Unseen Assets: How Non-Cannabis Skills Propel Success in the Cannabis World
The recently renovated Riff City played host to an enlightening Sensi event, where Cannabis industry professionals gathered to share insights and advice on navigating the complex landscape of cannabis business in New York State. The evening was marked by a compelling interview between Tom McManus from DRS Testing and Josh Alper from Harvest 360 Technologies, based out of Chicago.
The Pitfalls and Dangers for New License Holders
Tom McManus started the evening by exploring the challenges faced by new license holders in New York State, emphasizing that a lack of business acumen is often the root cause of failure. Drawing a parallel to the microbrewing boom of the past, he noted, "Years ago, everyone who was into microbrewing thought they would go pro. Now everyone with a few plants thinks that they'll go pro. We can watch the previous market to predict this one."
His analogy highlights a crucial point: passion alone isn't enough to sustain a business. The cannabis market, much like any other, is subject to the same economic principles. "The market takes care of itself," Tom remarked, underscoring that success requires both fortitude and intelligence.
The Myth of Market Saturation
A prevalent concern among new entrepreneurs is the fear of market saturation. Many worry that an influx of small dispensaries and brands will lead to inevitable failure. Tom, however, offered a different perspective. "There can be a million brands - that's fine. You just need a brand to stand out," he asserted.
This insight speaks to the importance of differentiation and branding in the cannabis industry. Standing out in a crowded market requires creativity, strategic thinking, and a unique value proposition.
Leveraging Existing Skills for Success
Tom addressed another significant concern: the lack of cannabis or entrepreneurial experience among new license holders. He emphasized that skills from other industries can be highly beneficial. "Having tax or accounting experience is great because you understand compliance," he said. "Or experience in team building and marketing."
His advice encourages aspiring cannabis entrepreneurs to leverage their existing skills and knowledge. Understanding compliance, building strong teams, and effective marketing are all critical components of a successful business.
The Importance of Culture and Smart Hiring
Creating a positive and intentional culture was another key theme of Tom's discussion. "Culture happens, whether you are trying to build a positive work culture or not. So be intentional”. The last thing a new business needs is to tear itself apart from the inside, so he said. “Hire smart people. Hire good people and let them do what they do," he advised.
But you may not always be able to hire everyone, and every skill set that your brand new company needs, so he advised outsourcing. “Even here tonight” he said, “we have outsourced insurance, and Human Resources, and recruiting.” Help is everywhere in Buffalo for the small and micro companies.
Conclusion
Tom McManus's advice highlights the importance of business acumen, differentiation, leveraging existing skills, and building a strong, intentional culture. As the cannabis market continues to evolve, these principles will be essential for navigating the challenges and seizing the opportunities ahead.
The Sensi event at Riff City provided valuable insights for anyone looking to enter the cannabis industry in New York State. To learn more about Sensi, contact Steven McMorrow from Thrive Agritech.
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