Marijuana Business Magazine March 2019

March 2019 | mjbizdaily.com 71 A Time Machine Set for 2014 Picture yourself back on Jan. 1, 2014. Now imagine Colorado’s cannabis business owners of today were there with you. What have they learned in the past five years, and what would they do differently? That’s what Marijuana Business Magazine asked several executives of cannabis companies, both plant-touching and ancillary. Here’s a sampling of their answers: NANCYWHITEMAN CEO of Wana Brands, Boulder: Don’t ignore your gut reactions about people and partnerships. My worst decisions have been when I saw red flags but rationalized them away and moved forward. Strike a good balance between maintaining a sense of urgency and being thoughtful and deliberate about your strategies. TIMCULLEN CEO of Colorado Harvest, Denver: Over the years, there would be many things I would tell myself not to do again, but the most important is to keep the stress in check and focus on the big picture. The good people of Colorado voted to legalize marijuana, and it’s easy to get lost in the weeds with the day-to-day challenges—from banking, to raising capital to IRS audits to city and state rule changes. What I no longer do is worry that there is any issue we can’t overcome. I know that with the correct amount of time and effort, any issue we face can become an opportunity for us to grow into a more mature company that is better equipped to face the future. WANDA JAMES Owner of Simply Pure, Denver: Don’t focus on Colorado only—or focus on only one state. The cannabis industry is global; you must stay focused on all markets if you’re going to be successful. Unfortunately, Colorado has become the least profitable for new businesses. Keeping your brand growing in new markets is the key. PETER BARSOOM CEO of 1906 edibles, Denver: If there is one thing I would go back and change, we would have started competing for licenses in East Coast limited-license states much earlier. We believe we will be seeing more innovation and growth coming from the East Coast—eventually surpassingWest Coast markets. ANDYWILLIAMS Co-founder of Medicine Man, Denver: We have seen wholesale prices of cannabis fall from a high of about $3,500 per pound in 2010 to $600-$800 per pound in 2018. As cannabis becomes a commodity, the value of a company is more dependent upon brands and products. In 2017 we started a marijuana infused product facility, Medpharm, that is performing extraordinarily and is now also the first marijuana licensee in the country to also have a research license. We would have been well served to begin this company earlier to help our overall business valuation, to begin work establishing our brands and products and to be even more competitive on the retail front with the cost savings we achieved by supplying some of our own products other than just flower. KYLE SHERMAN CEO of Flowhub, Denver: It can be tempting to chase every opportunity with so much potential and low-hanging fruit in the cannabis space. Early on, we tried to solve a multitude of problems with little resources. If I could go back, I’d tell myself to focus on solving one problem at a time. When you try to do it all, you become distracted. It’s better to be the best at one thing with a clear sense of your intention and the value you provide to customers. JOHN AND AMY ANDRLE Co-owners of L’Eagle, Denver: We have always insisted on not having any partners or investors. Over the years, we’ve learned that if L’Eagle is going to compete with cannabis global elites, we’re going to need outside help. JULIE DOOLEY President of Julie’s Natural Edibles, Denver: Ten years ago, I would have told myself to automate as fast as possible rather than hiring a big team. And get everything in writing! JOHN LORD Owner of LivWell Enlightened Health, Denver: We would have been more proactive in advocating for the creation of a more expansive and inclusive ownership structure, the social impacts created by initial regulatory systems the Cole Memo was intended to obviate, such as more reasonable background- check requirements, fewer disqualifying criminal convictions, and other changes that would have lessened the barriers into the industry for minorities and women. — Bart Schaneman