Ego Tripping into the Business of Cannabis: Lessons from BCB Mastermind
Photos Courtesy of the Author
According to Gnosticism, the ego is the divine spark within. But it's challenging to recognize your worth when the impact of cannabis’ projected $53.5 billion industry isn't seen in your community.
My experience at the 2024 BCB Mastermind Northeast Cohort in Boston transformed my entrepreneurial journey, revealing that my struggles were mental and spiritual. My mind shifted from thinking about the mere financial benefits to the holistic growth of our cannabis community, forcing me to realize the broader impact the entrepreneurial spirit and the plant can have on the world.
Building Bridges Through Innovation
Despite the economic benefits of legalization, many communities remain untouched by the wealth generated from cannabis. The discrepancy is obvious to small business owners, no matter their backgrounds, values, or ambitions. Through all interactions, conversations, and shared moments, we have the opportunity to set standards across an entire industry.
Small cannabis businesses can create community dialogues, support local economies, and contribute to social causes that strengthen our communities. Entrepreneurs constantly struggle to balance modesty with confidence, especially during the long days and late nights, as legal cannabis takes GIANT STEPS towards becoming harmonized with the legacy market. It's a battle between our little ego and our big ego as we create engagement in communities that were once destroyed by the War on Drugs or gentrified after millions were made off the plant.
From Adversity to Acceptance
As a college student in Denver, hearing about the legalization of medical marijuana was like music to my ears. I had left Howard University because of the plant's perception of the nation's capital. Just a few years later, a "weed ticket" was dismissed by the Denver courts after an illegal search during a traffic stop revealed my plant medicine. The power of policy protected me, but a few years later, the city transformed into the world's recreational cannabis paradise that financially pushed me out.
These moments filled my mind as the BCB Mastermind class watched a video on Coltrane's Circles of Fifths. Can we create an innovative industry within the framework? Can we invent familiar steps that stand as a rite of passage for our future entrepreneurs in cannabis?
My internal questions were ironic because in high school, the cops found a blunt I threw in the grass, and I got suspended from the biggest basketball game of the year. It was a day that changed my life forever - simply because of perception. I went from athlete to stoner in the world's eyes, but in reality, I wasn't any different than I was before the city found out I smoked weed.
Today, I can't help but think about the importance of advocacy for fair cannabis policies that address social equity, the creativity needed to combine historical and cultural elements that inspire the industry to honor its roots, and the challenges of a rapidly growing sector that only community-oriented businesses can solve.
Redemption Comes from Business: 5 Takeaways from the 2024 BCB Mastermind Northeast Cohort Meeting
From time to time, I wondered if my love for the plant jeopardized my future because my tiny run-ins with the law painted me as a troubled teen addicted to the "POT." Little did I know that two decades later, I'd be yelling Rick Flair's chant at Brandon L Wyatt Esq and Todd Hughes, founders of the BCB Mastermind, on the East Coast in early spring.
It was a two-day experience described as parachuting out of my comfort zone and free-falling into the Broccoli Art Gallery in Sharon, Massachusetts. It's funny how the cannabis industry offers redemption and new beginnings. Finally, I found the tools to balance my little and big egos so I can make an impact on my community.
Here are some of my biggest takeaways for cannabis entrepreneurs.
1. Policy and Perception are the Driving Forces in Cannabis
Did you know cannabis was illegal? After billions in sales, you'd think Americans would know by now that the plant isn't evil, or just for medical or recreational use but that there are multifaceted supplements that can help cancer patients, musicians, and everyone else.
Now that most states have some form of legalization, it creates unique challenges and opportunities for cannabis businesses. If you are a cannabis business owner, you are an advocate and activist. The mentality toward cannabis holds back businesses. So, to push our industry forward, everyone has to participate in bringing the truth about cannabis's benefits to humans. It all starts with advocating for fair cannabis policies. Small business owners can unite to fight the stigma, reform outdated laws, and ensure a regulated market.
2. Uniting Community Through Cannabis
People share common perspectives about cannabis. The plant creates new job opportunities ranging from cultivation to ancillary services like security, legal advice, and marketing. Entrepreneurs will work with local suppliers for various goods and services and form partnerships with local restaurants, wellness centers, and event organizers. They contribute to local causes, projects, and charity events, creating a national bond through culture and community.
Cannabis businesses can have community development programs that sponsor or host festivals, educational sessions, and networking events that encourage informed decisions and create dialogue surrounding empowerment through health and wellness. The community can unite people through alternative health solutions for those suffering from chronic conditions and needing stress relief, improving the quality of life for families. This creates a shared vision of progress and inclusivity within the community.
3. Navigating Risk vs. Stability
Entrepreneurs in cannabis constantly wrestle between taking bold steps, and innovation and playing it safe to secure long-term stability. The battle of finding competitive advantages versus collaborative relationships requires cautious management, especially with cannabis being a high-risk, high-reward opportunity. The plant evokes much passion, so finding the right balance of professionalism is essential. The challenge for most entrepreneurs in cannabis is managing the little and big egos to optimize every interaction. The industry is built on personal relationships, so connecting to as many different business avenues as possible is ideal.
Cannabis is a medicine that is often used recreationally, and its side effects usually bring healing and relief to mental, physical, and spiritual challenges. Cannabis may not be for everyone, but it is an option for everyone. You never know who you will need to curate experiences, recyclable products, or educate your consumers about their bodies; cannabis plays a multifaceted role in modern culture and wellness. It is up to entrepreneurs to bring it to their communities.
4. Success Comes from Structure
The rapid changes and expedited growth of the cannabis industry created an environment rockier than Colorado's mountain range. Entrepreneurs act as catalysts for social change in their communities by addressing their needs, but their success hinges on their ability to create a structured space. If they can streamline decision-making in a competitive industry like cannabis, then they can leverage all their assets into a clear growth plan.
All small business owners need a system where their ideas can be planted to yield the highest quality and quantity. Implementing tools like Trello, operating agreements, and acronyms can make a big difference in every business. They help navigate the challenges of growing effectively while maintaining quality and service standards.
Structure builds trust and a positive image, making expansion easier. Most importantly, it is imperative that you can adapt to the shifts in the cannabis industry. Being flexible starts with structure.
5. Networking is a Never-Ending Business
Networking in the cannabis industry is about cultivating meaningful relationships and synergies that propel you. Keys open doors to opportunities, and you must find out who will be the key to getting your business into a room where it brings. That one handshake, question, or LinkedIn connection could lead to the most significant deal you ever made. Continuously engage at industry events, online forums, and seminars to remain visible.
Those connections are your support system when navigating the challenges of cannabis normalization and policy reforms. With the plant still facing significant stigma, it is hard to be a leader in cannabis. But it is a must to follow the path set by the trailblazers. And when your chance comes, leave footprints for the generation behind you to follow until they branch off into innovations that change the course of our world. Investing time in understanding and contributing to the community can establish a more socially equitable industry.
The Path of Cannabis is Forward
Given the deep roots of cannabis in our nation's history, policies, and cultural practices, navigating the industry presents an unpredictable journey toward economic success. However, with diligent brand-building that nurtures community and customer relationships, achieving economic growth, personal transformation, and community development is feasible.
Despite the inherent risks, the potential to drive significant, positive change makes these challenges worthwhile. You can carve out a path in this rehabilitative and inclusive industry by turning past adversities into strengths and fostering a sense of meaning, purpose, and alignment.