Last week we asked, “What common industry practices are most self-defeating?” Here are two interesting responses:
The most self-defeating behavior I have personally witnessed is big cannabis companies spending to keep local regulations as restrictive as possible to artificially limit their competition and boost their profits. It comes at the expense of patients and customers who need safe access. If a company needs to rely on an artificially created oligopoly to stay in business, they need to seriously evaluate the deficiencies in their business model and find ways to appeal to customers by offering quality products at fair prices.
Mitchell Colbert, Oakland CA
CEO and Founder, Full Spectrum Strategy
For me, its the general failure of the industry to realize that the business economics of cannabis are no different than any other industry. Big or small, a focused strategy and strong operational/financial control environments are requisites for success. Ultimately, not even strong consumer demand and resolution of the obvious regulatory/compliance issues will mask the inefficiencies of a poorly run business operation.
Dave Hickok, Los Angeles CA
Principal, Hiccox Consulting
Submitted via Leafwire
This week, we’ll ask the big, obvious question: How is your business adapting to Covid-19?
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