MJBizMag September 2022 - 58

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.
Each week, MJBiz interviews a cannabis executive to learn
the stories behind their successes and failures.
To hear from those who have been there and done that, visit
mjbizdaily.com/podcast or listen to " Seed to CEO " wherever you
get your podcasts.
These " Seed to CEO " podcast guests answered:
What has been your biggest challenge in the cannabis industry, and how did you overcome it?
SEED
TO
CEO
Tune In Today!
ANKUR RUNGTA
Co-founder and CEO, C3 Industries
Ann Arbor, Michigan
For a lot of businesses like ours
... where we're facing challenges
is really in 280E (the section of
the U.S. tax code that prohibits
cannabis companies from taking
standard business deductions).
What compounds that is the
cost of capital and how we
need to finance our businesses.
Because, while we're waiting
for this to get figured out, there
are going to be good, strong
businesses that really struggle or
maybe don't make it.
It's a business where you have
to be incredibly lean, always
thinking about not just your
profitability in a traditional
sense, but what does your cash
flow look like on a post-tax and
financing cost basis?
SCOTT KENYON
CEO, Würk
Denver
KATIE STEM
Co-founder and CEO, Peak Extracts
Portland, Oregon
I identified personnel changes
that I needed to make 60 to 90
days in, and I waited another 60
to 90 days to (take action).
I lost time-and, in turn, I didn't
grow the business as fast as I
would have. And our customers
weren't as happy as if I would
have made those changes.
So, trust your instincts, do your
due diligence. But once you go
there, don't continue to make
excuses or allow that to continue.
Because that person ... if they're
not being successful in their role,
and they aren't leaving, you're
doing them a disservice by trying
to keep them on an extra month.
Just trust yourself and make
those changes as soon as you
identify them.
Comments have been edited for length and clarity.
58 September 2022 | MJBizMagazine
Saying yes too much.
It's hard to know when an opportunity
presents itself whether it's
going to be a dead end or whether
it's going to yield something wonderful
for your company.
And I think-especially in
the first few years-I was less
discerning than I ought to have
been about making sure that I
was investing my time wisely in
the right projects.
That's still something that I
struggle with. But that's part of
the entrepreneurial spirit: You
have to keep taking risks, and
sometimes those risks don't pan
out.
http://mjbizdaily.com/podcast http://mjbizdaily.com/podcast

MJBizMag September 2022

Table of Contents for the Digital Edition of MJBizMag September 2022

MJBizMag September 2022 - 1
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