Have you ever walked into a dispensary, medical or recreational, only to find that the budtenders are less than educated on their products? Worse, have you ever hired a budtender and found out they were going against company policy or state law in your dispensary? Informed and ethical budtenders are the key to professionalism, repeat customers, and the safety of your cannabis business. Do your best to ensure that your budtenders are doing their jobs and helping to educate your customers on the potential benefits of your cannabis products and the differences between various strains and product types. While you might think that sales and marketing are the keys to running a successful dispensary, your customers will come back time and time again if they feel valued and that your business knowledge is top tier.
The word “microdosing” might put you in mind of a bygone 1960’s era when it referred to taking a bit of LSD, or acid, to increase your creativity and open your mind to new ideas. But that’s not what we’re talking about here today. The cannabis industry has created a new era as cannabis microdosing has become a new trend that is increasingly becoming more popular with both adult use and medical marijuana consumers. Read on for more information on this growing trend.
In October of 2017 Hawaii’s medical marijuana industry moved from a cash-only system to one that accepts a relatively new type of debit system. The state began using a cannabis payment processing program known as CanPay that was created in an effort to fill a gap in the cannabis industry that major banks, Visa, MasterCard, Apple, and Google all left behind. Due to federal regulations these companies understandably have been extremely cautious about offering their services to the industry.
While Hawaii’s decision to go cashless would not have been implemented without obvious benefits to both cannabis consumers and the dispensaries who operate within its system, the cannabis payment processing system is not ideal for everyone. Let’s explore the pros and cons of using this type of system.
Uruguay cannabis dispensaries will soon be open for the adult-use market. The opening of cannabis-specific dispensaries marks a shift from the original legal cannabis regulations in the country that only permitted sales through registered pharmacies. The Panam Post reports that the reason for this shift is that shortly after launching the program local banks received notices from U.S. banks saying that they would refuse to work with banks in Uruguay that provide services to pharmacies that distribute a Schedule 1 substance, i.e. cannabis. Lawmakers in Uruguay took action to solve the issue by creating the legal framework to allow for the creation of cannabis dispensaries. The only caveat is that Uruguay’s cannabis dispensaries can not utilize the banking system and are therefore cash-only, similar to U.S. markets.
Branding is an important aspect of any business. Effective branding establishes a harmonious visual experience that attracts customers and portrays the story of your business. Consistent and engaging branding can create loyal customers and increase the value of a brand. Branding is a vehicle for helping your customers understand your product and what sets it apart from the competition. Given the rise in competition in the cannabis space, now is more important than ever to differentiate your cannabis business or strain. Professional branding can provide you with the competitive edge you need.
From the perspective of the emerging legal cannabis industry as a whole, professional branding may also play a critical role in influencing public perception about cannabis itself. As our industry expands out of the illegal market, branding has the potential to elevate industry standards, foster credibility among the public, and influence the way society perceives marijuana. This shift in perspective has helped spark and will continue to drive the movement to legalize cannabis.
3C’s Nic Easley presents To Do or Die: Staying Relevant in the Maturing Cannabis Market at the Indo Expo in Denver, CO. This speech is a must for new and existing cannabis businesses looking to succeed in the industry long term. Nic discusses the relevance of branding as critical component of a successful cannabis business.
Investing in the cannabis industry is fraught with risk. Not only do companies in the cannabis space face the same risks as other industry companies (financial, market, competition, product/ service efficacy, and more), but also adding cannabis stigmatization combined with legal and compliance risks makes the industry a minefield for investors.
Most know that the cannabis industry has grown at a rapid rate and is projected to continue to do so for the foreseeable future; thus many investors are looking to take a position in this high growth industry. Just like standard investments, considerations of revenue, profit, cash, intellectual property and proprietary components, management team experience and market size are very important. However, it is advisable to proceed with caution and to spend adequate time familiarizing yourself with the legal and compliance burdens of the cannabis businesses, as well as industry developments and pertinent policy trends, in order to truly assess risk.
The Colorado pesticide recall involves 20 separate companies that either grow the plant itself or process it into edibles and other products. Comprehensive Cannabis Consulting (3C) has released a position paper that objectively addresses the legal and safety issues of pesticide use on cannabis so that the public is not misinformed.