Afleveringen
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In the wake of the 2024 U.S. elections, cannabis reform has reached a crossroads, marked by victories and setbacks that reveal the complexities of the legalization landscape. Florida’s Amendment 3 garnered majority support at 56%, but due to the state’s 60% supermajority requirement, it narrowly failed, showing the strong yet complicated path for recreational legalization in traditionally conservative states. Meanwhile, Nebraska achieved a significant win with Initiatives 437 and 438, which introduced medical cannabis legalization and a regulatory framework for businesses, despite potential delays from legal challenges. In the Dakotas, efforts to pass recreational measures fell short, with North Dakota’s Measure 5 and South Dakota’s Measure 29 both defeated. The broader election results underscore a mixed national stance on cannabis reform—where medical use frameworks continue to expand, yet recreational legalization encounters legal and political barriers. This episode unpacks the progress, resistance, and shifting public opinion shaping the future of cannabis in America.
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Jahmila Edwards, co-founder of Stash Queens, a woman-owned cannabis brand, discusses their journey and commitment to social equity. Edwards highlights the brand's focus on quality and accessible cannabis products for all communities, prioritizing these values over luxury branding. She also shares insights into navigating New York's complex cannabis market, including the challenges faced by social equity applicants and the disparities in access to medical dispensaries.
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Bryan Barash, Senior Director, Assistant General Counsel at Dutchie discusses the potential impact of the 2024 Presidential election on cannabis legalization, emphasizing the importance of social equity in Florida’s cannabis market and the need for federal relief to address corruption and ensure fair competition. The challenges posed by the absence of a SAFE banking act were highlighted, emphasizing the need for compliance to maintain consumer trust.
Bryan introduced its Dutchie 2.0 platform, which aims to enhance the customer experience, drive revenue, and streamline operations, with a focus on compliance and advanced payment solutions. The conversation also explored the ongoing DEA rescheduling process, potential policy changes like the MORE Act and Safe Banking Act, and the differing approaches of Democratic and Republican-led states.
Additionally, optimism about upcoming state ballot measures in Ohio and Pennsylvania was expressed, alongside recognition of hurdles in more conservative regions.
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Gibran Washington, CEO of Ethos Cannabis, shares his unique journey from the food and beverage industry to leading a major cannabis company. He discusses his focus on operational efficiency, brand building, and customer satisfaction, drawing parallels between his experience in both industries. The article also delves into the complexities of cannabis taxation, featuring insights from Todd Polyniak, Head of Cannabis Practice at Sax LLP. Polyniak explains the potential benefits and risks of utilizing the 471C tax code provision, which allows small businesses to deduct certain inventory costs but can also trigger IRS audits if not applied carefully.
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BJ Carretta, Senior Vice President of TerrAscend, joins us to explore the complexities of maintaining brand consistency across various state markets in the cannabis industry. Emphasizing personalized marketing strategies, BJ highlighted the importance of leveraging customer data to create tailored experiences while navigating state-by-state regulations. The conversation delved into marketing challenges, including inventory management, supplier relationships, and the evolving landscape of digital marketing. BJ also shared insights on the potential changes in cannabis advertising with the possible rescheduling of cannabis, outlining both opportunities and obstacles ahead.
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Blunt Business welcomes back Anthony Coniglio, the CEO and co-founder of NewLake Capital Partners. New Lake Capital Partners has distinguished itself in the cannabis industry by providing non-diluted capital to operators through property acquisition and long-term leasing. With a diverse portfolio of 32 properties, including cultivation facilities and dispensaries, New Lake is a key player in the cannabis real estate market. Their expertise in underwriting credits and properties within this unique industry, coupled with potential regulatory changes like the reclassification of cannabis, positions them for continued success.
The potential shift in tax regulations could lead to substantial savings for cannabis operators, potentially exceeding half a billion dollars across the sector. Such savings could bolster balance sheets, attract new investors, and positively impact the net present value of future cash flows, making the cannabis business more attractive to the investment community.
The recent Federal Reserve rate cut, while potentially premature, could signal further reductions in borrowing costs, potentially fueling investment in the cannabis sector. While challenges persist in the industry due to factors like overbuilding and pricing pressures, the long-term growth trajectory remains strong, particularly in states like Ohio and Florida.
New Lake Capital Partners emphasizes the importance of due diligence for investors, highlighting the need to scrutinize a company's balance sheet and debt load before making investment decisions. Their strategic approach to real estate investment, combined with in-depth industry knowledge and the potential for regulatory and economic shifts, solidifies their position as a leader in the dynamic cannabis landscape.
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Christian Fea, co-founder and CEO of Monarch Technologies, discussed the launch of their closed-loop mobile app, BFLI, designed for the cannabis industry. BFLI aims to reduce cash transactions, which currently constitute 50% of cannabis payments, by offering a compliant, digital payment solution. FEA highlighted the challenges of cannabis banking, with only 200-250 banks accepting cannabis accounts. He also mentioned partnerships with cities like Desert Hot Springs for tax collection and compliance, and the potential for future lending services. The app, available on Apple and Google, is designed to streamline payments and tax processes, offering a more secure and efficient alternative to cash transactions.
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Blunt Business welcomes Angela Pih, the Global Chief Marketing Officer at CCELL, She tells us about the future of CCELL and the cannabis industry as a whole. They emphasized the importance of understanding consumer behavior, the unique dynamics of the cannabis industry, and the vital role of "bud tenders" in retail stores. They also discussed the necessity of improved training and education for bud tenders, consumers, and patients. The conversation further touched on the significance of authenticity and brand meaning, the rapid pace of change in the cannabis industry, and the potential for disruptive brands and companies.
Angela also spoke about her new role at CCELL, where she'll be focusing on the non-plant touching side of the business, expressing excitement about developing new standards and exploring new opportunities to support CCELL's customers in the cannabis industry. Their ongoing efforts to drive consumer education and awareness were also discussed, with an emphasis on creating effective marketing campaigns that can be measured for their impact. In addition, they discussed the evolution of vape cartridge and battery technology, highlighting CCELL's significant investment in research and development. Angela confirmed her intention to visit CCELL's facilities to ensure the devices are properly calibrated and maintained for safety.
A key focus of the discussion was CCELL's new Vision Box series technology, designed to address the common issues of burnt taste and clogging in vape devices. The Vision Box incorporates anti-burn and anti-clogging technology to ensure a safe and enjoyable consumption experience. Angela explained the anti-burn technology shuts the device off if it reaches an unsafe temperature, while the anti-clogging feature prevents oil leakage. The company's commitment to sustainability was also emphasized, showcasing devices that consume less energy and a campaign promoting recycling.
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Blunt Business speaks with Connie Pechmann, professor of marketing with UC Irvine’s Paul Merage School of Business and an expert in consumer behavior.
She is the lead author of a paper that published in Addiction about research that focuses specifically on the California cannabis retail market, examining purchasing trends and product preferences among young adults (age 21-24) in comparison to older adults (age 25+) from 2018-2021.
Connie shared that the University of California, Irvine, has a long-standing center for research in cannabis, and she wanted to reach a broader audience by publishing her findings in Addiction. She also revealed that her research was funded by a grant from the Bureau of Cannabis Control in California, which allowed her team to obtain data from retailers without having to purchase cannabis for research purposes.
Connie also discussed the analysis of a large dataset on retail sales, focusing on the purchasing patterns of customers with loyalty cards. They noted that this approach allowed them to study legal sales without the complications of obtaining permission to use products on human subjects. They also touched on the issue of obtaining products for research due to legal restrictions, with Connie clarifying that their campus does not cultivate cannabis. The conversation then shifted to the research conducted on the effects of cannabidiol and THC on driving performance, neuropsychiatric symptoms, and stress responses among older adults.
Connie also discussed the challenges and progress of research on cannabis. Connie explained that while research papers are published in journals as soon as possible, studies involving human subjects are facing delays due to bureaucratic hurdles and the need for extensive oversight.
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Blunt Business explores the multifaceted landscape of the cannabis industry, focusing on both labor challenges and market dynamics with Marc Rodriguez, Co-Founder and CEO of Green Leaf Business Solutions. We delve into the complexities of high employee turnover rates, ongoing unionization efforts, and the critical need for specialized job training within the sector. The conversation also highlights the current state of the market, including delayed investments due to regulatory uncertainty, the ongoing consolidation of businesses, and the significant growth potential in emerging markets, particularly those legalizing adult-use cannabis. Additionally, experts touch on the potential impact of federal rescheduling and the subsequent tax benefits for companies. The dialogue underscores the dynamic nature of the cannabis industry, emphasizing the need for businesses to adapt and innovate in order to thrive amidst a rapidly evolving landscape.
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Blaze CEO Chris Violas discussed Blaze’s newly updated retail point-of-sale (POS) system, which was designed with efficiency and user-friendliness in mind. The system offers features that enable front-of-house employees to get trained within five to ten minutes and check inventory levels quickly, which makes it highly intuitive. A key feature of this system is its hardware-agnostic nature, allowing dispensaries to use their existing hardware without needing to invest in new equipment.
The development of the system took three years and was heavily influenced by customer feedback, ensuring that it addresses the needs of dispensaries. Early feedback from users has been very positive, with many praising the system's speed and ease of use. This positive reception indicates that the system successfully meets the needs of dispensaries, providing them with a seamless migration path to upgrade their current systems.
The system’s integration with state-regulated systems is a significant advancement, offering benefits for dispensaries of various sizes and budgets. Blaze's approach focuses on flexibility, prompted by longer sales cycles and direct customer feedback. Chris highlighted that the new POS system is easy to use and compatible with a variety of hardware, which makes it accessible to a wide range of dispensaries. This flexibility is further supported by Blaze University, a self-guided training program designed to help new staff quickly understand how to operate the system.
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Blunt Business welcomes Tucker Herndon, managing partner at Burr & Forman, who addressed the FTC and FDA's issuance of cease and desist letters to companies marketing Delta-8 THC products that mimic children's snacks. This raises compliance concerns with the Federal Trade Commission Act and the Food Drug Act, highlighting the lack of a clear regulatory framework for hemp-derived products. Herndon noted the potential risks of federal oversight that could override state regulations and emphasized the importance of companies adjusting their marketing practices to prioritize consumer safety over profit. The discussion concluded with Herndon outlining Burr & Forman’s services in regulatory compliance, urging industry players to adhere to laws and proactively engage with authorities to mitigate risks associated with potential regulatory changes.
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Pete Sahani, the newly appointed CEO of the Blinc Group, is at the forefront of several groundbreaking initiatives aimed at addressing challenges within the cannabis vaping industry. One of the key strategies introduced under his leadership is a revamped supply chain system designed to mitigate issues faced by smaller companies due to long lead times and international shipping disruptions. This innovative strategy allows customers to order smaller quantities without the burden of large deposits or extended wait times. By maintaining a live inventory in the US, the Blinc Group offers a more responsive and flexible supply chain, ensuring a 60-day supply buffer based on customer needs. This approach not only improves inventory management but also significantly enhances customer satisfaction by providing more reliable and timely access to products.
Sahani has placed a strong emphasis on vape safety and compliance, reinforcing the Blinc Group’s commitment to setting industry standards. The company is actively involved in the Wave Safer initiative, advocating for stringent regulatory standards to ensure the highest levels of product safety and quality. By utilizing ISO and GMP certified suppliers, the Blinc Group underscores its dedication to producing vaping products that are safe, reliable, and of superior quality. This commitment to compliance and safety is crucial in maintaining the trust and loyalty of their customer base, as well as in distinguishing their products in a competitive market.
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Blunt Business welcomes Autumn Shelton, co-founder and Chief Financial Officer of Autumn Brands. Shelton shares her journey in cultivating 100% pesticide-free cannabis using beneficial insects to maintain a healthy ecosystem. We explore the recent LA Times investigation exposing widespread pesticide use in California's legal cannabis market and discuss the critical role of responsible cultivation practices. Shelton offers insights into the challenges of transitioning to a pesticide-free approach and emphasizes the importance of compliance and consumer safety. Join us as we navigate the complexities of the regulated cannabis industry and highlight the need for stricter regulations to promote a cleaner, more sustainable market.
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Larry Scheffler, co-CEO of Planet 13, reveals ambitious plans to propel the cannabis giant into the mainstream limelight through strategic partnerships, innovative product expansion, and aggressive market penetration. Collaborating with UFC star Chito Vera, Planet 13 seeks to fuse its cannabis credibility with a fresh lifestyle brand, tapping into sports, fashion, music, and entertainment realms. This move includes expanding into apparel, accessories, and potentially MMA gear, leveraging the star power of athletes and influencers.
Planet 13's growth strategy also encompasses a multi-pronged approach in Florida, with a rapid expansion plan targeting 10 stores by year-end and a focus on prime locations like Miami for their superstore concept. Additionally, the company is investing in consumption lounges, podcast studios, and unique experiences like a Mike Tyson-themed VIP room.
Scheffler remains optimistic about the future of cannabis in Florida, especially with the potential passage of Amendment 3. He envisions Planet 13 becoming a household name, synonymous with quality cannabis and a vibrant lifestyle brand.
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Craig Small, Attorney with Clark Hill returns for a discussion on the reclassification of cannabis and its far-reaching ramifications for the firearm industry. We explore the intricate legal conflicts between federal and state cannabis laws and their profound impact on gun owners. Our conversation unveils how reclassifying cannabis from a Schedule I to a Schedule III substance could potentially harmonize federal regulations, eliminating the legal peril for cannabis users who are also firearm owners. However, we also address the heightened scrutiny expected from the ATF towards firearm dealers catering to cannabis users. The dialogue further delves into the intersection of mental health and cannabis use, spotlighting it as a critical, yet overlooked, aspect of this evolving issue.
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We speak with Deborah Saneman, the visionary CEO of Wurk. She explores the dynamic rebranding journey of Wurk and the transformative evolution of the cannabis industry over the past decade. Deborah shares her expertise on how data-driven decisions are revolutionizing workforce management and employee benefits in this burgeoning sector.
We delve into the challenges and opportunities within the cannabis industry, discussing the potential impact of federal legalization, the importance of robust employee benefits, and the strategies to overcome high turnover rates. Deborah also sheds light on the role of AI in the recruitment process and the need for effective self-presentation in the digital age.
Furthermore, we examine the implications of cannabis rescheduling on business investments and compliance, as well as the current trends in the job market. Deborah offers her perspective on the salary discrepancies within the industry and the factors that attract top talent to the cannabis space.
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Paul Weaver, Head of Cannabis at Boston Beer Company, takes us through the company's bold venture into the cannabis market with their THC-infused iced tea product, Teapot. Discover how Boston Beer Company's expertise in crafting high-quality teas led to the creation of this refreshing, non-carbonated, ready-to-drink cannabis beverage, available in various blends for different times of the day.
In our conversation, Paul shares the strategic growth plans for Teapot, including expanding into new flavors and markets across Canada. We explore the shifting consumer habits towards dispensaries and the potential for converting these into convenience stores to better showcase a variety of cannabis products. Paul and Brasco highlight the impressive performance of cannabis beverages in markets like Minnesota and Arizona, where they have even outsold traditional alcoholic beverages.
We also delve into the potential of consumption lounges as standalone businesses, discussing the opportunities and challenges of incorporating cannabis-based drinks into the traditional restaurant model. Paul provides insights on the importance of clear regulations and responsible entrepreneurship in creating a novel sensory experience for consumers.
Paul and Brasco discuss the significance of a recent survey showing daily cannabis use surpassing daily alcohol use in the US for the first time. They emphasize the need for a balanced product portfolio and the importance of moderation and responsible use in this changing landscape.
The episode also touches on the therapeutic potential of cannabis, the ongoing rescheduling plan, and the need for objective clinical research to address skepticism and explore long-term health impacts. Paul highlights Teapot’s efforts to support the community, including a partnership with Pardons Canada to help individuals remove cannabis convictions from their records.
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We welcome Jay Virdi, Chief Sales Officer for Specialty Practices at HUB International, to discuss the evolving landscape of the cannabis industry and the complex world of cannabis insurance.
Jay discusses the intricacies of interstate commerce limitations and the potential scenarios if neighboring states collaborate on cannabis trade before full federal legalization. They delve into the recent DEA rescheduling of cannabis to Schedule III, its impact on the industry, and the possible effects on insurance premiums and coverage.
The conversation also covers the substantial growth of HUB International's cannabis practice group, now serving over 1,000 clients with a dedicated team of more than 300 members. Jay shares insights into alternative risk financing strategies, such as parametric derivatives and captives, and the proprietary HUB Cannabis Benefits Captive designed to cover employees.
Additionally, we discuss the increasing number of insurance carriers entering the cannabis market and the ongoing challenges cannabis businesses face in securing comprehensive coverage. They highlight the importance of specialized knowledge in underwriting and risk management to address the unique needs of cannabis-related businesses.
Listeners will gain valuable perspectives on how HUB International leverages its expertise in emerging markets, including psychedelics and cryptocurrencies, to support the cannabis industry. Jay also emphasizes the company's commitment to human-centric programs and the integration of artificial intelligence to enhance service delivery.
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We dive deep into the evolving landscape of the cannabis industry from a PR perspective with Jordan Isenstadt, SVP, Marino PR / Founder of Marino Cannabis Practice. In this episode, we explore the synergy between strategic PR efforts and the dynamic changes in the cannabis sector, particularly in light of the recent DEA rescheduling of cannabis.
Jordan shares how he prepares clients to comment on pivotal industry moments like rescheduling reform and safe banking, which play a crucial role in destigmatizing and normalizing cannabis. He also discusses the tailored media strategies they employ, balancing mainstream and trade outlets, and the unique challenges faced by different types of cannabis businesses.
From matching clients with the right media platforms to managing the shifting dynamics of news coverage, Jordan and our host Brasco navigate the complexities of promoting the cannabis industry. They touch on the importance of local media, addressing state-specific trends, and the careful messaging needed to avoid misrepresentation.
Whether you’re a cannabis industry insider or just curious about the interplay between media and marijuana, this episode offers valuable insights into the strategic communications that shape public perception and policy. Tune in to learn how effective PR can drive acceptance and growth in this rapidly changing field.
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