It’s a simple question. What’s your cannabis business plan? If you don’t have one, that should be your first clue that you probably won’t survive the coming California cannabis legalization. If you’re still going off the old model of growing as much cannabis as you can, where ever you can, and selling it across state lines, your days are numbered.
A recent study showed the number of consumers using cannabis has increased from 1 in 20, to 1 in 10 over the past decade nationwide. In California I would venture a guess that it’s 1 in 5 adults and I may be very low on my estimates depending upon the city.
On Friday, October 16, I attended the Humboldt Prosperity Network’s Business Leader Luncheon in Eureka, CA. Speakers included the Eureka Chamber of Commerce board president and Northern California Community Blood Bank Executive Director Tom Schallert, Community Credit Union of Southern Humboldt Senior Vice President Janet Sanchez, North Coast Horticulture owner Stephen Geider, Humboldt CA Association dispensary Executive Director Liesl Finkler, California State Senator Mike McGuire’s local representative Robert Christensen and State Board of Equalization member Fiona Ma.
Open to the public and media, this event was about the future of cannabis retail business in California. Tom Schallert talked about how he had over a dozen governmental agencies with overseeing his local blood bank. Janet Sanchez discussed how the feds were dictating what we can do in the financial industry. Stephen Geider chatted about how he is growing his horticulture supply business. Liesl Finkler spoke of running a cannabis dispensary on the local level. Rob Christensen shared how Sacramento is adapting to the cannabis world. Finally, Fiona Ma talked openly of how the state can tax the cannabis industry.
We also learned some cannabis marketing. SexxPot is one of the most popular cannabis brands. Is it any better than any other cannabis product? Doesn’t matter. One cannabis farmer got smart and branded their product SexxPot. What goes better than cannabis and sex? Think of Menage à Trois wine. Is the wine that good? Meeh. But is it great marketing? Every person who buys this wine is subliminally thinking maybe, just maybe… The same thing goes for SexxPot cannabis. Someone got a brilliant idea and sold their cannabis strain as sex and pot. Is there anyone reading this that doesn’t want sex and pot?
In Colorado, cannabis dispensaries are offering low THC “Rookie Cookies” to their new customers to get them acclimated before they move on to other cannabis products, such as cannabis-laced cookies, brownies, gummi bears, and “Green Fever,” where the THC content can incapacitate.
True story… a good friend of mine has some medical issues and uses cannabis products. A few months ago his back was acting up so he took a cannabis gummi bear. Nothing. So fifteen minutes later he took another one. Nothing again. Ten minutes later he took a third one. Then, the delayed effect came home to roost. Suddenly, he couldn’t feel his hands or feet while driving. Watch out for that delayed effect, OK?
So what’s your cannabiz?