MJBizMag April 2023 - 50

SEED TO CEO Sound Bites from the MJBiz Podcast
E
veryone wants to get in on the cannabis market. The podcast
" Seed to CEO " gives marijuana entrepreneurs an edge.
We dive into our " Seed to CEO " interviews with cannabis
executives to learn the stories behind their successes and failures.
To hear from those who have been there and done that, visit
our podcast archive at mjbizdaily.com/podcast.
SEED
TOCEO
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These " Seed to CEO " podcast guests said:
JIM CACIOPPO
Founder, CEO and chair
Jushi Holdings
Boca Raton, Florida
FIFE SYMINGTON IV
CEO and managing director
Copperstate Farms
Phoenix
You need to lose money to grow in
this business-or any business, for
that matter.
Now, I'm not saying the whole
business needs to lose money.
But that growth area? You're
investing in it.
If you get licensed in Ohio and
you have no business (there),
you're spending capital, you're
hiring people, doing all this stuff
to get to profitability.
We have a (state) rating system
that's internal, and we feel like
we know exactly where we want
to go.
You want to look at things
like tax rates ... the number of
licenses, density, there's a bunch
of different things you want to
look at.
Everyone thought that the market
was going to double and then
double again. And they began the
process of adding a significant
amount of capacity ... and the
flower prices collapsed.
We're going through a fairly
painful process, as a market,
where for the majority of
producers to sell what they have,
they have to sell it below their
cost of production.
And it takes time to work
through that oversupply issue.
But, you know, this is not my
first rodeo. I've been through at
least five of these in the tomato
business. And we always say, the
cure for low prices is low prices.
REBECCA COLETT
Co-founder and CEO
Calyxeum
Detroit
When you're going out there
looking for investors, a lot of times
they want to see what you have
done yourself. How have you
invested in yourself?
So, we figured, instead of just
waiting around for somebody to
give us $1 million or $2 million,
we can at least start with
something.
We had a construction team
and electricians that we have
worked with. We were able to
talk to them and say, " What's
the bare minimum that we can
start off with ... and at least get
some product out there, so we
can make some money and put it
back into the business and repeat
that cycle? "
Comments have been edited for length and clarity.
50 April 2023 | MJBizMagazine
http://www.mjbizdaily.com/podcast

MJBizMag April 2023

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