As much passion and commitment we have towards our craft it does not negate the fact that we are still doing business.
I was a cannabis enthusiast for the longest time. I really love the medical aspects of the plant. The plants use in treating Alzheimer’s, Cancer and many other health conditions interested me since I have seen the devastating effects these illness.
I was a cannabis enthusiast for the longest time. I really love the medical aspects of the plant. The plants use in treating Alzheimer’s, Cancer and many other health conditions interested me since I have seen the devastating effects these illness.
Your Passion can distort your business decisions if not careful
My motivation for getting into the industry was strong and passionate. However one key aspect that I failed to realize was that I was also stepping into the game of business.
I stared off as a harvester working for someone els and I was so blinded by my passionate emotions that I failed to make concrete work agreements.
When it came time for payment I got far less than what I expected. This is all my fault. If you know me personally and you are reading this, I’m not blaming you I’m blaming me.
I stared off as a harvester working for someone els and I was so blinded by my passionate emotions that I failed to make concrete work agreements.
When it came time for payment I got far less than what I expected. This is all my fault. If you know me personally and you are reading this, I’m not blaming you I’m blaming me.
Understand Your Market
I got a chance to see how the markets worked in California, and Oklahoma. I saw one common theme.
Legalization lead to a euphoric burst of new business, consumer demand, and local government regulations. This was the followed by a hard dip in the prices which lead to a lot of pain for many in the industry.
At the time of witnessing this I didn't fully grasp the big picture of what was unfolding but, I most certainly saw and felt the pain.
The euphoria quickly faded and turned into extreme pain for local cannabis businesses. The excess supply and the constant government regulation changes drove the prices down, made production more expensive, and created a lot of uncertainty for producers, retailers, and laborers.
I saw dispensaries, farms, and laborers get wiped out.
Understand the business and industry you are stepping into
What a lot of new cannabis entrepreneurs failed to see was the fact they were stepping to the game of business not cannabis.
Before legalization in these two places there was already a supply and demand in the black market. Once legalization took place, the supply far exceeded the demand.
At the time the legal product could not leave the state it was made in. This created a “traffic jam” of cannabis that was not moving. Farmers where having trouble selling and if they did sell it was at a far lower price. Many of them got wiped out or bought out.
This forced people to innovate and change the way they sell their products legally by making byproducts from the plant.
A lot of the entrepreneurs that were playing cannabis got taken out by those who know how to play the business game.
Before legalization in these two places there was already a supply and demand in the black market. Once legalization took place, the supply far exceeded the demand.
At the time the legal product could not leave the state it was made in. This created a “traffic jam” of cannabis that was not moving. Farmers where having trouble selling and if they did sell it was at a far lower price. Many of them got wiped out or bought out.
This forced people to innovate and change the way they sell their products legally by making byproducts from the plant.
A lot of the entrepreneurs that were playing cannabis got taken out by those who know how to play the business game.
Consumers are affected by the loss of local passionate business
Most consumers have very little knowledge of how their cannabis makes it to their house. A large amount of cannabis consumers don’t even know what good quality cannabis looks like since, most of what’s legally available is produced by the biggest players of the cannabis business game and not by the biggest cannabis enthusiasts.
Conclusion
If you have a strong passion for something and you want to use your passion to help as many as possible through a legal business, you have to know how to play the game of business. Translate your vision into your marketing, sales, production, and business strategy. If you don’t you are Likely to get taken out by those who know business but are less skilled, and less passionate than you.