Nancy Whiteman, of Wana Brands, discusses operating in multiple markets that don’t behave like one another — for example, California and Illinois. She shares that “you have to approach every market kind of like the opposite of Groundhog Day. With a brand new set of rules. While you hope that there are learnings that you can bring from one market to another, sometimes you just have to say, my God, I’m on a different planet now, I’m not quite sure what I’m doing.” Whiteman warns of the mindset of wanting to grow as quickly and as broadly as possible, as lowering prices to get on the shelves is a decision you can’t step back from. She also discusses what might be next for Colorado now that House Bill 1090 has passed, the profound importance of picking exceptional partners to work with, being strategic about the markets you choose, THC v. CBD, and more.
Seth Adler:
Nancy Whiteman returns, welcome to Cannabis Economy. I'm your host, Seth Adler. Download episodes on CannEconomy.com, that's two Ns in the word economy, or wherever you currently get your podcasts. First, a word from our supporter, and then Nancy Whiteman.
Seth Adler:
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Seth Adler:
So, Nancy Whiteman, here we are. As I said to you before we turned on the microphones, it was only one year ago. In my mind, it feels like so much more time.
Nancy Whiteman:
Yes.
Seth Adler:
That we had our last conversation, on the podcast. At the time, we were talking about what? What do you remember your brain thinking, a year ago, versus now? Then, we'll get into how busy you've been over that year. How about that?
Nancy Whiteman:
That sounds good.
Seth Adler:
Okay.
Nancy Whiteman:
Okay.
Seth Adler:
Last year, you were thinking what, as you think about it now?
Nancy Whiteman:
Last year, I was thinking, how do we get to as many markets as possible, as fast as we can?
Seth Adler:
Okay, all right. Basically, you're sitting there, I'm talking to you, you are kind of listening to me. You're like, "We've got to get into as many markets as possible. How are we going to do this?"
Nancy Whiteman:
I was distracted, it's true.
Seth Adler:
"How are we going to do this?" I guess the next question would be, how did you do it, right?
Nancy Whiteman:
Well, we are now in seven markets.
Seth Adler:
Okay.
Nancy Whiteman:
So we're in Colorado, which is our home market, of course. We just recently launched in California, which is its own special trip.
Seth Adler:
Sure. Its own ... What do they have? Many, many fiefdoms.
Nancy Whiteman:
Yes.
Seth Adler:
Upon themselves.
Nancy Whiteman:
Yes, it is a fascinating place.
Seth Adler:
Yeah.
Nancy Whiteman:
We are in Oregon, then we are in the Midwest. We are in Illinois, Michigan, Ohio, and we're also in Arizona.
Seth Adler:
Okay.
Nancy Whiteman:
I think that's everybody. Then, we've got three more deals signed.
Seth Adler:
On the way?
Nancy Whiteman:
Yes.
Seth Adler:
All right. So podcast land knows no time, but we're talking about 2019. And now, you're operating in a number of different markets, with a number of different regulators. Colorado, we know that, we've talked about that.
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