The latest NCIA sponsored Seed to Sale show in Denver, CO hosted some of the cannabis industry’s most insightful thought leaders, business owners, merchants, and brands. The Flourish team was on hand to meet new people and discuss the latest advancements in this realm. In addition to the excellent networking opportunities, several themes were highlighted that continue to support an evolving and maturing cannabis industry. Some of the highpoints and best practices include:
1. Compliance with state and county regulations is imperative for any operation in the value chain. Some of the industry’s finest lawyers and advocates were on hand to both encourage and plead for business owners to ensure their operations are not only properly licensed, but also have the right systems in place to thoroughly track everything they do. Failure to do so is already wreaking havoc on some owners and only fuels opposition from those against fair laws for the cannabis trade.
2. Banking continues to be a tricky endeavor. Anyone already in the business knows how difficult it is to operate at scale without having fiscal mechanisms in place to manage and invest their money appropriately. For those coming into the business, it’s recommend you work with local banks and have a back-up plan (e.g. another bank) to lower your risk.
3. New technologies are coming out each month, but choosing the right solutions is critical. As new hardware and software comes to market, business owners are encouraged to do their homework. Just as any non-cannabis business uses these tools to operate more effectively and efficiently, both large and small scale operations need to make wise decisions. Choosing solutions that can scale with your business, integrate with 3rd party devices and applications, and ensures compliance with your state/local regulations is key.
4. We’re still learning. Everyone from the most seasoned cannabis operators to new entrants realize the learning curve is still very steep. Surround yourself with smart people and smart business partners. As each state continues to refine their laws, the landscape is altered, and we must be nimble to sustain and thrive.
As we continue to develop and hone our respective craft, all of us can benefit from one another's insights, expertise, questions, and innovations. The 2018 Colorado Seed to Sale show was a fantastic experience that served to shine a bright light on the Flourishing cannabis field.