33% of Americans have tried CBD, per a 2020 Singlecare report.
64% of Americans are familiar with CBD.
The novelty of CBD is wearing off and the industry is quickly maturing. We all need to prepare before maturation or risk being left behind. What your customers are shopping for today is probably not what they will desire tomorrow.
Self-taught cannabis cultivator and business owner, Brandon Banks, stands up for minority inclusion in the industry both as an individual and as a member of Minority Cannabis Business Association. Listen to his passionate journey of getting into the industry from growing sprouts in his basement to award-winning cannabis strains, and becoming a dispensary owner.
Despite more state regulations being progressively created in the US, there are significant gaps on social equity and industry accessibility to minorities. Community reinvestment and license openings are just a couple of goals in the MCBA’s work. Their members participate in policy creation to raise these matters and aim for more inclusive legal frameworks.
You can get in touch with Brandon at brandonb@minoritycannabis.org or visit minoritycannabis.org to learn more.
Our conversation with Bill Loucks went around the perception cops have on hemp and cannabis, how consumers and businesses in the industry can contribute to a safer use and what further is there to do about a broader awareness of hemp.
Bill started with a couple stories that led to his mindset switch from regarding hemp as a dangerous substance to becoming a commodity.
Moving on, Bill shared his view on law enforcement pointing out that most police officers are unaware of the difference between hemp and cannabis, which leads to confusion and also strengthens stereotypes.
Following the latter, he listed best practice tips for consumers and businesses in the hemp industry, to support the authorities to determine the legality of the product being used or manufactured. For growers, he explained why it is important to communicate with the police on harvest season.
Bill finished with his consideration on the next step in the transition to greater social acceptance around hemp-derived products.
You can reach out to Bill at www.HempCops.com or Bill@hempcops.com to get further guidance and information on training programs.
There are approximately 3,000 CBD brands in the United States; how do you stand out in such a large crowd?
Best-selling business author Mike Michalowicz joined us to shed a light on differentiating your business, one particular frustration for many hemp entrepreneurs. From systematizing our business, to taking on the courage to be different than the competition, Mike shares advice for those seeking to turn their brands into unique players in their field.
Spoiler alert: you may start with something really small, you don’t have to re-invent your industry.
For exclusive resources from Mike to our podcast listeners go here.
Mike’s new book Get Different will launch in September and can be found here.
If you’re in the hemp and CBD business, why should a customer do business with you versus every other option, including doing nothing? And you can’t say because your products are better or higher quality… that doesn’t really mean anything because anybody can claim that. Why should somebody REALLY buy CBD from you?
Your business may be doing well now but at some point, it will struggle. Every business goes through ups and downs and you’re probably no special snowflake that this won’t happen to. How will your point of differentiation get you through the dark and hard periods?
I think you will be very excited about this next podcast episode with best selling author Mike Michalowicz.
I’ve read nearly all of Mike’s books and his lessons have been slowly transforming our companies in a very positive and meaningful way.
Mike was kind enough to create a list of resources exclusively for the listeners of the Hemp Startup Journey podcast.
Check out the free resources and learn more about how Mike’s lessons on entrepreneurship transformed him from struggling and depressed to loving his work and being fulfilled by it.
Creativity and Cannabis go together. In this episode, Jade and Harlee, owners of Ladies of Paradise and Lady Jays prove the point. They use branding, unique events, and their own line of smokables to make people, especially women, feel comfortable with consumption of cannabis.
Learn how Jade and Harlee do really cool branding that gets people talking and sharing their message.
The Ladies shared their perspective on industrial hemp for the future, and how positioning themselves with hemp today is strategic to take on upcoming opportunities arising from new regulations.
The conversation wrapped up with a brief story highlighting how their business has taken part in opportunities for giving back to society.
Get in touch with Ladies of Paradise at:
Web: Ladies of Paradise / Lady Jays
Instagram: @ladiesofparadise @smokeladyjays
In this engaging conversation with FDA compliance expert Asa Waldstein, we discuss how to avoid a FDA warning letter which surprisingly goes way beyond what businesses state on a product label. We cover best practices for CBD company social media managers, effective marketing messages with lower risk language, dos and don’ts of reposting and hashtags, mitigating compliance risk, avoiding making CBD health claims and how to market your products instead.
You will find out what it means for Asa to Create Authentic Excitement in your differentiation strategy and the peace of mind you may get from it.
We also discuss cGMP compliance and Asa’s recommendations for Spectrum Labs’ GMP accreditation journey.
You may connect with Asa on his LinkedIn and website. Read more about the Warning Letter Review blog post referenced in this episode.
When we considered getting our CBD extraction and private labeling lab cGMP (current Good Manufacturing Processes) Certified, we thought it would mean:
Tens of thousands of dollars in expenses…
Hundreds of company standards in need of documentation…
Months of grueling, detailed, unsexy work…
Stress! Lots of stress!
And when it came time to decide whether we should do it, our decision was…
One of the most relevant personalities in the Cannabis Industry, Nancy Whiteman shares her insights on the creation of brands and products in a highly competitive, challenging and saturated market.
Amidst bigger competition, unclear regulations and more selective dispensaries, Nancy stands by starting with the value and with the product rather than on visual aspects. For Wana Brands introducing gummies was a novelty, and even so they dedicated effort to improving their manufacturing process to elevate the product quality – resulting in a key market differentiator.
How can a Cannabis company decide where to focus as they grow and scale? Nancy talks about understanding the market and the powerful role of innovation in the cannabis and hemp space, which also represents a huge source of opportunities when combined with market and consumer research.
Wrapping up, our guest shares her take on how entrepreneurs should prepare for the future in the hemp space
You may connect with Nancy on her LinkedIn.
Talk about a hockey stick growth curve!
Can you guess which hemp product is blowing up like this?
If you guessed CBG…you’d be wrong! ❌❌❌
Spectrum Labs
2690 Hendersonville Rd
Arden, NC 28704
(828) 229-7952
info@thespectrumlabs.com
