On the incredible value and importance of building an audience

What I got right was building an audience. I see 99.999% of people building businesses that have no actual audience. They have no demand. They have no desire. And I’ve built an email list of over a hundred thousand people and counting. At any given time, [if] I want to hit them up and tell them about what I’m doing, they’re going to be there for me. They’re going to buy my products. They’re the ones who go to dispensaries. They’re the ones who’ve put food on my table and kept me going. My audience is invaluable, and I focused on that. And that was because I was saying something, and I was catering to a niche that didn’t exist.

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The people who are really scared of THC, I always give them the bath bomb first because it’s like a door opener. That’s literally why I have stayed on the shelves of this market. They’re effective; your skin is your biggest organ.

You soak in a tub of hot water, open up your pores, and then your body absorbs the cannabinoids, and it’s like you don’t get high from the bath bomb, but your skin gets high—and people, it changes their lives, […], especially like athletes’ recovery. Lady Gaga uses my bath bombs after her show in Vegas[, too].

Like all those viral baths she posted, those are Kush Queen bath bombs. There are so many athletes and people who have [used these]; there’s [even] a group of nuns buying us out at the Med Men store. They’re buying everything they had because they told people at Med Men that our baths were helping them speak to God.

And I think it’s because it’s also a form of meditation. You get in there; you’re soaking; you’re not really on your phone; you’re, like, with yourself.

Olivia Alexander, CEO & Founder of Kush Queen

On the importance of feeling in control

A lot of women like don’t want to feel out of control; they don’t want to feel like they have no control over their bodies. Now, you eat a certain amount of THC, your heart [rate]’s going to increase, but that also happens to the skin, to the body.

You increase circulation, you have deep relaxation, and then you combine them with essential oils, which is also combining a whole different type of herbal medicine.

Dime

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The cannabis industry will grow tremendously over the next few years, with analysts predicting it will be as big as a hundred-billion-dollar industry. The legalization of cannabis in many states has opened the door to a variety of new opportunities, including the development of new products and services, the growth of existing businesses, and the introduction of new technologies. With challenging times ahead, it is essential to understand how far the industry has come and to view your company’s place in the industry from a macro perspective. As more states legalize cannabis, the stigma associated with cannabis use continues to decrease. A stigma reduction will likely lead to increased demand for cannabis products and further investment in the industry. The long-term future of the cannabis industry is bright, so don’t be afraid to take risks and explore new opportunities.

Kellen Finney, Eighth Revolution

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Happy New Year! Turning the calendar year to 2023 brings the conclusion of a challenging year for the cannabis industry. Optimism around a catalyst has started to settle, and the belief that the path forward will continue with challenges remains. More states will be unlocked this year, bringing enthusiasm for new opportunities and for the incumbents ready to fight in the struggle known as cannabis.

Bryan Fields, Eighth Revolution

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Some companies play the move in front of them, and others are 5-10 moves ahead.

Like grand masters, certain moves only come to the front after additional actions happen that enlighten the strategy.

Strategic locations or being patient are critical in a high-stakes, capital-intensive industry.

The beauty of this strategy is that it goes relatively unnoticed by the majority. Sure, most see the main assets that are bright and bold, but the smaller elements are the true beauty of these strategic measures.

These calculated moves and positions sit and idle until the time is right.

These visionary strategists see the board in cannabis differently.

They can see future moves, counterattacks, and obstacles in the distance, especially where the landscape is still unknown.

This is their superpower.

“All men can see the tactics whereby I conquer, but what none can see is the strategy out of which victory is evolved.” – Sun Tzu, The Art of War

Most can agree on the basic principles.

Cannabis is not going away.

  • States will continue to legalize
  • Medical markets will convert to adult use
  • Interstate commerce will happen
  • Federal legalization
  • Operational expertise will grow
  • Research is coming
  • Politicians will eventually stop using cannabis as a pawn

The current game these cannabis companies are playing will look entirely different in 15- 20 years.

The current game has challenging conditions. In the future, the challenging conditions will be different.

Some are aggressively fighting to survive or wandering blindly through the forest. It’s survival at all costs.

Others have the foresight for the future and are aggressively building foundational resources that are difficult for the everyday person to see.

Both can win.

The ones that understand the optionality and flexibility required to survive the unknown today in preparation for the future will have a wider edge when the time comes.

Until then, happy hunting and surviving.

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What happens after an acquisition?

We have a whole team that’s dedicated to working on this. There’s always [that] beautiful [bit of] corporate speak called “post-integration.” What [this] means is: how do we all work together now? What can we learn from you? What can you learn from us? And it’s really about bringing [the] best practices [and] also about finding more efficient ways of working.

What’s the most misunderstood thing about Jushi Holding?

I think the thing to keep in mind with us is [that] a lot of what we’ve done is […] very medium and long-term focused. [With] Virginia, […] we’ve been investing for two years.

If you’re looking for immediate kind of results, we didn’t put that kind of money into Virginia because it’s just a medical market that’s small. [But] we did that because we’re looking at January 1st, 2024. We’re going to be the only operator in an area of two and a half million people.

2023 is a hugely transformative year for us [in which] those investments should pay off. That comes in a number of ways. One is [that] when we didn’t have any growers [or] processors, we weren’t selling any of our products in our stores because we didn’t have any of our products. I think now [that] we’re somewhere around 20% of retail sales [being] from our brand of product.

Olivier Blechner, EVP of Business Development at Jushi Holding

Early Jushi Strategy Days

It started when I moved here. We had a meeting at Jim’s home. The entire company could actually fit around the dining table. We had sessions where we discussed, “Hey, which states do we want to be in? Where do we […] want to focus? What should the strategy be? Then you kind of go along, and then, you adjust. I think that’s just the nature of entrepreneurship. It’s the nature of decision making, and you learn more, and you adapt, stuff happens, and stuff changes.

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