MJBizMag November-December 2020 - 72
THRIVE
SURVIVE
Elev8 opened two stores
in two states this year
and more are on the way
in 2021. Courtesy Photo
Elev8 opened two stores
in two states this year
and more are on the way
in 2021.
COMPANY: Elev8 | LOCATION: Eugene, Oregon, with operations in MA | SECTOR: Retailer
BOUNCING BACK
W
hen Seun Adedeji had to close
Elev8, his first marijuana
store in Eugene, Oregon, after
about a year in business, he didn't quit.
Instead, he took the lessons learned from
that first experience and started again.
Those lessons included:
* Don't do everything yourself.
* Pick underserved locations for
your stores.
* Owning real estate is better
than leasing.
In May, two years after Adedeji closed
the first Elev8 storefront, he reopened
the business in a more central location in
Eugene. In October, Adedeji opened his
first Massachusetts store in the town of
Athol. He plans to open two more stores
in Massachusetts in 2021, has submitted
applications in Illinois and is considering
a Michigan location.
" Don't take shortcuts, because it
comes back to bite you, " said Adedeji,
who immigrated to Chicago from Lagos,
Nigeria, when he was 3. " Opening my
first shop, I had to bootstrap everything.
I was just 23 when my first shop opened. "
Don't Be a 'COE'
One of the shortcuts
Adedeji took was not hiring enough help,
a mistake he attributed partly to being
undercapitalized and partly to underestimating
the demands of the business.
Adedeji managed the store, made
purchasing decisions, oversaw inventory,
hired employees, did the accounting and
all the other backend work required of a
retail store owner.
" I was the COE: chief of everything, "
Adedeji said.
So when Elev8's landlord told Adedeji
72 Marijuana Business Magazine | November-December 2020
Retail owner who closed first storefront is on the road to becoming
a multistate operator By Omar Sacirbey
he couldn't renew his lease, the young
entrepreneur didn't have a team in place
to look for a new location in time to stay
open. Instead, he decided to close Elev8's
doors-but only temporarily.
Adedeji was able to eventually transfer
his license and open the new Elev8 store
in downtown Eugene. This time, he hired
a payroll company, a chief financial officer
and other personnel to handle needs such
as human resources and accounting.
" Find your strength and find people to
complement your weaknesses. You don't
need to know it all, " Adedeji said. " Once I
was able to find the right people with the
right expertise, it made everything better. "
Go Where the
Competition Isn't
Adedeji's first go-round with owning
a retail store in Oregon's oversaturated
AND
MJBizMag November-December 2020
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