Join Karson Humiston from Vangst, the cannabis industry's end to end HR technology platform, for conversations with the people behind the cannabis industry. Each week, Karson will interview cannabis industry employees ranging from entry level to executive, to hear their story and learn why they are so #proudtoworkincannabis. Produced by PodConx
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June 5, 202431 min
Empowering Teams and Changing Lives: John Pennington's Vision for Proper Cannabis
Navigating the Missouri Cannabis Market with John PenningtonAfter 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 PodConxWatch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-twKarson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/Vangst - https://vangst.com/Recorded on SquadcastSound Design by Jamie Humiston
April 10, 202430 min
Green Growth: Unpacking the 2024 Cannabis Jobs Report with Industry Experts
State of Cannabis Employment: A Deep Dive into the 2024 Jobs ReportKarson 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 Release00:00:49 - Positive Growth in Cannabis Jobs00:02:20 - Significant Job Increases in Specific States00:04:47 - Michigan's Surprising Job Growth00:05:46 - Factors Contributing to Michigan's Job Increase00:06:41 - Predictions for Job Growth in Ohio00:07:20 - Potential Impact of Ohio's Market on Michigan00:08:28 - States Expected to Add Jobs in 202400:10:43 - Maryland's License Increase and Job Growth00:11:33 - States That Lost Jobs in 202300:12:36 - California's Job Loss and Industry Struggles00:13:47 - Economic Challenges in the Cannabis Industry00:15:54 - Delinquent Payments in the Cannabis Industry00:16:05 - Comparing Bad Debt Ratios00:17:30 - The Decline of Colorado's Cannabis Job Market00:18:28 - Future Predictions for Cannabis Job Growth00:19:44 - The Role of Regulators in Market Maturation00:21:13 - Right-Sizing License Structures00:23:09 - 2025 Job Growth Predictions00:24:40 - Potential Impact of New Markets00:25:16 - International Developments in Cannabis Reform00:26:07 - Global Cannabis Market Influence00:27:27 - Optimism for the Cannabis Industry's Future00:28:38 - Importance of the Annual Jobs Report00:29:10 - Advocacy and Political Engagement
Produce By PodConxWatch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-twKarson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/Vangst - https://vangst.com/Recorded on SquadcastSound Design by Jamie Humiston
April 3, 202428 min
The King Of Cones - Bryan Gerber, Co-founder & CEO of Hemper
Crafting the Perfect Smoke: Inside the World of Cannabis Accessories with Bryan GerberKarson 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 Gerber00:00:39 - Bryan's Age and Feeling Old00:01:02 - College Graduation Years00:01:18 - Starting Hemper at 2300:01:34 - The Idea Behind Subscription Boxes00:02:38 - Celebrity Curated Boxes and Growth00:03:11 - Transition to Creating Own Products00:03:35 - The Jolly Pop Product Discussion00:04:22 - Moving to Retail and Distribution Strategy00:07:03 - Funding and Financial Growth00:08:10 - Decision to Focus on Profitability00:08:37 - Expanding into Retail Stores00:11:00 - The Shift to Pre-Roll Cones Production00:13:42 - The Handmade Process of Cone Production00:14:44 - Domestic Operations in Las Vegas00:17:03 - Future Plans and Expanding into Europe00:20:20 - Hiring the Right People00:23:35 - Impact of Vape Crisis and COVID on Business00:25:13 - Bryan's Vision for the Next Decade00:26:14 - Advice to Younger Self00:27:30 - The Importance of Reinventing the Business00:28:12 - How to Get in Touch and Join the Team
Produce By PodConxWatch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-twKarson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/Vangst - https://vangst.com/Recorded on SquadcastSound Design by Jamie Humiston
March 27, 202449 min
Pioneering the Cannabis Beverage Market With Luke Anderson From Cann
Behind the Scenes of Cann Beverage: From Startup Struggles to Market DominanceKarson 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 PodConxWatch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-twKarson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/Vangst - https://vangst.com/Recorded on SquadcastSound Design by Jamie Humiston
March 6, 202433 min
Aaron Miles Talks Cannabis: The Road to Verano and the Future of MSOs
"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/ TIMESTAMPS00:00:00 - Podcast Introduction00:00:11 - Attempting to Connect with Aaron Miles00:00:28 - Aaron's Health and Company Challenges00:00:44 - Post-MJBiz Plague and COVID00:01:15 - Aaron's History with MJBiz00:01:26 - Comparing MJBiz Attendance00:01:36 - Aaron's Role as Chief Investment Officer00:01:54 - Unexpected Entry into Cannabis00:02:16 - Transition from Newspaper to Cannabis00:02:38 - A Text Message That Changed Everything00:03:09 - Analyzing the Cannabis Industry's Potential00:03:30 - Joining Cresco Labs00:04:01 - Learning the Cannabis Ropes00:04:12 - Moving to Verano00:04:34 - Verano's Stage When Aaron Joined00:04:48 - Verano's Late Public Market Entry00:05:30 - Preparing Verano for Public Listing00:06:34 - Aaron's Multifaceted Role at Verano00:06:59 - Readying for U.S. Capital Markets00:07:54 - Involvement in M&A and Capital Markets00:08:47 - Verano's Scale and Operations00:09:40 - The Role of a Chief Investment Officer00:09:50 - Verano's Current Business Scale00:12:04 - The Opportunity Post-Rescheduling00:12:29 - Anticipating DEA's Confirmation00:13:17 - Political Landscape and Cannabis00:13:50 - The Impact of Cannabis Legalization00:14:15 - The Frustration with Political Obstacles00:14:25 - The Potential of Rescheduling00:15:06 - Advocating for Cannabis in D.C.00:15:38 - The Misconceptions and Education Gap00:16:30 - The Absurdity of Political Opposition00:16:59 - The Future of Cannabis Legislation00:17:49 - Personal Stories and Political Influence00:18:11 - The Economic Impact of Cannabis00:19:08 - The Ripple Effect of Dispensary Spending00:20:02 - Conversations with Cory Booker00:20:37 - The Generational Divide in Cannabis Perception00:21:19 - Aaron's Personal Connection to Cannabis00:22:00 - Changing Family Perceptions on Cannabis00:22:47 - The Challenges of Cannabis Advertising00:23:28 - Business Strategy Post-Rescheduling00:24:10 - Verano's Financial Management00:24:53 - Preparing for Market Changes00:25:24 - Potential Growth in Key States00:26:06 - Verano's Expansion Plans00:26:38 - Uplisting and Capital Market Readiness00:27:15 - The Impact of Rescheduling on Operations00:27:59 - The Future of Cannabis Banking and Advertising00:28:48 - The Need for Cannabis Education00:29:28 - Aaron's Motivation in the Cannabis Industry00:29:54 - The Broader Impact of Cannabis Legalization00:30:25 - The Excitement of Working in Cannabis00:30:58 - The Dynamic Nature of the Cannabis Industry00:31:35 - The Opportunity to Influence the Industry00:32:09 - How to Follow Aaron and Verano
Produce By PodConxWatch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-twKarson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/Vangst - https://vangst.com/Recorded on SquadcastSound Design by Jamie Humiston
February 28, 202427 min
From Closet Grows to Corporate Success: The Evolution of Clade9 with Dave Holmes
"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 backgroundsThroughout 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 202300:01:31 - Early Experiences with Cannabis00:02:18 - Childhood Exposure to Cannabis00:03:32 - First Experience with Selling Cannabis00:04:13 - Transition to Academic Focus00:04:24 - Introduction to Indoor Growing00:06:25 - Evolution of Growing Operations00:08:19 - Formation of Clade900:09:18 - Early Days of Establishing the Business00:10:32 - Current Operations in South LA00:11:49 - Challenges in the California Market00:12:18 - Expansion Plans to New Jersey00:12:57 - Phased Expansion Approach00:13:14 - California Market Challenges00:13:33 - Issues with Taxes and Illicit Market00:14:16 - Consumer Behavior and Market Dynamics00:15:02 - Importance of Payment Convenience00:15:51 - Addressing Illicit Market Competition00:16:02 - Solutions for Market Competitiveness00:17:11 - Impact of Brand Saturation in California00:18:39 - Potential for Interstate Cannabis Shipping00:19:31 - Anticipated Industry Changes with Banking00:20:33 - Challenges in Hiring for Cannabis Operations00:22:35 - Hiring Criteria for Cultivation Managers00:24:37 - Utilization of Technology in Cultivation00:25:56 - Evolution of Tools and Technologies in Cannabis Industry00:26:28 - Hopes for Future Industry Developments
Produce By PodConxWatch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-twKarson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/Vangst - https://vangst.com/Recorded on SquadcastSound Design by Jamie Humiston
February 21, 202429 min
The Art of Distribution in the Cannabis Industry with Jason Vegotsky, Founder and CEO of Petalfast
Petalfast and the Evolution of Cannabis Distribution: A Conversation with Jason VegotskyIn 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/ Timestamps00:00:42 - Introduction to Petalfast00:00:55 - What Petalfast Does00:02:01 - Alcohol Three-Tier System vs. Cannabis Distribution00:02:28 - Vertical Integration in Cannabis00:04:59 - Jason's Background and Career Shift00:05:25 - Transition to Alcohol Beverage Distribution00:06:09 - Motivation and Entrepreneurial Drive00:06:20 - Chance Meeting and Beef Jerky Business00:07:23 - Learning from Business Failures00:07:58 - Combining Food and Alcohol Go-to-Market Strategies00:08:19 - Post-Beef Jerky Ventures and Cannabis Industry Entry00:09:06 - Introduction to the Cannabis Industry via Butane Gas00:10:10 - Summit Innovations and Hurricane Strategy00:12:01 - Merging with KushCo and Leadership Challenges00:13:07 - Jason's Preference for Startup Phases00:13:35 - Identifying a Gap in Cannabis Distribution00:14:08 - Petalfast's Business Model and Hiring Strategy00:15:36 - Fundraising and Belief in the Business00:16:01 - Storytelling and Investor Relationships00:17:39 - Hiring Philosophy and Team Building00:18:14 - Preparing for Alcohol Industry Entry into Cannabis00:20:32 - Financial Prudence and Future Plans00:21:52 - M&A Strategy and Self-Distributing Organizations00:22:56 - Expanding Sales Forces in California00:24:29 - Retail Relationships and Brand Support00:25:17 - Technology and Order Management00:26:05 - Industry Challenges and Future Outlook00:27:27 - Credit Rating Tools and Collections Strategy00:28:39 - Financial Management and Growth Plans00:29:02 - 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 PodConxWatch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-twKarson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/Vangst - https://vangst.com/Recorded on SquadcastSound Design by Jamie Humiston
February 14, 202433 min
Navigating the Cannabis Industry: Insights from CannaDataCon with Ian Dominguez
From Challenges to Opportunities: Unpacking the Cannabis Market with Delta Emerald VenturesKarson 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/ TIMESTAMPS00:00:00 - Introduction to Proud to Work in Cannabis Podcast00:00:10 - Ian Dominguez and Canna DataCon Success00:00:41 - Frustrations with Cannabis Conferences00:01:40 - Canna DataCon's Intimate Setting00:02:12 - Feedback and Future Size of Canna DataCon00:03:13 - Inclusion of Operators at the Conference00:04:24 - Key Takeaways from the Conference00:05:00 - Conference Structure and Profitability Discussions00:06:05 - Cooperation and Growth in the Cannabis Industry00:06:39 - Hemp Beverages and Industry Trends00:07:31 - Collaboration and Consolidation in Cannabis00:08:08 - Talent Acquisition and Industry Consolidation00:09:02 - Importance of Experience in the Cannabis Industry00:10:03 - Reducing Redundancy in Cannabis Tech Providers00:11:02 - The Future of Cannabis Service Providers00:12:08 - Long-Term Mindset in the Cannabis Industry00:13:02 - Federal Rescheduling and Industry Impact00:14:26 - Investment Criteria for Delta Emerald Ventures00:15:35 - Pre-Selling and Customer Validation00:16:37 - Investment Focus for 202400:18:01 - Challenges and Opportunities in Plant-Touching Operations00:19:55 - Long-Term Commitment in the Cannabis Industry00:21:04 - The Future Size of the Cannabis Industry00:22:38 - Federal Rescheduling and Momentum in the Industry00:24:24 - State-Level Wins and Industry Optimism00:25:05 - The Impact of Rescheduling on the Cannabis Market00:27:00 - Consumer Demand and Hemp Product Safety00:28:04 - Capitalizing on Industry Timing00:29:07 - Optimism and Excitement in the Cannabis Industry00:30:39 - Learning from Industry Trends at Canna DataCon00:31:08 - Rationalization in Competitive Cannabis Markets00:32:16 - Closing Remarks and Future Canna DataCon Announcements QUOTES"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 PodConxWatch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-twKarson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/Vangst - https://vangst.com/Recorded on SquadcastSound Design by Jamie Humiston
February 7, 202422 min
Ascend Wellness Co-Founder Frank Perullo on the Evolution of the Cannabis Industry
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 Podcast00:00:27 - Frank Perullo and Ascend Wellness00:01:13 - Evolution of MJ BizCon00:01:23 - Changes in the Cannabis Industry00:01:34 - Frank's Background Before Cannabis00:01:48 - Frank's Entry into the Cannabis Industry00:02:50 - Formation of Ascend and Licensing00:03:53 - Pursuing the First Retail License00:04:52 - Recruitment and Licensing Challenges00:05:04 - Expansion of Ascend Wellness00:05:49 - Building a Hardworking Team00:06:24 - Traits of Successful Cannabis Industry Workers00:07:22 - Transitioning to a Director Role00:07:54 - Hiring a New CEO00:08:05 - Frank's Current Role at Ascend00:09:01 - Advice for Founders00:09:12 - Frank's Day-to-Day Activities00:10:21 - State of the Cannabis Industry in 202400:10:57 - Impact of 280E Tax Code on the Industry00:11:53 - Advice for Politicians on Cannabis Program Rollouts00:12:55 - Successful State Cannabis Programs00:13:58 - The Importance of Strategy in Business00:14:23 - The Future of Ascend Wellness00:15:30 - Creating Jobs in the Cannabis Industry00:16:33 - Lessons from Operating in Michigan00:20:34 - Frank's Excitement for Ascend's Future00:21:08 - Why Frank is Proud to Work in Cannabis QUOTES:"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
Produce By PodConxWatch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-twKarson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/Vangst - https://vangst.com/Recorded on SquadcastSound Design by Jamie Humiston
January 31, 202434 min
"From Columbia Care to The Cannabist: A Conversation with Nick Vita"
"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 Podcasts00:00:45 - Reflecting on the Evolution of the Cannabis Trade Show00:01:04 - Disappointment and Progress in the Cannabis Industry00:01:27 - Momentum and New Faces in the Cannabis Industry00:01:48 - Optimism and Energy in the Cannabis Industry00:01:59 - The Cyclical Nature of the Cannabis Industry00:03:18 - Nick Vita's Background and Journey into the Cannabis Business00:04:01 - The First Trauma in Starting a Cannabis Business00:04:22 - Winning the Support of Ben and Jerry00:05:39 - Launching in Different States and Following Regulatory Conversations00:06:23 - Persistence and Sacrifices in Building a Cannabis Business00:08:42 - The Moment Things Started to Click for the Business00:10:13 - Winning the License in New York and the Journey Since00:11:41 - The Challenges and Rewards of Being a Founder-Led Business00:13:54 - The Importance of Being Present and Leading by Example00:16:11 - Lessons Learned from Hiring Big Company People00:18:00 - Qualities Looked for in Hiring Team Members00:20:39 - The Importance of Open and Honest Conversations in Building a Business00:23:42 - Motivating the Team in a Challenging Environment00:29:04 - The Rebranding from Columbia Care to The Cannabist00:31:54 - Predictions for the Cannabis Industry in 202400:34:01 - 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 PodConxWatch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-twKarson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/Vangst - https://vangst.com/Recorded on SquadcastSound Design by Jamie Humiston
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