout and critiquing New York's over-regulation. He advised politicians to create a regulatory framework that encourages a thriving, legal market.
Looking ahead, Frank is excited about the job creation potential within Ascend and the broader industry. He expressed pride in working in cannabis, citing the plant's power to improve lives and the industry's unique community.
In closing, Frank's passion for cannabis and his commitment to the industry's growth were palpable. His story is a testament to the entrepreneurial spirit that drives the cannabis industry forward, and it's clear that Ascend Wellness is poised to continue making waves in the years to come. https://www.awholdings.com/
TIMESTAMP:
00:00:17 - Introduction to the Podcast
00:00:27 - Frank Perullo and Ascend Wellness
00:01:13 - Evolution of MJ BizCon
00:01:23 - Changes in the Cannabis Industry
00:01:34 - Frank's Background Before Cannabis
00:01:48 - Frank's Entry into the Cannabis Industry
00:02:50 - Formation of Ascend and Licensing
00:03:53 - Pursuing the First Retail License
00:04:52 - Recruitment and Licensing Challenges
00:05:04 - Expansion of Ascend Wellness
00:05:49 - Building a Hardworking Team
00:06:24 - Traits of Successful Cannabis Industry Workers
00:07:22 - Transitioning to a Director Role
00:07:54 - Hiring a New CEO
00:08:05 - Frank's Current Role at Ascend
00:09:01 - Advice for Founders
00:09:12 - Frank's Day-to-Day Activities
00:10:21 - State of the Cannabis Industry in 2024
00:10:57 - Impact of 280E Tax Code on the Industry
00:11:53 - Advice for Politicians on Cannabis Program Rollouts
00:12:55 - Successful State Cannabis Programs
00:13:58 - The Importance of Strategy in Business
00:14:23 - The Future of Ascend Wellness
00:15:30 - Creating Jobs in the Cannabis Industry
00:16:33 - Lessons from Operating in Michigan
00:20:34 - Frank's Excitement for Ascend's Future
00:21:08 - Why Frank is Proud to Work in CannabisQUOTES:
"I think that cannabis founders, myself included, have a couple of loose screws, because who would sign up for this? It's a little crazy." - 00:01:34-00:01:44
"And I thought the opportunity was right to sort of step into a place where those white shoe lobbyists, the more formal folks who wear the suit and ties every day, would not wait." - 00:02:10-00:02:20
"And I remember calling you and saying, we need someone with real great retail and cannabis retail experience." - 00:04:04-00:04:15
"It was hard to find talent. It was hard to get construction going. Everything was a challenge." - 00:05:14-00:05:24
"You seem to have been an underdog who ultimately outperformed a ton of people, how did you scale that talent that you have to other people?" - 00:05:49-00:06:09
"Are you intellectually curious? Do you have a high motor? Can you withstand lots of pivots and changes and not drive yourself crazy?" - 00:06:34-00:06:55
"You have to stay level and you have to take the good with the bad and you have to realize that you got to get up the next day whether it was a great day or a terrible day and do it all over again." - 00:11:18-00:11:29
"We walked away from the deal with MedMen in New York. You heard it here first." - 00:15:30-00:15:41
"Strategy is what you don't do. So how you allocate capital and what you focus on really matters." - 00:16:33-00:16:44
"I am most excited about the jobs we're going to create over the next coming years." - 00:21:08-00:21:19
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Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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"Building a Cannabis Business: Persistence, Leadership, and the Rebrand"
Karson Humiston is live from MJBizCon in Las Vegas with and guest Nick Vita, co-founder and CEO of The Cannabist Company (formerly known as Columbia Care), to discuss the journey of building a successful cannabis business. They delve into topics such as the challenges faced in the industry, the importance of persistence and leadership, and the recent rebranding of the company.
The conversation begins with a reflection on the growth and changes in the cannabis industry over the past decade. Nick Vita highlights the momentum and increasing interest in the industry, despite previous regulatory setbacks. He emphasizes the need for persistence and the cyclical nature of the cannabis business.
The discussion then shifts to Nick Vita's background and career before entering the cannabis industry. He shares his experience in finance and how he convinced friends to invest in a cannabis idea that eventually led to the founding of The Cannabist. However, he also recounts the challenges faced when the person they thought would run the business turned out to be unethical.
The conversation touches on the importance of resilience and the rollercoaster nature of the cannabis industry. Nick Vita shares anecdotes of sleeping on couches, funding the business on a tight budget, and the challenges of navigating the complex regulatory landscape in different states.
The podcast then delves into the qualities Nick Vita looks for when hiring team members. He emphasizes the importance of tenacity, trustworthiness, and a willingness to go above and beyond. He also discusses the value of having a team that shares the same vision and is willing to work towards it.
The discussion concludes with a focus on the recent rebranding of the company from Columbia Care to The Cannabist. Nick Vita explains the rationale behind the rebrand, highlighting the resonance of the name with the community, employees, and cultural values of the company. He also discusses the importance of quality and the perception of cannabis as a medicine.
Looking towards the future, Nick Vita predicts significant developments in the cannabis industry. He anticipates the rescheduling of cannabis to Schedule III, the expansion of the industry in conservative states, and the normalization of capital markets. He also expresses optimism about the potential for job creation and the growth of the industry.
Overall, this podcast episode provides valuable insights into the challenges and rewards of building a cannabis business, emphasizing the importance of persistence, leadership, and a strong team.
https://www.cannabistcompany.com/
Timestamp Chapters:00:00:17 - Introduction and Excitement for Live Podcasts
00:00:45 - Reflecting on the Evolution of the Cannabis Trade Show
00:01:04 - Disappointment and Progress in the Cannabis Industry
00:01:27 - Momentum and New Faces in the Cannabis Industry
00:01:48 - Optimism and Energy in the Cannabis Industry
00:01:59 - The Cyclical Nature of the Cannabis Industry
00:03:18 - Nick Vita's Background and Journey into the Cannabis Business
00:04:01 - The First Trauma in Starting a Cannabis Business
00:04:22 - Winning the Support of Ben and Jerry
00:05:39 - Launching in Different States and Following Regulatory Conversations
00:06:23 - Persistence and Sacrifices in Building a Cannabis Business
00:08:42 - The Moment Things Started to Click for the Business
00:10:13 - Winning the License in New York and the Journey Since
00:11:41 - The Challenges and Rewards of Being a Founder-Led Business
00:13:54 - The Importance of Being Present and Leading by Example
00:16:11 - Lessons Learned from Hiring Big Company People
00:18:00 - Qualities Looked for in Hiring Team Members
00:20:39 - The Importance of Open and Honest Conversations in Building a Business
00:23:42 - Motivating the Team in a Challenging Environment
00:29:04 - The Rebranding from Columbia Care to The Cannabist
00:31:54 - Predictions for the Cannabis Industry in 2024
00:34:01 - Hope for the Expansion and Normalization of the Cannabis Industry
"We're the only industry I know of where you have to be a farmer, you have to be a manufacturer, you have to be a retailer, and you have to have wholesale." - 00:02:36-00:02:47
"I think the cyclical nature of the industry makes the fun parts that much more fun." - 00:02:26-00:02:36
"I think a lot of people, in hindsight, it becomes addictive." - 00:07:38-00:07:48
"It's the best part and the worst part about being part of an organization." - 00:08:32-00:08:42
"I think by the time I no longer need to be here, it's because the business will have grown enough so that the institutional connective tissue that I bring to the conversation is no longer necessary." - 00:15:49-00:16:00
"I always say work harder than everybody else." - 00:28:48-00:28:59
"There is nothing worth building, there's nothing worth creating, if you're going to mail it in." - 00:22:40-00:22:50
"I think we have schedule three affirmed." - 00:32:15-00:32:26
"I think New York is an up and coming sort of attractive cannabis market for operators for the first time ever." - 00:32:26-00:32:36
"I think it's a seminal year. And I think it's more so than we've seen in the past five, six years." - 00:33:50-00:34:01
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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Building a Cannabis Giant: Jason's Leap from Pharma to Pot
In this episode of the Proud to Work in Cannabis podcast, host and fellow entrepreneur, Karson Humiston, sits down with Jason Wild, the chairman of TerrAscend one of the large publicly traded company in the cannabis industry. The episode is recorded live from MJBizCon in Las Vegas, Nevada.
The conversation begins with Karson expressing admiration for entrepreneurs and their inspiring stories. She asks Jason to take the listeners back to the beginning of his career and share how he got started. Jason reveals that he had always been entrepreneurial, even in his teenage years, and had bounced ideas off his father, who was also an entrepreneur. He shares a story from his senior year of high school when he started a food delivery service for restaurants that didn't offer delivery. This experience, although challenging, set him up for the dynamic and unpredictable nature of the cannabis industry.
Jason then discusses his path to becoming a pharmacist and how he discovered his talent for stock picking. He explains that he started investing in the stock market with $10,000 and quickly realized that he had a knack for it. In his first year as a pharmacist, he made over $400,000 in the stock market, which sparked his interest in pursuing a career in investing.
After several successful years as a pharmacist and investor, Jason decided to start his own hedge fund. He shares the challenges and successes he experienced during this time, including a significant market crash in 2008 that led to a decrease in assets under management. However, he persevered and eventually built his fund back up.
The conversation then shifts to Jason's entry into the cannabis industry. He explains that he was introduced to the industry through a banker in Canada who informed him about the legalization of medical cannabis. Intrigued by the potential growth of the industry, Jason made several trips to Canada to explore investment opportunities. He eventually invested in four cannabis companies which turned out to be highly successful investments.
Inspired by his experiences in the cannabis industry, Jason decided to start his own cannabis company, TerrAscend. He shares how he convinced the company to take a $52 million private placement and co-invested with Canopy Growth. The stock price of TerrAscend skyrocketed, causing Jason to feel the pressure to deliver on the market's high expectations.
To ensure the company's success, Jason made the strategic decision to pivot to the U.S. market, becoming one of the first Canadian LPs to do so. He explains that although they couldn't list on a U.S. exchange, he believed in the long-term potential of the U.S. cannabis market.
The episode concludes with a teaser for part two, where Jason will discuss TerrAscend's entry into the U.S. market and his strategy moving forward.
Overall, this episode provides listeners with an inside look into Jason Wild's entrepreneurial journey, his success in the stock market, and his transition into the cannabis industry. It highlights the importance of patience, perseverance, and seizing opportunities in the ever-evolving world of entrepreneurship. https://terrascend.com/management-board/jason-wild/
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Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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The National Cannabis Roundtable Discusses Historic Recommendation to Reschedule Cannabis
The team from the National Cannabis Roundtable (NCR) joins the Karson Humiston to discuss the recent historic recommendation to reschedule cannabis from Schedule 1 to Schedule 3. The episode begins with an overview of the background and context of the recommendation, including the previous speculation about the HHS recommendation and the release of hundreds of pages of documents confirming the recommendation.
The NCR team, consisting of Saphira Galoob, Erin Moffet, and David Mangone, provides insights into the significance of the recommendation and its potential impact on the cannabis industry. They explain that the recommendation is a major milestone as it marks the first time a government entity has officially confirmed the need to move cannabis to Schedule 3. They emphasize that this recommendation aligns with the existing state programs and the growing acceptance of cannabis as a medical treatment.
The discussion delves into the process of rescheduling cannabis, highlighting the eight-factor analysis conducted by the Health and Human Services (HHS) and the role of the DEA in implementing the recommendation. The team addresses concerns about potential negative reactions from the DEA and the impact on DEA funding. They explain that while there may be some opposition, the robust scientific analysis and the support from other federal agencies, such as the National Institute of Drug Abuse (NIDA), provide a strong foundation for the recommendation.
The team also addresses questions about the timing of the DEA's response and the potential enforcement of the illicit market. They explain that the timing is uncertain, but the process is progressing steadily, and the DEA's response is expected to align with the HHS recommendation. Regarding enforcement, they clarify that the DEA's focus is primarily on illicit grows and that the rescheduling would not change the current restrictions on state-legal cannabis businesses.
The episode concludes with a discussion about the future of the cannabis industry and the investment landscape. The team encourages investors to consider the long-term potential of the industry and the progress being made in terms of federal reform. They acknowledge the challenges and uncertainties but emphasize the historic nature of the current developments and the opportunities for growth and success in the industry.
Overall, the episode provides a comprehensive analysis of the recent recommendation to reschedule cannabis and offers insights into the potential implications for the cannabis industry. The NCR team's expertise and knowledge contribute to a nuanced and informative discussion that will be valuable for industry professionals, investors, and anyone interested in the evolving landscape of cannabis policy.
https://nationalcannabisroundtable.org/
00:00:14 - Introduction to the Podcast
00:00:25 - National Cannabis Roundtable Guests
00:00:57 - HHS Recommendation on Cannabis Scheduling
00:02:03 - Why Not Deschedule Cannabis?
00:03:41 - Release of Documents Under FOIA
00:05:07 - No Confirmation on DEA's Stance Yet
00:05:58 - Historical Precedent for DEA Recommendations
00:08:36 - Attorney General's Position on Cannabis Enforcement
00:12:06 - HHS's Analysis and Schedule III Criteria
00:13:04 - Significance of HHS's Acknowledgment of Medical Use
00:16:16 - Audience Questions: DEA's Timeline and Public Comment Period
00:22:16 - DEA Funding and Enforcement Post-Scheduling Change
00:26:55 - Public Discourse Impact on DEA Reaction
00:31:10 - Investment Considerations in the Cannabis Industry
00:37:11 - DEA's Potential Reaction to Public Discourse and Illicit Market Enforcement
00:40:09 - DEA Funding Concerns and Illicit Market Enforcement Post-Scheduling Change
00:42:51 - DEA's Reaction to Public Discourse on Cannabis Scheduling
00:48:12 - Investment Strategy in the Current Cannabis Industry Climate
00:52:54 - How to Get in Touch with NCR and Closing RemarksQuotes:
"Hey everybody and welcome back to another episode of the Proud to Work in Cannabis podcast." - 00:00:14-00:00:24
"This is exciting because a lot of the work that we've been doing is starting to really start to pay off." - 00:00:35-00:00:46
"So on Friday, the U.S. government released hundreds of pages of documents related to its ongoing review of cannabis status under federal law." - 00:01:07-00:01:18
"This is really a big deal because this is the first time that a government entity has come out and confirmed that we want to move cannabis from Schedule 1 to Schedule 3." - 00:01:29-00:01:39
"The fact that we did get confirmation from Health and Human Services that a Schedule III was a recommendation is not only historic and outstanding, but it really was what the criteria would have allowed us to get to." - 00:03:10-00:03:20
"The release of the documentation was actually the result of a request under something called the Freedom of Information Act or FOIA." - 00:03:41-00:03:52
"The largest health agency in the U.S., globally recognized, has determined a medical significance, its currently accepted medical use of cannabis, and gone through its analysis in our favor." - 00:05:17-00:05:28
"I can't imagine a scenario where this would be different. Of course, there is a possibility, and in fact, this document even makes note of this on the first page." - 00:07:57-00:08:07
"It is pretty illogical to think that his position would change now that there is this acknowledgment by another federal agency." - 00:09:24-00:09:34
"This is unprecedented, where you have such an established regulated industry for something that is scheduled in this way, that then is trying to move, move down." - 00:13:15-00:13:25
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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From Assistant Store Manager to CEO: The Journey of Matt Darin in the Cannabis Industry
In this episode of the "Proud to Work in Cannabis" podcast, Karson Humiston had the pleasure of interviewing Matt Darin, the CEO of Curaleaf, the largest public cannabis company in the United States. They recorded this episode live at MJBizCon, one of the biggest cannabis conferences in the industry.
Matt shared his journey into the cannabis industry, starting back in 2014 when he read about Illinois passing a medical cannabis law in the newspaper. Intrigued by the potential of the industry, Matt and his partners decided to apply for licenses to open dispensaries in Illinois. Despite facing challenges and uncertainties, they successfully opened three stores in 2016 under the Greenhouse brand.
From there, Matt and his team saw the opportunity to expand and become vertically integrated. They acquired a cultivation license and expanded into other states like Maryland, Pennsylvania, and Ohio. Eventually, their business caught the attention of Curaleaf, and they decided to join forces. Matt stayed on as a regional president before becoming the CEO of Curaleaf in May 2022.
During our conversation, Matt emphasized the importance of resilience in the cannabis industry. He shared stories of the early days when they would only see 15 patients in a 10-hour day and how they had to navigate the challenges of a pilot program and an unsupportive governor. Matt also highlighted the need for employees to have a genuine interest in the cannabis plant and the industry, as it is a unique and ever-evolving business.
They discussed the scrappy and entrepreneurial spirit that has been ingrained in the cannabis industry since its early days. Matt emphasized the importance of maintaining that culture even as companies grow larger and face new challenges. He shared a recent example of how his team mobilized to reverse a potentially damaging decision by a regulatory agency in New Jersey, showcasing the power of a united and determined workforce.
Looking ahead to 2024, Matt expressed optimism for the industry's future. He mentioned upcoming state-level catalysts, such as the launch of the adult-use market in New York and the potential growth of the European market, particularly in Germany. Matt also highlighted the importance of hiring top talent and encouraged listeners to explore the job opportunities available at Curaleaf.
Overall, this episode provided valuable insights into the journey of building a successful cannabis business and the qualities that make employees thrive in the industry. Matt's story serves as an inspiration for those looking to enter or advance their careers in cannabis.
TIMESTAMPS
00:00:10 - Introduction to the podcast episode
00:00:26 - Discussion about attending MJBizCon
00:01:06 - Matt Darin's decision to get involved in the cannabis industry
00:02:05 - The early days of starting a cannabis business
00:03:56 - Opening the first dispensaries in Illinois
00:06:49 - The acquisition of Grassroots by Curaleaf
00:08:09 - Matt Darin joining the Curaleaf team and becoming CEO
00:10:00 - Traits that make employees successful in the cannabis industry
00:12:32 - Advancement opportunities and common threads among successful employees
00:14:13 - The most challenging experience in the cannabis industry
00:16:47 - Maintaining a scrappy and entrepreneurial culture in a growing company
00:18:19 - Optimism and hopes for the cannabis industry in 2024
00:20:47 - Advice for Matt Darin's past self in 2013
00:22:20 - Conclusion and appreciation for the partnership with Vangst
QUOTES
"I'm doing great. How are you?" - 00:00:26
"Yeah, I think this is number 10." - 00:00:31
"I was thinking back to 2014 when I was here for my first MJBizCon." - 00:00:31
"I had to be involved from the ground floor." - 00:01:06
"We got to apply for these licenses. This is a once-in-a-lifetime opportunity." - 00:01:42
"It was immediately fascinating and just the excitement about kind of being part of this new industry that was just developing was really unique." - 00:03:08
"I remember working a 10-hour day in our dispensary where we might see literally 15 patients in 10 hours." - 00:05:14
"The number one trait that I look at is resilience." - 00:10:26
"I think it is somebody that is interested in being very knowledgeable about the cannabis plant and the industry that we're in and the consumer and that." - 00:13:35
"I call it the entrepreneurial spirit and it's something that I have." - 00:17:54
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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Vangst Partners with the Cannabis Business Office to Launch a Technical Assistance Program
In this episode, Karson Humiston announces a breaking partnership between Vangst and the Cannabis Business Office to launch a new program. Karson is joined by Emma Howard, the program manager of the Cannabis Business Office, and Tristan Watkins, the Deputy Director for the Business Support Division.
Emma provides an overview of the Cannabis Business Office, which was established in 2021 to provide access to capital and technical assistance programming for social equity cannabis businesses. The office offers grants, loans, and technical assistance programs to support business development in the cannabis industry.
Karson and Tristan discuss the need for more specialized technical assistance for cannabis businesses. They highlight the gap in the market for expert-led courses on topics such as accounting, HR, compliance, cultivation, and more. The partnership between Vangst and the Cannabis Business Office aims to fill this gap by creating a program of 50 courses that provide real tactical business help and guidance.
Emma explains the process for accessing the resources provided by the Cannabis Business Office. Clients need to contact the office with their social equity license or finding a suitability letter from the Marijuana Enforcement Division (MED) to access the program.
Tristan shares details about the loan program offered by the Cannabis Business Office. The program takes a unique approach by working with a lending group that specializes in character-based lending, focusing on the business's ability to repay rather than traditional metrics like credit and collateral. This approach reduces the risk for borrowers and allows for more flexible repayment structures.
The conversation then shifts to the potential impact of rescheduling cannabis at the federal level. Emma and Tristan discuss the benefits, such as lessening the tax burden and opening up banking options, but also highlight the potential risks of larger businesses taking advantage and pushing out smaller businesses.
In the final segment, Karson asks Emma and Tristan for their predictions for the cannabis industry in 2024. Emma predicts that federal legalization will be a major topic in the 2024 presidential election, bringing the industry closer to nationwide legalization. Tristan predicts an increase in high-quality, specialized products and a decrease in stigma as the market evolves.
The episode concludes with Karson expressing excitement about the partnership and the opportunity to help entrepreneurs in the Colorado cannabis industry through the technical assistance program.
Timestamp Chapters:00:00:00 - Introduction and Announcement of Partnership with Cannabis Business Office
00:00:51 - Introduction of Guests and Overview of Cannabis Business Office
00:03:21 - Discussion on the Need for Technical Assistance Programs
00:06:13 - Process of Accessing Resources for Social Equity License Holders
00:08:21 - Influence of Colorado's Social Equity Program on Other States
00:09:29 - Overview of the Cannabis Business Office's Loan Program
00:12:53 - Impact of Potential Rescheduling on the Cannabis Industry
00:15:23 - Potential Benefits and Challenges of Rescheduling
00:18:54 - Instructions for Accessing the Technical Assistance Program
00:19:48 - Predictions for the Cannabis Industry in 2024
00:23:27 - Conclusion and Thanks for Partnership
Quotes:
"Vangst has partnered up with the cannabis business office to launch a program that we're going to talk all about today." - 00:00:00
"We run three different types of programs for our clients. Those include grants, loans, and like I said, technical assistance, so business support, mentorship, training, anything that kind of falls under business development." - 00:01:11
"We really needed to offer our constituency a more technical online learning content that would have the same easy to access feature as the Canada Business Foundations program." - 00:03:21
"I think it really depends on the background of the individual running the business." - 00:05:31
"We work really closely with our colleagues over at the Marijuana Enforcement Division, the MED, and they are actually the body that regulates the social equity license and handles all the eligibility criteria." - 00:06:44
"We've had some really helpful conversations with Massachusetts and Oakland to learn from what they're doing." - 00:08:21
"We found a really interesting way to structure where the state sort of reserved their own dollars for a loan program." - 00:09:29
"I think it's a double-edged sword in a lot of ways." - 00:15:23
"I think that cannabis is going to be a big topic of conversation in the 2024 presidential election." - 00:20:59
"What I'm expecting coming out in 2024, is that the higher dollar per milligram products are going to start buying them out even more, which is only going to benefit the consumer." - 00:22:55
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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"Creating Economic Mobility in Low-Income Communities: The Urban Upbound Model"
In this episode of the Proud to Work in Cannabis podcast, Karson Humiston is joined by Bishop Mitchell Taylor, the co-founder and CEO of Urban Upbound. They discuss the journey of Urban Upbound, a nonprofit organization dedicated to breaking cycles of poverty in public housing neighborhoods. Bishop shares how his father's ministry inspired him to create a movement that addresses the socioeconomic issues faced by residents in public housing.
Bishop explains that Urban Upbound focuses on four key areas: business development, career development, one-on-one financial counseling, and youth development. They also offer tax preparation services and have their own credit union. The organization aims to empower individuals and provide them with the tools and resources for economic mobility and self-sufficiency.
The conversation then shifts to the topic of cannabis and how Urban Upbound decided to enter the industry. Bishop saw an opportunity to reduce their dependency on conventional philanthropy by opening a cannabis dispensary. He shares the challenges they faced in navigating the cannabis industry, including the unique requirements set by the Office of Cannabis Management (OCM) in New York.
Bishop recounts the story of how they acquired a building for their dispensary on Steinway Street in Queens. Against all odds, they managed to purchase the building from a family that traditionally does not sell property. He also discusses the process of renovating the space and the importance of repurposing materials to save costs.
They then delve into the hiring process for Urban Weeds and the importance of finding the right team members. Bishop expresses his gratitude for the assistance of Vangst and the team at Vangst in recruiting qualified candidates, including their new general manager, Desiree Sookoo. He emphasizes the focus on customer service and hospitality, ensuring that every customer has a personalized experience and leaves the store with something, even if they don't make a purchase. He reminds people that there are job opportunities available, and interested individuals can visit vangst.com to apply.
Overall, this episode showcases the inspiring journey of Urban Upbound and their foray into the cannabis industry with the opening of Urban Weeds. Bishop's entrepreneurial spirit and dedication to making a difference in his community shine through, and listeners are encouraged to support this groundbreaking endeavor.
Timestamp Chapters:00:00:00 - Introduction and Background of Urban Upbound
00:03:48 - Programs and Initiatives of Urban Upbound
00:10:26 - Starting a Cannabis Business and the Decision to Open Urban Weeds
00:12:06 - See a Problem, Solve a Problem Approach
00:17:54 - Navigating the Cannabis Industry and Winning the License
00:20:49 - Challenges and Successes in Acquiring a Building for Urban Weeds
00:25:15 - Renovating and Building Out the Urban Weeds Dispensary
00:30:04 - Hiring and Building the Urban Weeds Team
00:34:57 - Focus on Customer Service and Hospitality at Urban Weeds
00:38:19 - Details of the Soft Opening and Location of Urban Weeds
00:39:55 - Job Opportunities at Urban Weeds and Future Projects
QUOTES:
"We wanted to create a movement and we did 20 years ago, that could break cycles of poverty in public housing neighborhoods by giving residents the tools and resources for economic mobility and self-sufficiency." - 00:01:00
"We wanted to create something from the inside out and from the bottom up." - 00:01:00
"Being in the business means being able to protect myself." - 00:23:33
"A crisis is a terrible thing to waste." - 00:31:28
"We're going to double and triple down on customer service and hospitality." - 00:38:01
"We want you to have an experience. We want you to have education and we want you to have elevation." - 00:38:01
"We're located right in the heart of Astoria. 3135 Steinway Street in between 31st Avenue and Broadway." - 00:39:13
"Come out and be with us on January 12th." - 00:39:13
"It's an incredible opportunity to join a cannabis company in New York where you will be working with, in my opinion, the best team in New York." - 00:39:55
"I can't wait till you get here, Carson." - 00:39:58
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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Setting the Stage for MJBizCon 2023: Insider Tips with Jess Tyler
Discover the insider insights you need for MJBizCon 2023 with Jess Tyler, Chief Revenue & Experience Officer at MJBiz, and host Karson Humiston, CEO & Founder of Vangst’s. Uncover expert tips on navigating the event, including dos, don'ts, and must-see features. Don't miss out on this dynamic episode shaping your MJBizCon experience!
Produce By PodConx
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
MJBizCon - https://mjbizconference.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
-
How Chelsea Kossower Became PuffCo’s VP of Global Expansion
Dive into the extraordinary journey of PuffCo's success with Chelsea Kossower, who started as Employee #1. From humble beginnings to global expansion, Chelsea's story is a testament to dedication and innovation. Hosted by Karson Humiston, join us for an inspiring adventure in the cannabis industry.
Join host Karson Humiston, CEO & Founder of Vangst’s in
Produce By PodConx
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Chelsea Kossower -
PuffCo -
Recorded on Squadcast
Sound Design by Jamie Humiston
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
-
Lessons learned while working for a startup.
Meet Claire Moloney, the first woman to work in cannabis tech and the first employee at LeafLink. Claire joins Karson Humiston to share her story and discuss her journey as LeafLink's first hire and all of the lessons she has learned along the way. Claire shares advice for other women looking to break into the cannabis industry and shares tips for how to be successful in a rapidly growing startup.
Produced by PodConx
Proud To Work In Cannabis - https://podconx.com/podcasts/proud-to-work-in-cannabis
Karson Humiston - https://podconx.com/guests/karson-humiston
Vangst - https://vangst.com/
Claire Moloney - https://podconx.com/guests/claire-moloney
LeaflLnk - https://www.leaflink.com/
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
-
Unlocking $100 Million Success in Cannabis with Mood CEO David Charles
Embark on a thrilling journey with David Charles as he reveals the incredible ascent of Mood, a Delta-8 cannabis ECommerce powerhouse set to achieve a remarkable $100 million in revenue. Join host Karson Humiston, CEO & Founder of Vangst’s in unraveling the secrets behind Mood's meteoric rise in the cannabis industry. This is a story of entrepreneurial tenacity and unrelenting commitment to quality and growth. Don't miss this extraordinary episode!
Produce By PodConx
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
David Charles - https://www.linkedin.com/in/david-charles-b105911a5/
Mood - https://www.linkedin.com/company/hellomood/
Recorded on Squadcast
Sound Design by Jamie Humiston
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
-
Charting a New Course: Cannabis Legislation's Future Unveiled
Explore the future of cannabis legislation with Saphira Galoob, Executive Director of the National Cannabis Roundtable and host Karson Humiston, CEO & Founder of Vangst’s. From the recent strides made in SAFE Banking to the potential impact of cannabis rescheduling; discover the key insights shaping the cannabis industry's future in 2023.
Produce By PodConx
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
Produce By PodConx
Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw
Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/
Vangst - https://vangst.com/
Recorded on Squadcast
Sound Design by Jamie Humiston
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