Meet Hope Wiseman Q&A
Hi, I’m Hope. Welcome to my newsletter Cannabiz. Many of you know my story but in case you don’t, here it is in one really long run on sentence: I’m a former pageant girl/pro cheerleader who graduated from Spelman College with a degree in Economics and then went on to work as an equity sales analyst before deciding to take a leap of faith and pursue entrepreneurship in the cannabis industry at age 22.
For the last 9 years, I have poured my energy into understanding the cannabis industry in and out. In the process, I have fallen in love with the plant and culture around it. Fast forward to today, I have a platform that allows me to reach other entrepreneurs around the country (soon around the 🌎) and offer them healing, resources, education, and inspiration. I couldn’t be more grateful for the opportunity to create community and help other’s manifest the life that God has called them to live. I feel blessed 🙏🏽
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Q&A Sesh
In my caption I asked you guys what else you wanted to know about the cannabis industry and I got a bunch of great questions, so let’s dive in:
Q:
A:
First off, thank you babe! I’m so happy to hear you got value out of the conversation!
When you want to be part of the cannabis industry, you have to decide which part you want to work in. It's important to know the different types of licenses that are available; the three most common being: retail (dispensary), manufacturing (processing), or cultivation (growing). Then there’s the Ancillary side of the industry - companies that provide products or services, but do not actually grow or sell cannabis themselves.
To decide what is best for you, you must consider where your interest, skillset and resources align. Ancillary can be a way to take your existing skillset and transfer it to the cannabis industry, niching down and being able to charge more for your specific expertise. If you are interested in a plant-touching, licensed business (& not considering expenses)- Think about what you like to do and what you're good at. If you like working with people and have a passion for customer service, retail might be good for you. If you want to make finished products and create brands, processing might be the way to go. Cultivation is the nucleus of our industry and while a passion for cannabis is important, technical skills and knowledge are also necessary for a successful cannabis cultivator.
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All products sold in a legal dispensary should be 3rd party lab tested. States all have their different testing requirements but almost always they are required to test for the presence of harmful pesticides, metals, and other harmful chemicals/materials. This is one of the benefits of a regulated industry (or at least supposed to be). This comes in the form of a certificate of analysis (COA). If they don’t have one…run…🏃🏽♀️
As for terpenes: Terpenes are organic compounds that are found in many plants and foods, including cannabis. They are responsible for the smell and taste of strains, and they can also have a variety of effects on the body and mind. Some terpenes are known for their calming and relaxing properties, while others are associated with increased energy and focus. When choosing products for you, the terpene content is not the only factor to consider. The potency of the strain, the growing conditions, and the curing process can all affect the quality of the final product. So get to know your grower my friends….
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Access to capital, especially start up capital, is extremely limited. However, thanks to social equity advocates, states have begin to acknowledge the struggle of minority entrepreneurs and provide resources to help them get businesses off the ground. Many states have even created funds that provide grants, no interest and low interest loans exclusively to minority owned cannabis businesses. For ancillary businesses, states and local municipalities are always putting out RFPs for services related to cannabis like education, land use, marketing, and more. As far as delivery, it does traditionally have a lower start up cost making it attractive to a lot of entrepreneurs (also some states have even made this license exclusive for people who fit a social equity profile, like MA)
👀SN:
I am actually working on creating a community for cannapreuners trying to break into the industry so it would be the perfect place to network and create those partnerships you mentioned leveraging. Legal and Licensed Community loading…
Hi Hope, congrats on your success! Do you provide consultations for those looking to get into the industry?
Hello Hope
I was looking for a lil advice on what should someone who works in the industry that’s lookin to open a dispensary with limited funds in the state of Ohio but also open to branching out to other states just lookin for what my next steps should be. Thank you