Mike Gorenstein joined us for the Digital Workshop and shared his thoughts on growth within the cannabis industry. He touched on a few key points. As the market matures and opens up, new opportunities for innovation present themselves. Mike compares Canada and Europe’s approach to the industry against the United States and makes a few key observations. Although we’ve come a long way, we still must bridge the divide between what science is learning about cannabis and what the general public accepts as fact in order to destigmatize the substance. On the business end of things, it’s time for the cannabis players to shift their focus from raising capital to developing a profitable, sustainable business model. Mike suggests that those within the cannabis industry begin to pick a specialization within the value and supply chain. Since the industry is so young, it’s important that business owners look at their own core competencies and focus on building a business around those as opposed to trying to do what everyone else is doing. Cannabis is somewhat recession proof, because both healthcare and social lubricants have a history of holding up during recessions. Mike defines and outlines the theory behind running a lean company. Outlining your corporate identity and competitive advantage offers a framework for which to build your business. The industry is in a “boom or bust” phase. Who will survive? Find out more by watching the full conversation below.
Please login or register for free to keep reading. We’ll never sell or share your information…but we will send you a weekly newsletter and eventually even more unique direct insight.