Bract & Pistil
Olivia JohnsonSummary
In this episode of Marketing that POPs, we get to dive deep into the world of Controlled Environmental Agriculture (CEA) for cannabis! We're thrilled to chat with Laurel, a long-time friend of ThrivePOP and a leading voice in the cannabis industry. We'll be picking her brain about Bract & Pistil, a consulting firm dedicated to helping cannabis businesses thrive.
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Key Takeaways
Profitability Challenges:
- High regulatory costs, including significant taxation unique to cannabis companies.
- Oversight and legal risks add to operational complexity and expenses.
- Applications, attorneys, licenses, consulting teams, product testing, traceability systems, and extensive security requirements are costly and more rigorous than for most other industries.
- Cannabis businesses face restrictions on tax write-offs and limited access to banking services due to federal illegality.
State-Specific Issues:
- In New Jersey and Connecticut, many issued licenses are inactive due to a lack of financing.
- Active businesses in these states benefit from limited competition and perform well.
Dynamic Legal and Compliance Needs:
- Constantly evolving regulations necessitate a strategic legal and compliance team to ensure ongoing adherence.
Marketing Considerations:
- It's crucial to allocate a substantial budget for marketing.
- Understanding the appropriate marketing budget is essential for effective outreach and brand positioning.
Strategic Planning:
- Developing clear strategies and goals is vital for business success.
- Aligning with clients who share your values is important for sustainable growth.
Debunked: The cannabis industry is a gold mine.
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