In this episode, we’re discussing the importance of adopting a growth mindset when navigating the cannabis industry. Future demand relies on quality, consistency and reliability in the present. What can you do to scale your business? Join Agrify’s Matt Liotta and David Kessler along with special guest, Matthew Nordgren of Arcadian Fund.
What the Cannabis Industry Looks Like:
- States are starting to relax their residency requirements so nonresidents can apply to open cannabis businesses, which allows more people to enter the space—this just happened in Maine and has already been done in Colorado and Oregon.
- The regulatory changes, exhilarated by the pandemic, are great for the industry right now, because cannabis can help people, like how alcohol helped towards the end of prohibition, when similar world issues were happening.
- The industry grew 36% last year.
- Cannabis consumption is now becoming widely accepted and its access demanded, both medically and recreationally.
- 5-7% of adults in the world are active cannabis users, so because the population is so small compared to what it can be, there is a huge potential for the industry to grow.
- The industry is in a similar situation to Apple and other computer brands during the computer technology boom.
- Also, consumers aren’t going to be the same in the future, so it’s imperative to create a trustworthy and consistent brand.
- We didn’t have the resources to explore cannabis until recently, and we still don’t have a lot, but we do have enough technology to start now.
- With the decriminalization of cannabis, we can now conduct more interesting research on cannabis, not just research of “how cannabis is bad.”
How to Grow in the Industry:
- Consistency of chemical profiles and experience are linked—with 500+ chemical metabolites, each cannabis strain has unique effects, and people exploring it can find different strain effective for them and then love it more.
- Agrify can help consistently grow specific strains and help consumers identify consistence experiences in a brand.
- Another room for growth is the exploration of metabolites. Some interest is starting now in CBG, so in the future, minor metabolites will play bigger roles in product creation.
- At this point in the industry, not all the categories are defined yet, so we get to define them.