Lessons from Cannabis CEOs. As if starting a legal marijuana business isn’t hard enough, scoring investment capital can seem almost impossible. Yet some entrepreneurs have managed to do both—to the tune of over $50 million. What’s their secret? We talked to a few to find out the best ways to approach investors.
Running a successful dispensary has its own unique challenges. You need to be compliant and profitable — and in that order. Being in the early stages of legalization, the nascent cannabis industry is alluring many to cash in on the so-called “green rush.” Heck, that’s why I launched my dispensary, Green Man Cannabis, nine years ago. But this industry offers unique challenges to entrepreneurs you might never expect. Here are some of the top things you need to know before diving in and opening your own dispensary.
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How to scale your cannabis business. “In a small startup, everyone in the company kind of fills in where needed,” says Michael Gorenstein, CEO of the Cronos Group, one of the largest marijuana companies in the world with a market capitalization of roughly $1.5 billion. “But as you scale, it’s important to put in a framework that allows you to push down accountability, think about how you’re going to deal with internal communications, and how you can make sure that the huge range of tasks and issues that come up can be dealt with in a very effective and clear manner.”