Cannabis Business Summit @cannabisbusinesssummit - Tumblr Blog

Two Colorado Senate candidates who don't agree on anything... agree on cannabis

Last night in Colorado in one of the most contested Senate races in the country, both Sen. Mark Udall and Rep. Cory Gardner agreed that the Federal Government should get out of the state’s way and allow the state to operate its legal industry safely. As we’ve noted before, banking remains the single most challenging aspect of operating in the cannabis space. Many legal cannabis businesses are simply denied access to basic banking services due to the federal regulation of the banking industry.

If banking is a topic you want to learn more about, be sure to sign up for the “Branding, Regulation, and Retail” track of the upcoming Infused Products and Extraction Symposium (October 27-29 in Denver. Click here for details.)

When debate moderator Kyle Clark of 9NEWS asked the candidates if they believed Colorado’s legal cannabis businesses should be granted an exemption from federal laws regarding marijuana, both candidates responded positively.

“We need to work together as a [Congressional] delegation to make sure the federal government butts out,” Udall stated in the debate.

“Congress should [grant an exemption],” Udall continued. “I’m working on that. We should do it for a number of reasons. Particularly, the cannabis industry needs access to the banking system. Right now, since marijuana is a Schedule I drug, that access is not available. It’s a public safety hazard, and we will get the job done.”

Gardner agreed, saying, “I don’t know that you could specifically do that for Colorado; there are other states that are doing it. But Congress overall has to take a look at the regulatory system to make sure that Colorado is allowed to follow what it passed, and do so in a way that addresses banking issues and other regulatory issues as they arise throughout the entire system.”

Those responses prompted Aaron Smith of the National Cannabis Industry Association to remark that “even the bitterest political opponents agree that the federal government is wrong to stand in the way of states taking a smarter approach to marijuana policy. The responsible and hard-working small business people who make up this industry deserve to be treated fairly, and it speaks volumes that both Senate candidates in Colorado publicly declared their support for that tonight.”

To watch the full exchange, visit the 9News website. Go to Part 3: Short Answer Round, and start at 1:50.]

INFOGRAPHIC: Cannabis revenue in Colorado visualized

After consecutive months of adult-use sales lagging behind medical sales, lawmakers in Colorado have become publicly concerned that Colorado’s medical program, and its lower tax rate, is drawing away customers that might otherwise enter the adult-use market. But that trend may be over. For the second month in a row, adult-use cannabis sales have exceeded medical sales and the trend only seems to be growing. This infographic visualized the key facts and figures from the latest report.

Are single-serving edibles the hottest trend in the cannabis industry?

The big news coming out of the cannabis industry this week is the rise of single-serving edibles and infused products aimed at new marijuana users, many of whom choose edibles over more traditional methods like smoking.

A national Associated Press story highlighted the “Rookie Cookie” from The Growing Kitchen as well as the new Dixie One Watermelon Cream soda from Dixie Elixirs. Each of these products boasts a modest 10mg and 5mg dose respectively and are marketed at new customers who are interested in trying edibles but who may lack the experience to properly dose the product themselves.

According to Taylor West, Deputy Director of the National Cannabis Industry Association, this is just good business given the shifting market.

“This is a great example of how a legal, regulated market can help address some of the concerns we’ve seen in terms of edibles. From new cannabis customers to medical patients, consumers exist all along the spectrum. It’s simply smart business to create products that serve a diverse market.”

Indeed, new statistics seem to back up that claim. For the second month in a row, adult-use sales figures have exceeded medical in Colorado and the trend only seems to be growing. Tourism is also playing a role. A recent market study released by the State of Colorado estimated that 40% of consumers in Denver are tourists. In ski towns, that figure jumps to 90%.

Followers of this blog have likely known about the trend towards single-serving edibles since last month when Julie Dooley of Julie’s Baked Goods observed that most edible manufacturers are creating single, 10 mg servings for the non-medical consumer.

When things change as fast as they do in the cannabis industry, it pays to stay ahead of the curve. Sign up today for the Infused Products and Extraction Symposium on October 27-29 in Denver to gain insight and network with leading industry experts and businesspeople.

INFOGRAPHIC: How to tell okra and cannabis apart

Earlier this week, police mistakenly raided a Georgia man’s garden mistaking his okra plants for cannabis.

Police flying in helicopters looking for marijuana plants last week tracked down a man who they believed was illegally growing cannabis. Yet they soon discovered the plants were actually okra, a gumbo ingredient that’s very much legal.

To clear up any confusion, we’ve put together this handy infographic so you can always be sure to tell these plants apart. Remember, knowledge is power.

Four essential marketing tips for the cannabis industry

In the cannabis world, responsible marketing is more than the right thing to do — it’s also essential to the success of the industry. It’s difficult to think of an emerging business sector that’s as vulnerable to swings in public opinion as cannabis. Given that, the ways in which cannabis businesses market themselves to the public is as much about building momentum for a movement as it is about finding new customers.

To illustrate that point, the graph below shows two lines that measure the percentage of people who think marijuana should be illegal and people who think marijuana should be legal over time. The good news is those lines have crossed and there are now more people who believe marijuana should be legal.

But it’s equally important to note that in the late 1970’s those lines also started to move toward each other — and then moved away. The point is that the recent shift towards favoring legal cannabis does not guarantee it will stay that way. Closely managing the public face of cannabis will be key to currying support for legalization.

To help guide your business and marketing decisions, the National Cannabis Industry Association convened a panel of branding and marketing experts at the Cannabis Business Summit to give practical advice for anyone looking to advertise effectively and responsibly.

You can watch the whole presentation above, download the powerpoint slides, or just look at the key takeaways below:

Seek out new markets. You can’t rely on your existing customers if you want to grow. You have to expand your customer base. The panel recommends thinking about women, senior citizens, health care professionals. These groups represent incredible potential for the industry that many businesses are not targeting with their marketing. At the very least, don’t actively repel these customers in your marketing effort.

Protect the medical credibility of cannabis. At its core, this is a medical business. Cannabis is positively changing patients lives across the country. Irresponsible marketing will undermine the medical argument.

Don’t market to children. No explanation needed.

Don’t alienate 50% of the population with sexist marketing. Women are not decorative. They are customers, who are more prone to chronic illness, more likely to make health care decisions for their families, and more willing to try alternative forms of medicine. Despite those facts, women make up only 34% of the medical registry in Colorado.

Finally, at the end of the day what’s important is not how you see your company, it’s how your customers see you. What they see is who you are.

If you found this article helpful and want to learn more, please consider attending the branding, regulation, and retail track of the upcoming Infused Products and Extraction Symposium being held in Denver October 28-30. Register today at http://cannabisbusinesssummit.com/infused/

Want to know how regulations will affect your cannabis-infused products business? Here's an expert's take

As someone who is an expert on Colorado’s regulatory structure, it goes without saying that when Jordan Wellington talks about the future of cannabis regulation, people listen.

An attorney and the Director of Compliance at Vicente Sederberg, Wellington helps his clients navigate the complex and ever-changing web of cannabis regulation. It’s a job for which he’s well-suited. Most notably, he was the sole staffer in charge of getting legislation through the Colorado General Assembly to implement Amendment 64. Serving as a policy analyst at the Colorado Department of Revenue’s Marijuana Enforcement Division, Wellington helped draft the first rules governing adult-use cannabis. He continues to help shape cannabis policy today as part of the working group tasked with regulating edibles in Colorado.

Learn more about Jordan Wellington and sign up to hear him speak at the Infused Products Symposium on October 28-30 in Denver by visiting http://cannabisbusinesssummit.com/infused

We recently had a chance to catch up with Wellington at his law firm to get his take on the regulatory future of infused products in America. Here are his key takeaways:

Expect regulations to get tighter in the near term. As successive states have moved forward with marijuana legalization in one form or another the trend has been toward ratcheting up regulation.

Politicians are seeking to be able to say to the public that they have created the most-tightly regulated system — more regulated than anything that has come before. This is especially true in terms of licensing. Wellington notes that Minnesota is issuing a total of five licenses to serve a population similar to Colorado, which has over 1,800 licenses.

In the long term, Wellington thinks the pendulum will swing back as legislators and the public become more comfortable with the industry.

The focus is going to stay on edibles. Expect stricter regulations on edibles, especially products that resemble ordinary foods as they are more likely to be accidentally ingested.

Other infused products such as lotions, patches, and other topicals are likely to see scrutiny in different areas. Policy makers are beginning to pay closer attention to the ingredients and chemicals going into those products and the efficacy of those products, especially in the medical products and how palliative they are.

Successful businesses stay flexible. The regulatory environment for marijuana changes very rapidly. Wellington notes that Colorado has undergone quite a few revisions to the rules governing edibles, especially in the last year. Businesses who remain nimble and are quick to adapt to a changing regulatory environment are far more likely to survive.

You can learn more about the regulatory future of infused products in America by attending the Infused Products and Extraction Symposium in Denver on October 28-30. Sign up today by visiting http://cannabisbusinesssummit.com/infused

A shortcut to making your edible business code-compliant

Understanding food safety code can be daunting even with a law degree and a magnifying glass for the fine print. So how can cannabis businesses expect to become compliant without spending hours pouring over hundreds of pages of regulations?

The answer is to enroll in a food safety certification course that’s designed specifically for your industry. For Maureen McNamara of Cannabis Trainers, it’s all about creating an interactive environment where people feel comfortable asking questions and getting the information they need to make infused products safely — not a tiresome lecture and a test.

For cannabis trainings, McNamara dials in to the specific needs of edible manufacturers and the cannabis industry. At a Cannabis Trainers event like the one McNamara is holding at the infused products symposium on October 29th, she dissects the food code and teaches only what you need to know to extract and infuse safely.

Through small group conversations and direct questions, you’ll feel comfortable asking the questions you were afraid to ask. And by the end of the day, you’ll gain a deep understanding of best practices in food safety.

To learn more about the upcoming training at the Infused products symposium, visit http://cannabisbusinesssummit.com/infused

Do's and Don'ts for how cannabis businesses can survive the cash-only world

While efforts are underway to give legitimate cannabis businesses access to banking, many are simply denied essential banking services and have to deal exclusively in cash. This can make it very difficult for small business owners to handle typically routine tasks like tracking inventory, paying suppliers, and managing payroll.

A cash-only system is also a public safety issue because it forces businesses to hold and transport large sums of cash, making them a target for crime. As Colorado State Representative Crisanta Duran notes,

“There is no doubt that having cash-only businesses… is not a safe way of doing business, and we want to do everything we can to continue to push the federal government to make the right decisions.”

The good news is that industry groups like the National Cannabis Industry Association are lobbying Congress to open up the banking system to legitimate cannabis businesses. In the meantime, Lance Ott from Guardian Data Systems, who was also a speaker at the Cannabis Business Summit, has some practical Do’s and Don’ts for cannabis businesses feeling the cash-only squeeze.

DON’T

Use offshore accounts – This counts as money laundering, directly violates the Financial Crimes Enforcement Network (FinCEN) guidance, and could result in criminal money laundering charges against the merchant, the bank, and the processor routing the funds.

Miscode merchant services applications – Oftentimes cannabis businesses are misclassified as health centers, restaurants, or flower shops. It’s important to note that this is a big red flag for banks as well as a violation of the FinCEN guidance. Once the mistake has been discovered, a merchant’s funds can be held indefinitely and the merchant can be added to the terminated merchant file, making it basically impossible to ever open a merchant services account again without the help of a good (and expensive) attorney.

Keep your cash separate from cannabis – Cashless ATMs, which allow customers to use PIN-based debit cards to pay directly instead of withdrawing cash, are one alternative to cash-only purchases or traditional credit-card processing. Ott notes that this is more of a band-aid solution but is much better than running a cash-only operation or miscoding a merchant services application in the process of trying to get a credit-card processing account.

Work with a qualified financial professional – There are new groups emerging every day to serve the cannabis industry. Ott recommends doing your own research and due diligence. Work with a trusted advisor who has real-world experience in the industry and cares about the issues facing the community.

To learn more, please consider attending one of the many events that are part of the Cannabis Business Summit. Learn more at http://cannabisbusinesssummit.com

Analyze it! Scientific research that is bringing legitimacy to the industry

Of the many buzz words and lingo one hears in the cannabis world, “legitimacy” is bound to pop up. How can businesses become more legitimate? How can we change the perceptions of consumers, regulators and the public at large?

An often overlooked piece to that puzzle is the role science has played in not only raising the quality and consistency of products offered on the consumer market, but also easing human suffering in medical patients.

Who could forget Dr. Sanjay Gupta’s groundbreaking piece reversing his attitudes about legal cannabis after studying the molecular structure of the plant and seeing its medicinal qualities change lives in people like Charlotte Figi.

CannLabs’ Genifer Murray is at the forefront of the movement to make research and testing a bedrock of the cannabis industry. According to her:

“Science has played a huge part in legitimizing this industry. The more we find out about the plant, the better it’s going to be for patients and consumers.” Murray continues: “Without science, we can only anecdotally talk about this plant and I want hard facts.”

It’s a sentiment echoed by others in the industry looking to elevate the quality of their products. Julie Dooley, a CannLabs customer herself explains how she hopes to use research and testing to offer products to her customers with scientifically proven therapeutic and medicinal effects.

“We know that sativas are uplifting and very euphoric. We know indicas are sleepy and relaxing… But we can go further than that because now we know there are indicas that aren’t sleepy at all, but they are extraordinary pain relievers. Once we start studying this further, this is just the beginning. Especially in California where people are really studying the terpenes and the flavonoids that are inside along with the cannabinoids. Once we find a strain, we hope to be able to determine: What’s in this? What’s spiking?”

Dooley contends that years down the road, science and research are going to allow retailers to definitively help consumers target symptoms like anxiety or pain relief.

The Infused Product and Extraction Symposium is just a little over a month away (October 27-29). But with two full days of workshops, trainings, general sessions, panels and networking events, it can seem a little overwhelming to know what you’re in for. To make it easy, we’ve visualized some of the highlights in this handy infographic. It only takes 5 minutes to sign up, so be sure to visit http://cannabisbusinesssummit.com/infused to save your spot!

On the record: How to talk to the press as a member of the cannabis industry

Say you’re a successful small business owner. You’ve spent years building your company, honing your expertise, and perfecting your business processes. But what do you do when a reporter comes calling?

In the cannabis industry, that’s a very real possibility. As legalization efforts are underway in other states, the media has shown no sign of curbing its seemingly insatiable appetite for stories about the legal markets in Colorado and Washington.

Yet very few small business people working in the cannabis space have much experience interacting with the media in ways that are beneficial for both their business and the industry as a whole.

Enter PR experts Mason Tvert and Taylor West.

Tvert is perhaps the most recognized face in the legalization movement in Colorado. As the Communications Director of the Marijuana Policy Project, Tvert continues to change the way the public perceives and talks about cannabis at the national level. West is the Deputy Director of the National Cannabis Industry Association. Prior to coming aboard NCIA, West built her career in the high stakes world of national politics working on Presidential campaigns and on behalf of clients at a Washington DC based public relations firm.

In their 45 minute presentation at the Cannabis Business Summit, Tvert and West offer practical advice for businesses owners and cover a wide range of topics such as:

Build relationships with reporters based on trust

Tvert argues that there are quite a few ways people may unintentionally mislead reporters. Exaggeration or guessing at statistics are great examples. His advice is practical: if you don’t know specific numbers, don’t cite specific numbers. There is nothing wrong with saying “I don’t know,” and following up with the reporter with accurate information. At the end of the day, it’s important the media sees the industry as reliable sources of information.

Talk about the industry in a positive and professional way

West stressed the importance of putting forward the image of a professional industry. Business owners should always be aware of the image they are projecting. If a camera crew is at the store, think about making sure you and your employees are dressed the way you want to be seen, as professionals.

West also stressed the importance of continuing to make the case that cannabis businesses are small businesses just like any other and should be treated fairly. People understand when you talk to them about small businesses. Even if the public has preconceptions about the cannabis industry, that doesn’t make you any less of a legitimate business.

Recognize opportunities to promote your business in the media

West suggests paying attention to the kinds of stories that get coverage in the local media and looking for what they have in common. Most often, they will be stories with a human interest element, so she suggests working with customers to find personal stories in which the business plays an important role.

If you find this information useful, please consider the Branding, Regulation, and Retail track at the upcoming Infused Products Symposium hosted by the National Cannabis Industry Association. For more information, visit http://cannabisbusinesssummit.com/infused/

Julie Dooley of Julie's Baked Goods lays out her predictions for edible regulations

Photo: http://www.juliesbakedgoodsmmj.com

Predicting how lawmakers, bureaucrats, and regulators will come down on most laws can be a daunting proposition. Throw cannabis into that mix and it’s anyone’s guess how things will turn out. But in Colorado, the state has tried to bring together a diverse group of policy makers, industry representatives, and concerned citizens to develop a sensible approach to edibles.

Among that group is Julie Dooley, the owner and co-creator of Julie’s Baked Goods. Besides being an entrepreneur who creates gluten-free and strain-specific edible products, Dooley is deeply involved with the House Bill 1366 working group tasked with creating recommendations for regulating cannabis edibles in Colorado.

Being so close to the process, we naturally wanted Julie to look into the crystal ball and give us her thoughts on the kinds of regulations edible makers can expect on their products.

Here’s Julie’s take:

Child-proof packaging is here to stay.

Most edible manufacturers are creating single, 10 mg servings for the recreational consumer.

Expect to see more individual packaging or containers with built in measuring devices.

Simplified language on edible packaging so consumers understand the important information without being bogged down by dense and redundant warnings

What remains to be seen is if a proposal to stamp or color all edibles gets any traction with lawmakers. Julie, like her colleagues, hopes the state can work with manufacturers to find the right balance that protects children and educates consumers without placing costly burdens on edible makers.

Cannabis Trainers' Maureen McNamara details three ways to improve your business's food safety procedures

Training has been Maureen McNamara’s gig for over 20 years. Having cut her teeth in the rough and tumble hospitality world, Maureen realized her 20+ years of experience were well-suited to serve the burgeoning cannabis industry.

In partnership with the National Cannabis Industry Association, Maureen now offers a certification course in food safety for edible manufacturers as well as a responsible vendor program for budtenders, owners, and managers to teach them to sell safely, knowledgeably, and responsibly.

You can learn more about her trainings at www.cannabistrainers.com and take part in one of her trainings at the Infused Products Symposium which runs from October 27 – 28. For more details visit:http://cannabisbusinesssummit.com/infused-product-symposium/

Colorado’s Director of Marijuana Coordination tackles banking, edibles and youth prevention

Andrew Freedman is Colorado’s Director of Marijuana Coordination, which he jokes is a job title that stirs envy amongst his law school friends, even if it came with a healthy pay cut.

In his panel “Colorado & Washington: Successes and Challenges from the Frontier of Post-Prohibition America,” Freedman tackles three of the hottest and often controversial issues facing the industry: banking, edibles, and the Governor’s youth prevention campaign.

On banking: "We want the cash off the streets. We want a banking solution."

We passed a bill last session that allows for the formation of basically a credit union style co-op that can go straight to the federal reserve and ask for access without having to get federal insurance which seems to be a roadblock.

We're pushing forward for credit unions to create marijuana only credit unions… We want the cash off the streets, we want a banking solution and so we are helping anybody advocate for any position out there.

On edibles: "How do we make it intuitive [for consumers] so they know how much they're eating."

We're working on edibles pretty hard right now, and there's been a task force put together for that with representatives from industry, public health, and concerned citizens.

...There's two standards in there, one like always is how we try prevent accidental ingestion by young people, and the second one being how do we make it -- taking in mind the consumer who's walking in without any sort of culture, public education -- how do we make it intuitive when they are having one serving so they know how much they're eating absent any budtender telling them how much they should split it into.

On youth prevention: "It's [incumbent] on all of us to make sure it stays out of the hands of people under the age of 21."

Over the coming months I hope we will come out with our youth prevention campaign which won’t be about the legalization debate, it will be about teenage use and what it does for teenagers. We’ve been working closely with industry on that to get feedback on where it goes.

I think everyone can understand one of the things that really could stop legalization in its tracks is if we see a dramatic increase in youth use from it, not to say that’s where we see the data going but that it’s [incumbent] on all of us to make sure it stays out of the hands of people under the age of 21.

INFOGRAPHIC: How much cannabis is Colorado consuming? A market study visualized

The legal cannabis market is less than eight months old, but a new state report is providing us with some hard data about the size and scope of consumer demand in Colorado.

While the study draws on a limited range of data (3 months), the report still provides a never before seen view of the data behind legal cannabis sales.

Explore the highlights of this report in this infographic:

VIDEO: How Dixie Elixirs is navigating a complex regulatory environment to take their brand national

If you live in Colorado, chances are you’ve come across Dixie Elixirs and their line of infused beverages and edibles. Founded in 2010, Dixie Elixirs was the first recipient of an infused products retail marijuana license from the State of Colorado and has since grown by leaps and bounds.

The company recently invested $5.5 million in a new production facility to meet the growing demand in the adult use market. In this video, Dixie’s Managing Director, Tripp Keeber describes how the company is navigating an ever-changing regulatory framework to expand beyond Colorado into national markets.

Is the end of cannabis prohibition inevitable? Not by a long shot says ArcView’s Troy Dayton

Troy Dayton is the CEO of ArcView, an investment group that connects cannabis entrepreneurs with investors. In the last year alone, ArcView has helped 14 companies raise over $10 million to grow their businesses.

Cannabis is fully legal in Colorado and Washington, and there are movements in at least 10 other states to legalize cannabis for medicinal or adult use. Public opinion polling shows majority support for legalization, and the New York times has called for an end to prohibition in a stunning set of editorials.

So is the end of cannabis prohibition inevitable? Not by a long shot, argues Troy Dayton, the CEO and co-founder or ArcView.

In his keynote address to the Cannabis Business Summit in Denver, Dayton repeatedly warned the audience to stay vigilant and stressed how important it was to make sure the industry’s voice is heard in Washington.

“It wasn’t hopeless then and it certainly isn’t inevitable now... This is only inevitable if people put their desire and passion into action and continue to donate, continue to take action, and continue to move the ball forward politically.”

If your business would like to stay engaged, consider becoming a member of the National Cannabis Industry Association and sign up for future events where you will learn how to grow your business and protect your investment.

Trending Blogs

Recently Viewed Blogs

Cannabis Business Summit