MJBizMag November-December 2020 - 74

THRIVE
SURVIVE
market taught him the importance of
opening stores in locations with few
competitors and inexpensive real estate.
While Adedeji worked on reopening
his Eugene store, he also set his sights
on Massachusetts, where towns in many
rural parts of the state had capped the
number of cannabis retail licenses at one
or two. He studied the state for locations
and eventually settled on Athol, a town
in north-central Massachusetts about
10 miles from the New Hampshire
border, which had allotted two licenses.
Winning one of the two licenses in
town and being one of a few retailers in
the area " makes our license even more
valuable, " he said.
Adedeji also has licenses and
retail space secured in Orange and
Williamstown, Massachusetts, each
about 10 miles from the New Hampshire
and New York state borders, respectively.
Not only are those retail locations in
low-competition areas, they are in rural
areas of the state where property prices
are far less expensive than in the Boston
metro area. He also expects to be able to
attract customers from nearby New York
and New Hampshire.
" We strategically picked those smaller
towns in the border areas of those states, "
Adedeji said.
Owning Instead of
Leasing Real Estate
Has Advantages
Adedeji's previous experience of being
forced to move by a landlord also taught
him it's better to own your building than
to lease it. So when he wanted to break
into Massachusetts, he took the profits
from his first Eugene store and in 2018
bought property for the Athol store.
Owning his own real estate also
made it easier to secure a loan to
finance the Athol store's launch.
Adedeji was able to offer his property
as collateral to secure a $1 million
debt financing from Tilt Holdings,
a Cambridge, Massachusetts-based
cannabis company whose services
include financing. The loan was
" Your real estate can
determine a lot about your
success or your failure. "
-Seun Adedeji
issued at 8% annual interest and has a
10-year term.
" It gave me an asset when I needed
more money, " Adedeji said of the
property.
It also meant he wouldn't have to pay
rent on the space while waiting for his
application to wind its way through
the approval process, a scenario that
can sometimes take years. Indeed,
many aspiring marijuana entrepreneurs
74 Marijuana Business Magazine | November-December 2020
who submitted applications in
Massachusetts went out of business
before they could open their doors
because monthly rental payments
drained their capital reserves.
" If I didn't own my property, I would
have been screwed paying a landlord
constantly. That's what really affects
people, " Adedeji said. " Your real estate
can determine a lot about your success
or your failure. "
AND

MJBizMag November-December 2020

Table of Contents for the Digital Edition of MJBizMag November-December 2020

MJBizMag November-December 2020 - 1
MJBizMag November-December 2020 - 2
MJBizMag November-December 2020 - 3
MJBizMag November-December 2020 - 4
MJBizMag November-December 2020 - 5
MJBizMag November-December 2020 - 6
MJBizMag November-December 2020 - 7
MJBizMag November-December 2020 - 8
MJBizMag November-December 2020 - 9
MJBizMag November-December 2020 - 10
MJBizMag November-December 2020 - 11
MJBizMag November-December 2020 - 12
MJBizMag November-December 2020 - 13
MJBizMag November-December 2020 - 14
MJBizMag November-December 2020 - 15
MJBizMag November-December 2020 - 16
MJBizMag November-December 2020 - 17
MJBizMag November-December 2020 - 18
MJBizMag November-December 2020 - 19
MJBizMag November-December 2020 - 20
MJBizMag November-December 2020 - 21
MJBizMag November-December 2020 - 22
MJBizMag November-December 2020 - 23
MJBizMag November-December 2020 - 24
MJBizMag November-December 2020 - 25
MJBizMag November-December 2020 - 26
MJBizMag November-December 2020 - 27
MJBizMag November-December 2020 - 28
MJBizMag November-December 2020 - 29
MJBizMag November-December 2020 - 30
MJBizMag November-December 2020 - 31
MJBizMag November-December 2020 - 32
MJBizMag November-December 2020 - 33
MJBizMag November-December 2020 - 34
MJBizMag November-December 2020 - 35
MJBizMag November-December 2020 - 36
MJBizMag November-December 2020 - 37
MJBizMag November-December 2020 - 38
MJBizMag November-December 2020 - 39
MJBizMag November-December 2020 - 40
MJBizMag November-December 2020 - 41
MJBizMag November-December 2020 - 42
MJBizMag November-December 2020 - 43
MJBizMag November-December 2020 - 44
MJBizMag November-December 2020 - 45
MJBizMag November-December 2020 - 46
MJBizMag November-December 2020 - 47
MJBizMag November-December 2020 - 48
MJBizMag November-December 2020 - 49
MJBizMag November-December 2020 - 50
MJBizMag November-December 2020 - 51
MJBizMag November-December 2020 - 52
MJBizMag November-December 2020 - 53
MJBizMag November-December 2020 - 54
MJBizMag November-December 2020 - 55
MJBizMag November-December 2020 - 56
MJBizMag November-December 2020 - 57
MJBizMag November-December 2020 - 58
MJBizMag November-December 2020 - 59
MJBizMag November-December 2020 - 60
MJBizMag November-December 2020 - 61
MJBizMag November-December 2020 - 62
MJBizMag November-December 2020 - 63
MJBizMag November-December 2020 - 64
MJBizMag November-December 2020 - 65
MJBizMag November-December 2020 - 66
MJBizMag November-December 2020 - 67
MJBizMag November-December 2020 - 68
MJBizMag November-December 2020 - 69
MJBizMag November-December 2020 - 70
MJBizMag November-December 2020 - 71
MJBizMag November-December 2020 - 72
MJBizMag November-December 2020 - 73
MJBizMag November-December 2020 - 74
MJBizMag November-December 2020 - 75
MJBizMag November-December 2020 - 76
MJBizMag November-December 2020 - 77
MJBizMag November-December 2020 - 78
MJBizMag November-December 2020 - 79
MJBizMag November-December 2020 - 80
MJBizMag November-December 2020 - 81
MJBizMag November-December 2020 - 82
MJBizMag November-December 2020 - 83
MJBizMag November-December 2020 - 84
MJBizMag November-December 2020 - 85
MJBizMag November-December 2020 - 86
MJBizMag November-December 2020 - 87
MJBizMag November-December 2020 - 88
MJBizMag November-December 2020 - 89
MJBizMag November-December 2020 - 90
MJBizMag November-December 2020 - 91
MJBizMag November-December 2020 - 92
MJBizMag November-December 2020 - 93
MJBizMag November-December 2020 - 94
MJBizMag November-December 2020 - 95
MJBizMag November-December 2020 - 96
MJBizMag November-December 2020 - 97
MJBizMag November-December 2020 - 98
MJBizMag November-December 2020 - 99
MJBizMag November-December 2020 - 100
MJBizMag November-December 2020 - 101
MJBizMag November-December 2020 - 102
MJBizMag November-December 2020 - 103
MJBizMag November-December 2020 - 104
MJBizMag November-December 2020 - 105
MJBizMag November-December 2020 - 106
MJBizMag November-December 2020 - 107
MJBizMag November-December 2020 - 108
MJBizMag November-December 2020 - 109
MJBizMag November-December 2020 - 110
MJBizMag November-December 2020 - 111
MJBizMag November-December 2020 - 112
MJBizMag November-December 2020 - 113
MJBizMag November-December 2020 - 114
MJBizMag November-December 2020 - 115
MJBizMag November-December 2020 - 116
MJBizMag November-December 2020 - 117
MJBizMag November-December 2020 - 118
MJBizMag November-December 2020 - 119
MJBizMag November-December 2020 - 120
MJBizMag November-December 2020 - 121
MJBizMag November-December 2020 - 122
MJBizMag November-December 2020 - 123
MJBizMag November-December 2020 - 124
MJBizMag November-December 2020 - 125
MJBizMag November-December 2020 - 126
MJBizMag November-December 2020 - 127
MJBizMag November-December 2020 - 128
MJBizMag November-December 2020 - 129
MJBizMag November-December 2020 - 130
MJBizMag November-December 2020 - 131
MJBizMag November-December 2020 - 132
MJBizMag November-December 2020 - 133
MJBizMag November-December 2020 - 134
MJBizMag November-December 2020 - 135
MJBizMag November-December 2020 - 136
MJBizMag November-December 2020 - 137
MJBizMag November-December 2020 - 138
MJBizMag November-December 2020 - 139
MJBizMag November-December 2020 - 140
https://www.nxtbook.com/emerald/MJBizMag/20241112
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-september-october-2024
https://www.nxtbook.com/emerald/MJBizMag/20240708
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-may-june-2024
https://www.nxtbook.com/emerald/MJBizMag/20240304
https://www.nxtbook.com/emerald/MJBizMag/20240102
https://www.nxtbook.com/emerald/MJBizMag/20231112
https://www.nxtbook.com/emerald/MJBizMag/202310
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-cannabis-packaging-23
https://www.nxtbook.com/emerald/MJBizMag/202309
https://www.nxtbook.com/emerald/MJBizMag/202308
https://www.nxtbook.com/emerald/MJBizMag/202307
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-may-june-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-april-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-retail-strategy-23
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-march-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-february-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-january-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-lighting-23
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-november-december-2022
https://www.nxtbook.com/emerald/MJBizMag/202210
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-sustainability
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-march-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-cannabis-retail
https://www.nxtbook.com/emerald/MJBizMag/202204
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-february-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-cannabis-security
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag
https://www.nxtbook.com/emerald/MJBizMag/202208
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-july-2022
https://www.nxtbook.com/emerald/MJBizMag/2022-buyers-guide-indoor-grow
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-may-june-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-packaging-automation-buyers-guide-january-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-november-december-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-october-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmagazine-september-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmagazine-september-2021-lighting-buyers-guide
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-august-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-july-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-may-june-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-april-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-march-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-february-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-january-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-january-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-november-december-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-october-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-september-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-august-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-july-2020
https://www.nxtbookmedia.com