The Cannabis Industry Takes D.C. – Highlights from NCIA’s 7th Annual Lobby Days
by Michelle Rutter, NCIA Government Relations Manager
With the uncertainty that the new administration has brought the cannabis industry, it’s become more important now than ever before to be proactive in government and in our nation’s capital. Last month, NCIA did just that by hosting our 7th Annual Cannabis Industry Lobby Days. 250 cannabis industry professionals joined us in Washington, D.C., to meet with more than 300 Capitol Hill offices and tell their stories.
Lobby Days kicked off with a breakfast and training session for our attendees, where they learned lobbying basics and were briefed on our talking points. There, attendees met with their groups and gathered their materials to drop off in Capitol Hill offices for staff.
Once the training session was complete, we led our attendees down to our group photo location. Every year, NCIA has nearly doubled the number of participants at Lobby Days.
Following our (very large!) group photo, meetings on Capitol Hill commenced. We scheduled more than 300 meetings with congressional opponents, advocates, members from relevant committees, and others. In addition to the meetings we had scheduled, we also dropped in on various offices and left information about our issues with staff for them to review. In all, we made contact with nearly all of the 535 congressional offices on the Hill!
Simultaneously during our Hill meetings, NCIA hosted a private luncheon for Rep. Carlos Curbelo (R-FL), the new sponsor of H.R. 1810: The Small Business Tax Equity Act, which addresses the unfair burden of 280E faced by the cannabis industry. Over the years, NCIA has consistently worked to increase our Capitol Hill advocates and are thrilled that Congressman Curbelo will be leading the charge on 280E reform.
After a busy day of meetings on Capitol Hill, NCIA hosted a fundraiser for the NCIA-PAC, the Political Action Committee (PAC) for cannabis industry professionals. We had six members of Congress show their support by joining us: Reps. Earl Blumenauer (D-OR), Salud Carbajal (D-CA), Carlos Curbelo (R-FL), Ruben Gallego (D-AZ), Jared Polis (D-CO), and Dina Titus (D-NV).
We were thrilled to raise $60,000 for the NCIA-PAC, which supports federal candidates who are open to the challenges and concerns our industry faces, support cannabis reform at the federal level, and introduce or support pro-cannabis legislation.
Our second day got off to a great start with a press conference held in front of the United States Capitol Building. NCIA executive director Aaron Smith was joined by seven members of Congress (Reps. Blumenauer, Steve Cohen [D-TN], Curbelo, Diana DeGette [D-CO], Eleanor Holmes-Norton [D-DC], Polis [D-CO], and Titus [D-NV]) to address the need for reform federal marijuana laws.
Overall, it was an incredibly successful Lobby Days, and our biggest yet! We’ve already seen co-sponsorship on cannabis-related bills increase, and it is undoubtedly related to the meetings and personal stories NCIA members shared. We look forward to seeing you all in Washington, D.C., for our 8th Annual Cannabis Industry Lobby Days in 2018!
Thank you to the co-chairs of NCIA’s Policy Council for their premier sponsorship of our 2017 Cannabis Industry Lobby Days:
Member Spotlight: The High Road Design Studio
This month, we checked in with award-winning designer Megan Stone, founder of The High Road Design Studio, to hear more about her interior design company. Megan specializes in creating a forward-thinking retail dispensary experience for cannabis consumers and patients. Her company was founded in 2013 and is currently based in Phoenix, Arizona.
Cannabis Industry Sector:
Consulting
NCIA Member Member Since: March 2017
Megan, tell me a bit about your background and why you launched The High Road Design Studio?
I am a Midwestern-grown, West-Coast-processed female millennial business owner who is passionate about elevating the cannabis industry. From a cannabis patient to working in an Orange County dispensary as a budtender and general manager, to a design school student who was switching careers in the midst of my 20’s during the Great Recession, I now design cannabis retail spaces across the U.S. I launched my design company, The High Road Design Studio, as a result of my first-hand experience with cannabis, love for good design, and desire to help reframe people’s perceptions of a plant that saves lives.
I launched The High Road Design Studio to change the way people think, perceive, interact, and experience cannabis.
What unique value does The High Road Design Studio offer to the cannabis industry?
Founded in 2013, The High Road Design Studio aims tochange peoples’ perceptions of cannabis and cannabis users through strategic design thinking. The High Road Design Studio’s work is inspired by my personal experiences in all roles of the cannabis retail experience—customer, employee, and retailer.
The High Road Design Studio has worked with cannabis-focused businesses in more than thirteen states to design unique and profitable retail stores and brands.
Applying the understanding of both the cannabis and retail design industries with personal and professional experience has resulted in The High Road Design Studio’s proven track record of designing industry-leading, award-winning dispensaries. The High Road has earned national and international recognition for its cannabis retail store designs, working with passionate cannabis business owners and thought leaders to evolve the cannabis experience including:
2017 Shop! Design Award – Level Up Dispensary 2016 Shop! Design Award for Store Fixture – TruMed Concentrate Bar Design:retail Magazine’s 40 Under 40 Award, 2016 Marijuana Venture Magazine’s 40 Under 40 Award, 2016 VMSD Magazine’s Designer Dozen Award, 2015 International Retail Design Conference speaker, 2014, 2015, and 2016 National Marijuana Business Conference speaker, 2015 and 2016 GlobalShop speaker, 2017 Shop!X Summit speaker, 2016 Contributing editor on design for MG Magazine
Cannabis companies have a unique responsibility to shape this growing industry to be socially responsible and advocate for it to be treated fairly. How does The High Road Design Studio help work toward that goal for the greater good of the cannabis industry?
The cannabis industry is booming – and it needs a makeover. After decades of its sales being relegated to the black market and its users being labeled as criminals, cannabis is now a mainstay in society, and people everywhere are trying to make sense of this new retail experience. Its retail stores are the public face of the industry and are where the vast majority of interactions with the cannabis industry happen. Design and design thinking applied to the cannabis retail experience are the keys that will unlock the new world of legal cannabis and provide the solutions and creativity needed to attract, educate and satisfy twenty-first century cannabis users.
What kind of challenges do you face in the industry and what solutions would you like to see?
Real estate presents unique challenges in the cannabis industry; cannabis retailers don’t have the luxury of choosing prime retail properties when selecting their locations, so I am often faced with the challenge of creating a shopper-friendly environment out of the complete opposite of a shopper-friendly environment. To tackle this challenge, I use my first-hand experience from shopping in, working in, and designing dispensaries, combined with well-studied retail design principles to bridge the gap between the architectural challenges and the opportunity for a memorable experience.
Why did you join NCIA? What’s the best part about being a member?
NCIA fosters a community that connects passionate industry leaders, influencers, thought leaders and business owners, providing invaluable support. NCIA helps our community work together to change perceptions and elevate the cannabis industry.
Celebrating excellence in branding, packaging, and marketing within the cannabis industry
There is so much talk about the lack of sophisticated branding in the cannabis space. And while it is true that there are many look-alike logos and a plethora of cannabis leaves in way too many brands, there is some great work being produced that deserves to be recognized. This inaugural blog will highlight two brands that recently exploded on the scene that bring a sophistication that is often lacking in the cannabis sector. They are: hmbldt and Canndescent. We will look at Canndescent in Part 1 of this blog.
I was recently meeting with a client, Adam, a successful dispensary owner in San Diego, when in walks this beautifully branded, big glossy white, litho-wrapped, corrugated box with the word Canndescent on it.
I was awestruck. Adam opened it and said, “Wait until you look inside!” I was like a kid on Christmas morning as Adam unveiled a simple and tastefully branded 1 lb. flexible bag containing beautiful flowers.
“Wow… Just wow,” was about all I could say.
About a month later back in his office, Adam whipped out a pretty little orange box and asked, “Why aren’t we doing something like this?” I grabbed the package from him and exclaimed, “Holy cow! This is amazing!”
I like to remember my initial exposure to a company – it’s the moment I first fall in love with the brand.
Canndescent, co-founded by Adrian Sedlin and his brother-in-law, was officially launched in September 2016 when the team secured a $6.5MM investment deal and opened the first municipally permitted cultivation facility in the state of California. I was recently fortunate enough to visit that facility and talk to Adrian at length.
I found out that this wasn’t Adrian’s first rodeo. Armed with an MBA from Harvard and four other successful businesses ventures under his belt, he turned his eye to the cannabis industry. “My partner heads up our grow team, who have a combined 200 years of cannabis growing experience. Our goal was to build an iconic brand that changes the way the industry is perceived,” he said.
By the time the money came in, the management team had already reviewed over 500 logos from an online search process (and no, the Canndescent logo you see was not among them). In addition, they had already decided on Sterling Brands, an award-winning, international brand development agency, to assist in their brand development.
“Sterling did an incredible job helping to build the brand DNA – the effects-based architecture to simplify the cannabis experience and cut through the noise,” Adrian commented. “This is an archaic industry, and the thousands of cannabis strains are confusing to the general consumer,” he added. “Great brands are created to solve a problem. Canndescent makes a brand promise to help our customers curate their own cannabis-induced experience, while simplifying the process.”
With effect names like Calm, Cruise, Create, Connect and Charge, the consumer can easily choose the appropriate product based on how they wish to feel at any given time. It takes the guessing game out of the equation.
Adrian admitted that the logo was derived from all the “C’s.”
“When those C’s were placed together in the winning pattern, they created the look we were going for. We wanted an icon that could stand alone as well as work as a pattern, like Louis Vuitton and Gucci,” he said. “Plus, the logo even looks a bit like a flower, which is the product we are selling!”
The Canndescent marketing team took their cues from great fashion houses: the color system was inspired by Tory Burch and Hermes, while the numbering system by Chanel. “Plagiarism is stealing from one, creativity is stealing from all,” Adrian laughed.
Their cannabis kits (folding cartons with magnetic closures) are fully versioned by effect name and a corresponding color-coding system. The outer labels contain tasting notes to further describe the experience. For example, Calm 101 reads: “Sedates the mind and body allowing the world to melt blissfully away.” Nice, right?
I bought it… literally. There is extensive detail put into the packaging of the kits’ various pieces (flower jar, matches, rolling papers and hemp wick). On the rolling papers, you’ll find a quotation relevant to the category containing the effect name. It’s like a little surprise… that Ah Ha! moment that makes you smile and makes you fall in love with the brand just a little bit more.
“Your brand is a point of view that is reflected in every choice that a company makes: every touch, every time.” Adrian said. The word Can(n)descent means to project light. I asked him where he’d like to see the company in five years and he replied, ”I’d like to think that the logo would be a recognizable icon and become a beacon to society for living in love and gratitude.”
In looking at the Canndescent brand development process, we see what’s possible when you combine vision, expertise and execution – when extraordinary attention to detail and quality production is a top company focus. For all their hard work, we get to see excellence in branding and a big step forward towards elevating the image of the cannabis industry.
Thank you, Canndescent team! May your light forever shine brightly.
EDITOR’S NOTE: The author chose her subject as an example of best practices in branding and design. The subject is not a client of her firm.
Kary Radestock, CEO, launched Hippo Premium Packaging in March 2016 offering an array of services to the cannabis market, including: Marketing Strategy, Brand Development, Social Media, Public Relations, Graphic and Web Design, and of course, Printing and Packaging. Radestock brings over 20 years of award-winning print and packaging expertise, and leads a team of the nation’s top brand builders, marketers and print production experts. Hippo works with businesses looking for a brand refresh or an entire brand development, and specializes in helping canna-business get their products to market in the most beautiful and affordable way possible. Radestock’s Creative Collective of talent and experts, allows her to offer world-class solutions to support the unique needs of the Cannabis Industry.
Member Blog: How Cannabis Brands Can Leverage Digital Marketing
With each passing year, more states are eliminating marijuana prohibition and new businesses are emerging. From dispensaries to delivery services, numerous companies are in the making. With so many angles to enter the industry, it’s no wonder why people are flocking to the marijuana industry.
However, as an industry that isn’t even fully legalized, the challenges can be enormous – particularly when it comes to advertising. After all, cannabis businesses are heavily regulated. Whether it’s a billboard on the street or a Google AdWords campaign, branding for the cannabis industry isn’t exactly straightforward.
Because let’s face it, things are a little murky.
And while the future of cannabis is unknown, there are a few key things cannabis companies can do today to build their brand – especially when it comes to digital marketing.
Check out these top 4 digital strategies below.
1) Content marketing
Content marketing has generated a lot of attention lately, and for good reason. Considered to be one of the most important aspects of any online promotional strategy, content marketing is an effective tool for gaining traction and building a stronger brand. Capable of increasing traffic along with engagement on a website, relevant content can help cannabis brands gain trust and credibility. And as a strategy that nearly every business can employ, content marketing can be a wise move. Offering a high ROI, content marketing is a great investment for marijuana businesses looking to stand out – online and offline.
2) Pay-per-click marketing
Unlike content marketing, pay-per-click doesn’t offer cannabis brands a high ROI. Due to restrictions currently put in place by Google, marijuana companies are severely limited when it comes to developing andpromoting PPC campaigns. Ads that contain words such as marijuana, cannabis, pot, weed, hash, and ganja are likely to be denied by Google. So finding the right keywords for cannabis campaigns can be tricky. Although PPC offers some advantages for cannabis brands, until restrictions change, marijuana businesses are better off selecting other less restrictive advertising outlets.
3) Social media marketing
Head toTwitter,Facebook,Instagram or evenPinterest, and you’ll find no shortage of marijuana-inspired content. From bong beauties to glass art, there’s something for just about everyone on these platforms. However, the challenge for cannabis companies is not in posting content on these channels but rather in promoting content. In fact, almost every single major social media channel has been known todeny marijuana-related ads and take down entire pages – even in cases where nothing illegal has taken place. So, does that mean that cannabis brands should forget about social media marketing? Of course not! These platforms still offer the potential for organic reach. Take theWeed Seed Shop for example – a company in Amsterdam specializing incannabis seeds with nearly 50,000 Facebook fans. So? Stay savvy, cannabis brands.
4) Email Marketing
Call it old school but email marketing still remains one of the most effective solutions for brands looking to connect with their fans. According to the Direct Marketing Association, email marketing yields an estimated4,300% ROI. Talk about a great investment! And luckily, email marketing is one of the least restrictive advertising channels for cannabis brands. With the ability to make contact with consumers directly, marijuana companies can leverage email marketing to deliver value via inbox. Whether it’s a product promotion or an update from the team, email marketing is a fantastic marketing tool for cannabis brands, allwithout breaking the law.
Going forward, one of the most important things cannabis companies can do is to stay up to date with current regulations. In an emerging industry, changes are likely to occur quickly and possibly without notice. What may be the best strategy today may not be the case tomorrow.
However, by capitalizing on the current opportunities at hand, cannabis brands can successfully build a powerful platform for their business for years to come.
Daniel Ramirez is the Chief Marketing Officer for Belladonna Growhouse, a fully licensed i502 producer/processor in Washington State. In addition to his work with Belladonna, Daniel owns and operates a marketing company specializing in online PR, social media marketing, branding and lead generation. Daniel is a graduate of San Diego State University with a bachelor’s degree in Business Management with a focus in Entrepreneurship. Daniel is passionate about normalizing the responsible use of legal cannabis and shedding the stigma associated with the plant.
2017 Board of Directors Election Results
National Cannabis Industry Association members have voted in the association’s annual board of directors election and 11 candidates have been elected to serve on the board for the 2017-19 term.
Congratulations to the winners, and thank you to all of the candidates for their commitment to NCIA!
NCIA is proud of its open and transparent process for selecting board members. The board has oversight over the association’s strategic direction and budget, so it’s important that they represent the membership’s interest. The new board members-elect will join the NCIA executive director and the 11 other elected members at the next board meeting.
Members can contact us any time for more information about the board election results or the election process.
If your business is not yet a part of the movement, please join NCIA today.
Member Blog: Four Innovative Tips for Funding Your Marijuana Dispensary
It can be tricky enough to find funding for a new business in any industry, but marijuana businesses are at that much more of a disadvantage. Strict regulations, less-than-favorable taxation laws, and straight-up illegality of federal funding stack up against those looking for their starting dollar in the industry.
Without having this backing, dispensary owners need to be creative and resourceful and draw upon the support of private investors to fund their dispensary goals.
Financial planning and sourcing of funds should be a large component of the business plan. Demonstrating an understanding of the scope of start-up costs for a dispensary includes:
Licensing/application costs
Working capital requirements
Cost of inventory (e.g. initial flower, edibles, accessories)
Technology costs (e.g. Point-of-sale system, server costs)
Real estate (e.g. mortgage payments or rent)
Staff training and compensation
Marketing and advertising
While budding cannabis entrepreneurs do have a limited number of funding options, there is still hope. You just have to know where to look.
Self-Funding
Many marijuana start-ups have invested a lot of their own savings into their businesses, recognizing their funding limitations. Speed in the industry is essential, but you may need to take a little extra time to raise your own capital before you turn the “Open” sign on.
Friends & Family
Crowdfunding is becoming increasingly popular for a variety of causes, and reaching out to like-minded individuals in the community who support your vision, and are willing to give you a boost in funds, is not at all unheard of. While there may be limitations in the ways you can publicly crowd-fund, you may be able to hold private events to raise money from your friends and family, as well as those in the community.
Partnerships
The “green rush” that marijuana legalization has caused makes finding potential partners, with similar goals and larger bank accounts, easier to find. There are so many facets to success in the industry, and valuable partnerships can take some of the strain off your own venture. After all, two heads are often better than one!
Cannabis-Specific Investment Groups
A great indicator of progress for the legal cannabis industry is the number of cannabis-specific investment groups that have cropped up across the country, giving entrepreneurs a helpful resource. In fact, last year, these groups provided 18% of marijuana funding.
Learn How to Fund Your Marijuana Business: While the situation for marijuana startup funding may seem grim, more and more investors are beginning to recognize the marijuana industry is thriving with opportunity.
Covasoft has put together a helpful resource to understand the various strategies in the marijuana business. Download our eBook today to learn about willing investors, ready to make a change in the legal marijuana market.
In a career that encompassed a dozen start-ups, Gary Cohen has held leadership roles with Verizon and AT&T, has managed technology-oriented research practices for Nielsen, Milestone Group and ITG/MScience, and led software/internet ventures Shoptok, Birdstep and Handmade Mobile. He has also been on the boards of several tech start-ups, including Onavo (acquired by Facebook), OpenSignal, Cenoplex and Adello. Gary has a Bachelor of Science in Finance and a Master of Science in Marketing.
Cova enhances the cannabis retail experience for both consumers and dispensaries through an integrated solutions platform (POS, ERP, CRM, eCommerce, Digital Signage and Dropship). Over 19,000 retailers with complex retail environments currently run Cova’s solutions in North America. Cova’s solution built for the legal marijuana industry focuses on compliance, UI, UX, reporting and a much better dispensary experience. Cova is headquartered in Denver, CO.
Video Spotlight: Sequoia Analytical Labs
This month, we visit with Jeff Hatley and Betsy Gribble of NCIA Member Sequoia Analytical Labs, based in Sacramento, California. Get a look inside the lab and hear more about the technology and methods used to ensure cannabis is safe, clean, and free of harmful contaminants.
Board Candidate – Christie Lunsford, Pro MAX Grow
Five reasons to vote Christie Lunsford, COO of Pro MAX Grow for NCIA Board of Directors
Dedication.
I am a founding member of National Cannabis Industry Association. After experiencing firsthand the impacts caused by the lack of banking and 280e taxation, I sold off my cultivation and manufacturing licenses in 2012. This experience made me a passionate and active ambassador for NCIA. Over the last six years, I have fundraised, lobbied and actively recruited new members to ensure the future of the organization and the industry it serves.
Experience.
I understand cannabis. Over the last decade, I have contributed to and worked in all aspects of the nascent cannabis industry. My first passion was growing and making plant medicines. My product formulations have significantly impacted the health and wellness of over 30,000 cannabis medical patients and adult-use consumers across the U.S.
My firm, Endocannabinoidology has developed a reputation as a competent consultancy and has worked across the U.S. to open markets through science based cannabinoid education. Our business development has had remarkable success writing for and winning extremely desirable licenses for our clients in multiple markets.
As COO of Pro MAX Grow, I am building national growth and developing entrepreneurial relationships across the U.S. for our specialized horticultural LED lighting technologies. Our team is passionate about building a sustainable cannabis industry and addressing hot button topics like energy consumption.
Relationships.
“Nurture your network” is one of my favorite #protips. Over the years, I’ve developed a vast network of like-minded professionals who are in competitive businesses within the cannabis space. Together, we have crafted the cannabis industry. As an active mentor, I’am able to mold a whole new generation of entrepreneurs to support and collaborate with NCIA to ensure their mutual success.
Policy.
The cannabis movement is a catalyst for social change. In no other industry is the intersection between social justice, agriculture, science, technology, politics more impactful than this industry. I will assist in developing a plan to fund and convey how important the NCIA PAC is to shape political relationships that build support for our cause. The world is watching and we need strong political support to see both national and international legalization and pro-business policies through. It’s ground zero.
With your vote, I will take part in building long term strategies to insure the success of the cannabis industry and further legitimize cannabis as a plant medicine that serves medical patients and adult use consumers.
With your vote, I will continue to take part in strategic planning to resolve our lack of banking and unfair 280E taxation policy.
With your vote, I will work to build our PAC by actively fundraising and building relationships with candidates to insure pro-cannabis business policies.
With your vote, I will support and empower diversity in all levels of the cannabis industry.
With your vote, I will use my values based decision making to craft strategies that empower all parties’ clarity to see past conflict.
With your vote, I’ll utilize my background in strategic planning, risk mitigation and policy development to ensure the success of NCIA’s goals.
We are all responsible for a laying the foundation for a successful industry. I am confident that the addition to the board of my years of dedication, experience, policy work, relationships and vision will invigorate, strengthen and refine our mission.
Thank you for your time and your vote. I would be honored to serve you on the board of National Cannabis Industry Association.
About Ben Curren
CEO, Co-Founder of Green Bits
NCIA Member since 2014
Ben is dedicated to creating innovative, easy-to-use products that help small businesses delight customers, drive revenue, and streamline operations. After working on QuickBooks as a senior engineer, Ben started his own consulting firm, but had trouble finding an accounting program that worked the way he needed it to. This lead him to co-found Outright, an accounting program for freelancers and consultants. He sold Outright to GoDaddy, a billion-dollar web-hosting company, 4 years after founding the business.
Ben used his Outright proceeds to launch Green Bits in 2014, just as Washington cannabis retail stores were opening. Ben attracted top talent from his previous ventures and has since grown the retail management platform into a 20+ person startup serving 600+ cannabis retailers and securely processing over $1.4B per year.
He’s a father of two, husband, lifelong learner, mentor, and entrepreneur. He believes that you must understand why things are the way they are before you can successfully change them.
Candidate’s Statement
I’m humbled to have been nominated for the NCIA Board of Directors. In my tenure as a cannabis advocate, I’ve had the first cannabis company to compete in TechCrunch Disrupt, been quoted in Forbes, The Guardian, and NBC, and spoken at Harvard University alongside Senators about the future of software and payments in our industry.
For many years, software and technology have transformed not only small and large businesses, but also entire industries. The cannabis industry and its businesses are currently going through their own technology revolution. With seed-to-sale tracking, cannabis retailers are dealing with the most complex inventory tracking procedures in the world, and it takes sophisticated software to make all manual, error prone tasks automated so that these businesses always stay in compliance. Software is helping keep these stores open; allowing patients to receive their medication, business owners to create more jobs, and the industry to increase its transparency and legitimacy nationwide.
I’ve worked on projects for Google, helped build Quickbooks, and founded and sold software companies. I can bring another level of engineering expertise to the NCIA and its Board of Directors and help promote the growth of a responsible and legitimate cannabis industry.
The NCIA was founded on the principle of power in numbers. With my nomination, I bring a network of engineers and investors who are eager to help our industry grow into an even more responsible and legitimate part of the United States economy.
*Editor’s note: This blog is an excerpt of a full article which appeared in MG Magazine.
We attended the MJBIZ show in Las Vegas last fall and were fortunate to speak withmany companies that operate in virtually every aspect of the emerging cannabis market. The one thing they all hoped for, and felt confident would happen, is that the banking system will become available to the industry sooner rather than later.When that happens, business in the cannabis market is going to change dramatically. Access to the banking system means access to trade credit. When trade credit becomes available to growers, manufacturers, wholesalers, distributors, and retailers serving the cannabis market, things are going to change. At every level, the industry is going to have to learn how to provide and deal with managing trade credit and its inherent risk.
What is trade credit?
Trade credit is the credit extended by one trader to another for the purchase of goods and services. Trade credit facilitates the purchase of supplies without immediate payment. The system commonly is used by business organizations as a source of short-term financing. It is granted to customers who have a reasonable amount of financial standing and goodwill.
Many of the growers and manufacturers we spoke to at the conference, specifically those operating in the Colorado market, already have bank accounts and are extending limited amounts of credit. They accept checks (a form of credit) from their customers, and in many instances, they give customers up to fifteen days to pay their bill. These companies and cannabis entrepreneurs all agree: as the cannabis market matures, the business is going to change. In fact, whether you recognize it or not, you already use some type of trade credit to operate. Your rent is due monthly, your utilities are due monthly, etc. You are extended credit on a limited basis to operate and grow your business.
More and more states are passing laws legalizing medical and recreational cannabis use, and companies entering the industry are going to want to access the credit markets and use this money to fuel their expansion. A true trade credit system, at every level of the industry, will need to come into existence. Mainstream corporate America operates in this environment and the cannabis industry will as well. It’s just a matter of time. The financial underpinning that guides the nascent cannabis market today must develop to meet the industry’s growth needs. The way cannabis companies transact business is going to change, for the positive, and trade credit will fuel its growth.
Federal regulations force most companies operating in the cannabis space today to deal primarily in cash. If you look back at emerging industries, operating only in cash doesn’t foster an environment for growth. Think of it this way: in a cash environment, a company with $1,000 in cash can buy only $1,000 worth of goods, but in a trade credit environment, a company with $1,000 in cash and $2,000 in trade credit can buy $3,000 worth of goods. Potential income from retail sales has tripled.
So, for the cannabis market to grow, it cannot be a cash-only business. Without a doubt, the banking industry is on the side of the cannabis industry. Banks do not make money from cash businesses. They want a part of the billion-dollar cannabis market, and they will exert formidable pressure on federal lawmakers to reclassify marijuana as a legal substance, at least under medical supervision. Currently, nearly 300 banks offer services to cannabis-based businesses, but eventually the entire banking industry—more than 5,000 commercial U.S. banks—will join them. The question is, what must businesses do to implement a trade-credit model that fosters sustainable growth? It is imperative that companies understand how to create and implement smart trade credit policies.
Companies that operate in the cannabis industry will migrate toward a trade credit environment in which a grower grants credit—with terms specifying three days to thirty or more days—to the manufacturer, wholesaler, or distributor, who then grants credit to the downstream entity that sells its products to dispensaries, who retail the products to consumers. Or, a grower might grant credit directly to a retailer. Growers, in turn, will be extended credit by their suppliers: lighting companies, soil providers, packaging providers, etc. Once a company extends credit, it will need to manage accounts receivable.
In conclusion
Once federal banking regulations change and companies serving the cannabis market gain the same financial resources available to the rest of corporate America, entrepreneurs will need to implement formal credit policies that allow them to manage and grow revenue in a trade credit environment. Establishing the controls necessary to operate when credit and accounts receivable are commonplace will set companies on the road to even greater profitability.
Sam Fensterstock is the SVP of Business Development at AG Adjustments, a leading provider of 3rd party commercial collection services. Sam has spent his entire business career as an entrepreneur and senior executive in the commercial credit & collection space. He has been a founder and played a key role in the dynamic growth of several leading niche commercial credit risk management companies and is considered an expert in the order to cash and credit and collection process. Prior to joining AG Adjustments, Sam was the Director of Business Development at PredictiveMetrics, a statistical based credit and collection scoring and modeling company that he helped grow and sell to SunGard (FIS) in 2011. Sam can be reached at samf@agaltd.com or 631-719-8096.
NCIA’S Q2 #CannabisCaucus Events Continue Successful Run
by Brian Gilbert, NCIA Events Manager
NCIA just wrapped up the the most recent editions of our regular member event series, the Quarterly Cannabis Caucuses. These events are designed to prepare our members for the uncertain times ahead and provide them the tools they need to help continue the positive momentum seen for our issues on the federal level.
Over the course of three weeks in April, we brought together more than 750 industry professionals, representing more than 300 individual cannabis businesses in eight cities spread across seven states. In Colorado, Northern California, and Southern California, we had more than 150 attendees join us at each event, all surpassing our previous attendance records set in 2016. The continued growth and support of these events has been incredible to witness! Thank you to all those who participated last month and provided us the opportunity to foster this growing community. Read on to view photo and event highlights from this quarter, as well as date and location info for our Q3 caucuses hosted in July.
We were thrilled in our first week to be joined in Washington by Seattle City Attorney Pete Holmes, in the Northeast by Massachusetts Representative Dave Rogers (D-24), and in Colorado by State Senator Tim Neville (R-16).
The following week in Oregon, Jeffrey Rhoads, Senior Policy Advisor on Marijuana to Governor Kate Brown, and Tara Sulzen, Regional Director for Rep. Earl Blumenauer, spoke in Oregon at ecotrust.
In our final week we were joined at Meadow in San Francisco by Jeff Sparks with the Office of CA State Senator Scott Wiener (D – 11th District). Then we welcomed Pamela Epstein, consultant and attorney at Green Wise Consulting and Hoban Law Group, to the historic Andaz Hotel for our first event in West Hollywood.
Finally, Jeff Irwin, the Political Director of the Michigan Coalition to Regulate Marijuana Like Alcohol, spoke at a standing-room-only event at Om of Medicine in Ann Arbor, Michigan. The event was NCIA’s first Michigan gathering in nearly four years, and with 75 attendees, set an attendance record for our Midwest Caucus. We were incredibly excited to see such a strong show of unity among the advocates and industry players following the announcement of a coalition to put adult-use legalization on the ballot in 2018.
Special thanks go out to our generous guest speakers who all provided valuable insights for our attendees on regional legislative issues and hot topics.
This quarter we were also joined at a number of events by current candidates for our 2017 Board of Directors election. Thank you to all those listed below that made an appearance to demonstrate their commitment to providing leadership for their national trade association!
Caela Bintner – Faces Human Capital Management AC Braddock – Eden Labs Shannon Fender – Native Roots Hector Fernandez – G FarmaLabs Matt Hoffman – Hand Grown Christie Lunsford – Pro MAX Grow Sean McAllister – McAllister Garfield, P.C. Brad Nattrass – urban-gro Inc. Keegan Peterson – wurk
Continuing the 2017 tradition of broadening our reach within regions, we’ll be bringing the July editions of our Northeast, Midwest, and Northern and Southern California events to new cities. Mark your calendar now and stay on the lookout for complete details once registration opens up later this month!
Washington – Seattle, WA – Tuesday, July 11 Northeast – Portland, ME – Tuesday, July 11 Colorado – Denver, CO – Thursday, July 13 Oregon – Portland, OR – Tuesday, July 18 Tri-State – New York, NY – Tuesday, July 18 So. California – San Diego, CA – Thursday, July 20 No. California – San Jose, CA – Tuesday, July 25 Midwest – Columbus, OH – Thursday, July 27
Finally, NCIA deeply values the community which we’re building around these events and our advocacy efforts as a whole. To that end, we hope all those who attended will be taking their involvement to the next level by participating in our 7th Annual Cannabis Industry Lobby Days, kicking off next week in Washington, DC!
As always a huge thanks goes out to all our sponsors, media partners, and event hosts that made Q2 another success! Please join us in showing them some appreciation for the enormous support by following the links below and learning more about each of these amazing businesses or groups. Then reach out to see how they might be able to help you!
Interested in sponsoring an upcoming Cannabis Caucus in your area or a series of events across the country? Contact us at sponsorship@thecannabisindustry.org to learn more about supporting your industry’s political voice and highlighting your brand at NCIA’s remaining Quarterly Cannabis Caucuses in 2017!
Board Candidate – Brad Nattrass, urban-gro
Brad Nattrass CEO at urban-gro Lafayette, Colorado
Member since November 2015 Industry sector: Ancillary
I am Brad Nattrass, CEO of urban-gro. With voting now open for the 11 open spots for the 2017 NCIA Board of Directors, I would like to invite your vote.
Our team of nearly 30 employees, located across the country, works with large scale cultivation facilities to provide advanced technology products and systems solutions. Our company was honored to be awarded an inaugural Cannavation Award for Cultivation at the recent NCIA Seed to Sale Show.
I am looking forward to being in Washington DC this month with my team and fellow NCIA members for NCIA’s Lobby Days May 16 – 17. We will be exhibiting at NCIA Business Conference and Expo in Oakland in June. I also greatly appreciate the Quarterly Cannabis Caucuses, and we’ve been a sponsor for many of these. Members of my team regularly attend these events across the country.
In serving on the Board, I am motivated to be part of expanding the voice of the commercial cannabis cultivator and representing ancillary businesses.
You can count on me to attend board meetings and faithfully deliver on all action items. As a member of the NCIA board, I will be of service to NCIA and my fellow members in three ways:
Bringing attention to the challenges faced by cultivators in every region of the country
Bringing a network of professionals to drive NCIA membership and sponsorship, and
Providing a relentless entrepreneurial drive to make a difference
First, I bring the pulse of cultivators on a national scale. Because urban-gro sells to hundreds of commercial cultivation facilities in every stage of development, we have a unique opportunity to learn about the specific concerns and challenges that growers face in all regions of the country. My national team will report to me on a monthly basis, and I will compile this information and report to the Board. This added layer of industry feedback will help the NCIA continue to create relevant programming to members in all regions of the U.S.
Second, with my company’s strong customer base, I bring a strong, supportive network of industry professionals. As an active ambassador for the NCIA, I am confident that I will be able to play a strong role in driving both memberships and participation (financial and individual).
Third, I have an incredible drive. With an MBA, and over a decade of experience in large scale agriculture. As an entrepreneur, I bring a unique skill set to the Board. I am a solutions focused individual that rises to the occasion when I encounter challenges. I will use this passion in support of NCIA’s evolving goals and activities.
I will be honored and humbled if you vote for me to join the NCIA Board of Directors. If you haven’t met me yet, please don’t hesitate to reach out and introduce yourself.
Plus during the election process if you tag #NCIAElection with support for my candidacy on or any others, my social media team will be sure to engage with the post.
Candidate Bio
Serving as the CEO for urban-gro, Brad manages the strategic vision of the company and oversees the sales, marketing, and finance divisions. Founded in 2014 as a company of three, today urban-gro has nearly 30 employees across the United States serving large scale commercial cannabis cultivators. urban-gro is an agricultural technology systems integrator that provides full design and expertise on lighting, climate control, automated fertigation/irrigation, water treatment, integrated pest management, and air purification. The company was listed as the 19th largest Cannabis ancillary business in 2016 by Cannabis Business Executive.
urban-gro has been a sustaining member of NCIA since 2014 and an avid participant in NCIA-sponsored events. In February 2017, urban-gro was a recipient of NCIA’s inaugural Cannavation Award for Cultivation.
Brad ventured out to begin his entrepreneurial career in 2005 after spending a decade working for agricultural giant Cargill Ltd. He co-found his first commercial lighting company in 2012 in Colorado. Seeing a need in the Cannabis industry for sustainable and efficient lighting solutions he co-founded urban-gro. As the needs of cultivation facilities continued to reveal themselves, he has led the company’s growth and product line diversification to serve those needs as well. He holds a Bachelor of Commerce Degree (Marketing) and an MBA, and currently resides in Broomfield, CO with his wife, Wendy, and their three children.
Partner Spotlight: Minority Cannabis Business Association
NCIA recently launched a partnership with the Minority Cannabis Business Association in order to address the gap in racial and ethnic diversity within the cannabis industry. We caught up with MCBA founder Jesce Horton from Oregon to talk about MCBA’s mission, which exists “to create equal access and economic empowerment for cannabis businesses, their patients, and the communities most affected by the war on drugs.”
Cannabis Industry Sector:
Non-Profit Association
Jesce, tell us a bit about your background and why you launched MCBA?
After I received my degree in industrial engineering, I started working for a large corporate firm right out of college. There, I began my work of reducing energy usage and environmental footprint at industrial facilities in the Americas. Shortly after moving to Portland from Munich, Germany, I started growing medical cannabis for two elderly patients that were suffering from cancer and from that, Panacea Valley Gardens was born. I got really involved in the industry and started attending conferences and networking events. I started realizing that not many people in the industry looked like me and the issues plaguing the communities of people of color didn’t seem to be on anyone’s radar.
I collaborated with some other industry professionals and we formed the Minority Cannabis Business Association. We soon realized that the issues wasn’t just about morality or doing the right thing, but more about the health and sustainability of the entire industry.
What unique value does MCBA offer to the cannabis industry?
MCBA firmly believes that not including communities of color in the industry or ensuring that these communities benefit from its prosperity is a major mistake!
Cannabis businesses across the country are missing out on a huge segment of consumers. By being so slow to utilize this opportunity to provide economic opportunity, social justice, and patient awareness in communities that have been targeted by cannabis prohibition, the people who live there are becoming bitter towards the burgeoning industry. Just like in any market, diversity is a major benefit. This is true even more so in the cannabis industry where preferences and perspectives on our primary product can be very culturally specific.
On the flip side, minority communities can benefit greatly from the cannabis industry, in multiple ways. Health issues that affect minorities disproportionately (Minority Health Disparity Gap: Cardiovascular disease, diabetes, cancer, mental health, etc.) can be greatly relieved and even reversed through informed and measured use of safe and tested cannabis products. Also, many would find that their cannabis expenses can be reduced through information and access to the right cannabinoid profiles, application methods, and dosages. Not to mention there is a huge pool of jobs and entrepreneurship opportunities that can be available given the right policies and regulations. These things simply aren’t available at nearly the same capacity in the traditional, illegal market.
MCBA is uniquely positioned to serve as a bridge between the industry and communities that have been targeted by cannabis prohibition and the war on drugs. Our board of directors is made of up cannabis business owners, activists and legislators from across multiple cannabis markets in the country. Our programs are directly focused on
Policy improvements that lower barriers to entry and uplift targets communities
Educational experiences that increase access to information for people of color
Connection with successful businesses and people who understand that this is an important issue for the sustainability of our industry
Cannabis companies have a unique responsibility to shape this growing industry to be responsible and treated equally as any other industry. How does MCBA help work toward that goal for the greater good of the cannabis industry?
At MCBA, our belief is that this industry is stronger and more sustainable when the barriers of entry are low and support small business development, not special interests. This should be the goal of any industry, especially new industries that thrive with innovation, problem solving, and community support. The policies for which we advocate and programs we execute represent equal access, responsibility, and fair taxation, not reparations or special privilege. It’s important that we work to reconcile the harms done by cannabis prohibition, but these efforts won’t be effective without a strong, dynamic, and thriving industry. They go hand-in-hand.
What kind of challenges do you face in the industry and what solutions would you like to see?
The challenges that affect communities of color from benefiting from the cannabis industry are mainly fair policies, lack of education about the industry, and limited networks to assist with raising capital and business development. We would like to see the industry stand as one to push for lower barriers to entry, tax allocation for communities targeted by the war on drugs, and community outreach regarding health education and employment opportunities.
Tell us about the partnership between MCBA and NCIA?
The partnership between MCBA and NCIA will assist us in working closer and more effectively on programs that complement each organization’s mission. Both organizations strongly believe that diversity and inclusion are principles that will guide our industry to sustainable and responsible growth. We are very excited to work closely with NCIA to ensure that this becomes a reality.
There are many wonderful things about the cannabis industry – creation of new jobs, legal access to medicine, and reduction of drug war harms, to name a few. Every rose has its thorn though, and the cannabis industry is no exception. Like any industry pushed into the shadows, in this case by a misguided prohibitionist policy, unsavory individuals have found an opportunity to prey upon those without full access to the legal system or to legitimate sources of capital. All cannabis entrepreneurs need to be on the watch out for the tell-tale signs the person or business they are talking to is a scam artist. Below are ten common signs that something might not be legitimate in your business transaction. Not all these signs indicate something is foul, but they should be a red flag that the business dealings bear further investigation.
Extremely Tight Timeframe:
You’re given twenty-four hours to make a key business decision and you may have only just received the legal documentation formalizing the proposed deal.
There are many legitimate reasons why business decisions must often be made on short notice. And providing an opposing party with legal documents at the last moment is a time-honored negotiating tactic. However, the less scrupulous will often tell business owners (often in dire straits) that they need to decide in twenty-four hours, or in an even shorter time frame. This frequently means there’s no time for proper due diligence or legal review – exactly what someone with something to hide (e.g., they are trying to run a scam) wants.
Vague Website:
A website contains a lot of bold claims about a service or financing source, but is short on physical addresses, names of principals, or legal company names.
A lot of websites are vague. But scam artists like to leave out key information – which means it will be hard for you to report them to the investigators or sue them. Most legitimate companies will list a real street address that is associated with a business, not a residence. Why would a scam artist want to hide their real address? Well, think about trying to sue someone. You need to serve documents on them – not an easy feat when you have no idea as to their real name or address.
Pump and Dump:
Someone tells you they have a hot (marijuana) stock tip – it’s guaranteed to go up.
There are many problems with this scenario. If someone does have material insider information about a publicly traded company, they cannot legally trade on that knowledge. Nor can they tell someone else the information and have them buy or sell stock. Both persons are in violation of securities laws and subject to civil and criminal penalties. A common way this plays out is through a “pump and dump” scheme. This scam involves convincing the marketplace that an OTC stock (also known as a penny stock – a public stock that does not trade on a major exchange like the NYSE or NASDAQ) is a surefire win. As people buy into the hype, the stock price of the company soars (the pump part of the scam). Once the price climbs high enough, insiders of the company sell all their shares, making a tidy profit (the dump part of the scam). Everyone who bought shares of the company is then left with worthless penny stock as the share price tumbles after the major sell-off. Even people who don’t buy the stock can become accomplices to the scheme. Just by repeating rumors regarding the potential success of the company, they can help create the atmosphere necessary for the artificial inflation of the stock price. When it comes to OTC stocks, if it sounds too good to be true, it probably is.
Wire Money First:
An investor or other potential business partner has a great opportunity for you. The only catch is that you must first wire them money as a down payment for the process to get started.
This scam is a favorite of “Nigerian royalty” and now is making its way to the cannabis industry. Legitimate lenders do not require a prepayment prior to underwriting a loan. They will charge you fees for the work they do, and the work their lawyers do, but this is typically taken directly from the loan amount when funding occurs (this is called funding net). Except in exceptional circumstances that have been vetted by counsel, you should not wire money to someone on the promise they will help you raise money.
As a side note, many law firms and other businesses, will require a deposit before starting work. The difference is that these deposits are legitimate, and are refundable if no work is performed (always ask about refundability). Scam artists, on the other hand, are highly unlikely to return a deposit, even if a deal falls apart.
Refusal to Interact with Attorneys:
You’ve got a great source of financing lined up. The financier is telling you what you want to hear and you’re ready to sign on the dotted line. The only catch is she won’t speak to your attorneys (which may not necessarily take the form of outright refusal – it could also be a deliberate refusal to return or schedule calls), only directly with you.
Scam artists are understandably loathe to subject themselves to questioning from a skeptical lawyer. Sunlight is the best disinfectant and most scams will not stand up to a thorough vetting. Legitimate business professionals, however, while not always happy about it, accept that dealing with lawyers is the price to be paid to get deals done.
Multiple Company Names:
Every time you interact with a potential business partner you discover a new business name or web portal.
This is one of the harder red flags to interpret and on its own it may not mean there is something nefarious occurring. Almost every company of any size contains multiple legal entities. These legal entities often legitimately serve to contain liabilities (e.g., holding different real estate properties in separate LLCs so that a slip and fall claim on one property doesn’t result in a lawsuit against an entire portfolio of real estate assets). What most legitimate companies are not doing, however, is playing a shell game – setting up and shutting down companies to stay one step ahead of the law and angry creditors and customers. If you think this might be occurring, you should discuss your concerns with counsel before proceeding.
Unsubstantiated Claims:
You’re being told buying into a certain grow method will triple your yields, guaranteed, or someone claims they underwrite a tremendous dollar value of loans annually, but can’t give you names of past deals.
Beware unconditional guarantees. Sure, everyone knows the “best” grower and no one wins business by saying they are the worst in their field. When it comes to bold claims, trust but verify. Ask for concrete examples of a product’s or advisor’s success. Ask to speak directly to existing or previous customers. If they are offering payment processing solutions, ask which banks they work with and which credit card companies. Fate is fickle and the future is uncertain. No one can predict it with absolute certainty, especially not when it comes to the cannabis industry.
Ignorance of Basic Cannabis Laws:
When asked about the impact of certain laws or policies like the Cole memo priorities, the FinCen memo, or 280E on proposed business plans, someone responds these are not significant issues or, worse yet, they do not appear to have a strong grasp on what these items are.
It’s one thing to state that these obstacles can be overcome. Business are succeeding despite them every day. To cavalierly suggest they are not issues, or to somehow remain ignorant of their existence, however, is a major red flag. It may not always be a sign of fraud – it could also be the sign of rank amateurism. Either way, you should be hesitant to go into business with someone who does not fully appreciate the federal legal risks inherent in the cannabis industry, especially considering the current political environment.
Deliberately Opaque Documentation:
The definitive documentation for a deal is extremely poorly drafted and it’s not clear what business deal is being documented or the business deal you thought you had struck is not clearly reflected.
Legal documentation is, admittedly, frequently long, dense, and filled with antiquated terms. And for a non-lawyer, legal agreements can be hard to understand. Some of this is a consequence of the fact that complicated concepts are being addressed, and part of this is because lawyers adhere religiously to previously drafted documents, which results in the survival of Latin terms, clumsy turns of phrase, and other habits that make agreements hard to read for the layperson. With a scam, however, an agreement may be drafted to be deliberately obscure. Even unreadable documents could have a legitimate provenance – the cannabis industry is full of poorly trained transactional lawyers (or criminal lawyers moonlighting as transactional lawyers) and principals that don’t understand basic business concepts. What you need to be concerned about is a document that someone doesn’t want you to understand because they intend to fleece you.
Unclear Background of Principals:
The principal of a business claims he or she has 20 years of business experience and deep industry ties. However, when pressed, he or she cannot name an actual business they have worked for and no one in the industry has heard of them or their organization.
The cannabis industry certainly contains many successful people with eclectic backgrounds, but beware the individual with an unclear past. They may elude to successful enterprises, but never give specific names. They claim to be involved in other businesses, but never give enough information for you to track these down. The cannabis industry is still small and many of the pioneers of the industry have known each other for years. If someone claims to have been deeply involved in the industry, but can’t point to any specific businesses or individuals who they know, it’s a red flag.
If they come from the traditional business world, but don’t have a clear history (e.g., before they worked in cannabis, they were at X company for five years), be extra vigilant. There are often legitimate reasons not to name current or former employers (e.g., perhaps their employer doesn’t approve of the cannabis industry and it could put someone’s employment status at risk), but there are also many illegitimate reasons to obscure your past.
Final Thoughts
If you think you’re being scammed, step back and reevaluate the situation before proceeding. Do not sign anything or wire any money. Ask for items in writing and save relevant emails. Consider reaching out to an attorney. Better to spend time and money evaluating a deal upfront than to experience the heartache and headache that comes with trying to mitigate the damage of a scam. Remember, in the cannabis industry, the old expression caveat emptor remains as true as ever.
Charlie Alovisetti, Vicente Sederberg LLC
Charles Alovisetti is a senior associate and co-chair of the corporate department at Vicente Sederberg LLC. Prior to joining Vicente Sederberg, Mr. Alovisetti worked as an associate in the New York offices of Latham & Watkins and Goodwin where his practice focused on representing private equity sponsors and their portfolio companies, as well as public companies, in a range of corporate transactions, including mergers, stock and asset acquisitions and divestitures, growth equity investments, venture capital investments, and debt financings. In addition, Mr. Alovisetti has experience counseling portfolio and emerging growth companies with respect to general corporate and commercial matters and all aspects of compensation arrangements, including executive employment and consulting agreements, stock option plans, restricted stock plans, bonus plans, and other management incentive arrangements. Mr. Alovisetti has experience in both U.S. and cross-border transactions, and has advised clients across a range of industries including cannabis, technology, manufacturing, software, digital media, energy and clean tech, healthcare, and biotech. In addition to his corporate work, Mr. Alovisetti has worked with clients on multiple competitive licensing applications, including in Maryland, Hawaii, Pennsylvania, and Texas. He holds a Bachelor of Arts, with honors, from McGill University and a law degree from Columbia Law School, where he was a Harlan Fiske Stone Scholar. Mr. Alovisetti is admitted to practice in both Colorado and New York and is a Level One Interprener. He can be reached at charlie@vicentesederberg.com. Follow him on Twitter @CAlovisetti.
Jessica Scardina, Vicente Sederberg LLC
Jessica Scardina is an associate at Vicente Sederberg, LLC’s Denver office. Prior to joining Vicente Sederberg, Jessica worked at a small Denver law firm specializing in corporate law, business planning, and taxation. Jessica currently focuses her practice on corporate, licensing, and regulatory matters. Jessica is a graduate of the University of Denver Sturm College of Law, where she served as a staff editor for the University of Denver Law Review. Prior to moving to Denver in 2004, Jessica lived in Santa Cruz, California, where she received her Bachelor of Arts, cum laude, from the University of California at Santa Cruz.
Madeline Currie is a marketing professional working at Vicente Sederberg’s Denver office. Prior to joining the firm, she was a Senior Marketing Associate at Crystal & Company in their New York office. She has also worked with several other organizations to define and execute their brand strategy. Madeline has a Bachelor of Arts in Sociology & Policy Studies from Rice University.
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“Wow… Just wow,” was about all I could say.
I bought it… literally. There is extensive detail put into the packaging of the kits’ various pieces (flower jar, matches, rolling papers and hemp wick). On the rolling papers, you’ll find a quotation relevant to the category containing the effect name. It’s like a little surprise… that Ah Ha! moment that makes you smile and makes you fall in love with the brand just a little bit more.
Federal regulations force most companies operating in the cannabis space today to deal primarily in cash. If you look back at emerging industries, operating only in cash doesn’t foster an environment for growth. Think of it this way: in a cash environment, a company with $1,000 in cash can buy only $1,000 worth of goods, but in a trade credit environment, a company with $1,000 in cash and $2,000 in trade credit can buy $3,000 worth of goods. Potential income from retail sales has tripled.
Scam artists are understandably loathe to subject themselves to questioning from a skeptical lawyer. Sunlight is the best disinfectant and most scams will not stand up to a thorough vetting. Legitimate business professionals, however, while not always happy about it, accept that dealing with lawyers is the price to be paid to get deals done.
