In this episode, KymB gets the “blunt” facts in a candid conversation with Lauren Mundell, author and creator of the Hi-Curious app and content marketplace.
Mundell is also founder of the Hi-Curious content market place, an on-line portal to find the influencers and ambassadors to build your brand. Find out what makes a good brand ambassador and how influencer marketing can help your business. Get tips on selecting the brand ambassador that’s right for you.
Don’t miss this discussion about cannabis brand building.
As we enjoy the foliage and leave October for the November election and the start of the holiday season, CWCBExpo is excited to launch our new look and reinvent ourselves as Cannabis Means Business (CMB).
“This evolution is a significant shift in the landscape of cannabis industry events and reflects the needs of today and the future of the industry.”
– Christine Ianuzzi, CEO, Founder, Cannabis Means Business
Cannabis Means Business (CMB) is a new vision for the show previously run as CWCBExpo. This evolution is a significant shift in the landscape of cannabis industry events and reflects the needs of today and the future of the industry.
Taking place June 4-5, 2025 at the Javits Center in New York, this transformation to CMB reflects a growing recognition of the cannabis sector’s evolution and its increasing relevance in business discussions across a multitude of industries in the US and around the world.
CMB–New York Global Edition will serve as a dynamic platform that encompasses an impactful range of topics, emphasizing the integration of cannabis into mainstream business practices. The event will foster an environment where industry professionals, entrepreneurs, investors, policymakers and key stakeholders can engage in meaningful dialogue about the future of cannabis and New York’s growing influence as a global hub.
Ribbon Cutting Ceremony, with press, 2024
“The Politics and Medicine of Cannabis: A Multi-state Approach.”
In keeping with the political season, and with many states having ballot measures up for a vote on election day, we feature one of the sessions from our June 2024 conference, “The Politics and Medicine of Cannabis: A Multi-state Approach.”
This session holds a timely relevance as 40 states have passed laws for medical and/or adult-use of cannabis – without waiting for changes on a federal level to cannabis regulations.
The Drug Enforcement Administration (DEA) just announced (on November 1), that the scheduled December 2 hearing, with testimony and witnesses, will be delayed into 2025.
Before this delay, the DEA had just begun to notify the selected participants who would speak at the December 2 hearing. The purpose of this hearing was for the DEA to gather more information from stakeholders and experts on the issue of rescheduling cannabis from a Schedule I to a Schedule III drug. Applicants submitted a letter requesting to speak at the hearing.
New York State Office of Cannabis Management, Cannabis Control Board
Noteworthy happenings have transpired this month regarding New York State and its efforts to strengthen and expand the build-out of its cannabis industry efforts. Among them include:
The Cannabis Control Board (CCB) held a meeting on October 17, 2024. At the meeting they reported that the total Cannabis Retail Sales amount is close to reaching $700 million. Other valuable stats were reported about NYS cannabis sales, dispensaries, licensing, etc.. To learn more about what transpired at this decisive and informative meeting, read through the meeting slides: https://cannabis.ny.gov/system/files/documents/2024/10/october-10-2024-ccb-meeting-deck.pdf
The public comment period ended on October 28, 2024 regarding the proposed amendments to marketing and advertising cannabis and cannabis products in NYS. Proposed amendments were filed by the NYS CCB to the Department of State to Parts 128 & 129 Packaging, Labeling, Marketing and Advertising Regulations. The full list of the proposed regulations can be found here: https://cannabis.ny.gov/system/files/documents/2024/08/exprs-trms-prts-128-129-amend-final.pdf
NYS opened up the application process for Adult-Use Processor Type-3 Branding licenses. Though not a plant-touching license, it allows the licensee to enter into white labeling agreements with NYS licensed cannabis processors who will manufacture a brand’s cannabis products. Stipulations as to what this Type-3 Branding License does can be found here: https://www.businessexpress.ny.gov/app/answers/cms/a_id/3833
NYS launched a grant application program called the Community Reinvestment Program. This program aims to fund non-profit organizations dedicated to supporting young people in under-served and under-resourced communities. This program will be funded by legal adult-use cannabis sales in line with the Marijuana Regulation and Taxation Act (MRTA) which legalized Adult-Use cannabis sales in NYS. Read more about the grant program here: https://cannabis.ny.gov/reinvestment
New Jersey Cannabis Regulatory Commission Issues Announcements
New Jersey Cannabis Regulatory Commission Issues Announcements
Much has happened in New Jersey. The New Jersey Cannabis Regulatory Commission (NJCRC ) has made progress in many areas. Here are several of their many recent announcements:
The NJCRC held its final virtual session to seek input from stakeholders of medicinal cannabis on October 1, 2024. They sought participation from healthcare providers, patients, and business owners. These meetings were focused on Product Safety, Packaging, and Labeling Committee (PSPLC), and Permitting and Licensing Committee (P&LC).
The Cannabis Training Academy opened on October 16, 2024
The final Medicinal Cannabis Program (MCP) Registration Clinics are set for November 13, 15 and 19, 2024
As of October 22, 2024, there are 2,108 approved Recreational Licenses
As of October 17, 2024, 170 retail and medical dispensaries have opened across 21 counties in NJ
Learn more and access the slides and information from the most recent NJCRC meetings held on October 17th and 30th, and get info on future meetings: https://www.nj.gov/cannabis/about/meetings/
Military Veteran Opens New Jersey Dispensary
Congratulations to Dr. Alyza Brevard-Rodriguez, CEO & Founder of the recently opened adult-use dispensary “The Other Side,” located at 36 Congress Street in Jersey City.
Dr. Alyza spoke in our June 2024 CWCBExpo conference in the Dispensary Workshop and at the Women’s Entrepreneur Luncheon. She earned her doctorate in Leadership Management, and is a twice disabled combat veteran and a former U.S. Navy military police officer. She is also an industry trailblazer being the first Black, LatinX, LGBTQ, Female, and Disabled Veteran licensed cannabis operator in NJ.
The Delaware Office of the Marijuana Commissioner awarded cannabis licenses on October 24, 2024 in a lottery held via a Facebook live event – it was monitored by an accounting firm.
Learn more and access the slides and information from the most recent NJCRC meetings held on October 17th and 30th, and get info on future meetings: https://www.nj.gov/cannabis/about/meetings/
Ohio Cannabis News
Sales Exceed $75 Million in Two Months
Recreational sales started in Ohio on August 6, 2024. Ohio Adult-use sales have been in the green ever since. In less than two months they exceeded $75 million. Read more here from the Ohio Capital Journal.
National Cannabis News
VOTE: State Ballot Measures
As we have been highlighting in our recent Newsletters, many states have ballot measures in this election. With early voting yielding a large voter turnout across the states – anticipation grows. Which states have ballot measures is very important to know. Michelle Rutter-Friberg, Director of Government Relations for the NCIA, highlights which states are on the ballot.
(Michelle Rutter-Friberg is also featured in this month’s session recording, located at the bottom of this newsletter.)
Meet the First Country to Legalize Recreational Cannabis
Did you know that Uruguay was the first country in the modern era to legalize recreational cannabis? The year was 2013 under president Jose Mujica. He did it to combat drug crimes and to improve health. The legislation was monumental as it allowed ultimately for home grow.
The cannabis laws in Uruguay are regulated by the Instituto de Regulación y Control del Cannabis (IRCCA) which has been successful in its evolution of regulations and building the cannabis industry in Uruguay.
The Politics & Medicine of Cannabis: A Multi-state Approach
This session is a discussion of regulation and policy, highlighting supply chains for both medicinal and adult use channels. Subjects include the latest regs and the potential impact of re-scheduling to Schedule III from Schedule I for the adult-use retail market and for medical patients.
Speakers: Tosin Ajayi, Senior Policy Research & Policy Analyst, Cannabis NYC; William J. Caruso, Partner, Archer-Greiner; Michelle Rutter-Friberg, Director Government Relations, National Cannabis Industry Association; Ken Weinberg, MD., Founder, CEO, Cannabis Doctors of New York
The Fall season is just starting, students are back at school, and businesses are shoring up their planning.
In this Newsletter we feature Renata Serban, with a brief follow-up conversation from her podcast earlier this week.*
Renata Serban, a Certified Public Accountant and Certified Management Accountant is an award-winning cannabis accountant and Founder/CEO of Highly Elevated CPA. Renata has a wide-ranging background in many disciplines, including chemical engineering and finance, making her eminently qualified to advise cannabis entrepreneurs and guide their businesses forward.
Q: CWCBExpo – You moderated a session at our conference in New York this past June.* It was about how technology can impact a cannabis business. You have a technical background which made you the perfect moderator for the session, “High Tech: How Technology Can Drive Your Business.” You hold an engineering degree, you are a CPA, and you founded your own firm – Highly Elevated CPA – where you are an advisor, CPA tax specialist, and compliance expert to cannabis business owners.
With such a background and experience, when you advise new and existing entrepreneurs, how do you recommend they plan their finances for profitability, growth, and compliance while capital may be scarce?
A: Renata – My overall recommendation, and many business people will agree with me, is that before you start a business you need a business plan. For some reason, many start-up cannabis operators are ignoring it.
During the process of development of the business plan an entrepreneur will identify and analyze many aspects of business operations. For example, if it’s cultivation, what is the size of the lot or area where the plants will be grown, how many harvests will be during a year, what is the selling price per pound, how many employees are needed, what is the cost of build out, what are the other costs needed for getting the product ready for sale, who are the competitors, who are the potential partners?
When going through all of these thoughts an entrepreneur can have a much better idea how much funding is needed, what compliance is necessary since a business plan has to be tailored to cannabis regulations, and estimate potential growth by predicting how the market will move with time.
Scarce capital is always an issue not just for cannabis operators but for many other industries. Yes, there are more loans available for non-cannabis industries but many banks prefer operational businesses and very often the start-up non-cannabis businesses also struggle with capital raise.
Having a solid business plan with detailed financial projections is a must for any capital raise. Strong consideration also has to be given to strategic partnerships with other businesses.
“My overall recommendation is that before you start a business you need a business plan. For some reason many start-up cannabis operators are ignoring it.”
Once the company becomes operational, the profitability, growth and compliance is really driven by staying on top of the operations. I’m frequently seeing that some business owners in their first months of operations are over-hiring and over-ordering products. I always recommend starting lean with a smaller team and then gradually grow as needed. The same with products, start with small inventory, see how it goes and then increase purchases as needed.
All processes within the business need to be clearly identified so everyone knows their own responsibilities and has tools to perform those responsibilities. Automating as much of business operations as possible is important for efficient operations.
The marketing and advertising regulations in cannabis are a serious issue to consider when developing brand awareness and attracting foot traffic to the store. Dispensary owners need to think about brand development before the store is open, and they must constantly stay on top of their branding strategy once operations begin.
Prioritizing cash flow management, focusing on customer retention, efficient operations and reviewing financial metrics on a regular basis (at least monthly) are really the keys to growth.
“Prioritizing cash flow management, focusing on customer retention, efficient operations and reviewing financial metrics on a regular basis are really the keys to growth.”
Q: CWCBExpo – You have great experience with one of the largest CPA firms that serve the industry, and you now own your own firm, Highly Elevated CPA. What advice can you give to anyone looking to go out on their own after working for a large corporate company? What steps do you recommend for them to take prior to branching out on their own?
A: Renata – The profession of accounting is currently evolving. There is a shortage of qualified accountants which is due to many factors. Some of them are declined enrollment in accounting programs, high educational requirements along with the complicated CPA exam, stress due to complex compliance rules and long hours during the busy season.
My professional accounting background is very diverse and unique. Back in the day, many CPAs working for public accounting firms would eventually move to private accounting where they would work on accounting just for one company. Nowadays, the trend is in the opposite direction. Many public accounting firms prefer to hire accountants from the private sector since these professionals would most likely know not just accounting, but operations as well. This type of work experience is very useful in public accounting firms which makes them great advisors. This was my path decades ago. I moved from being a controller for a realty management firm to being an accountant at a CPA firm.
The size of the CPA firm is also very important and I was fortunate enough to work for small firms, mid-size and larger accounting firms. The experience was very different at each firm due to the size. At each firm I learned a lot.
Starting your own business is a very challenging and a risky task. Having good technical skills is not enough when branching out on your own. As a business owner you also have to understand that you need to bring new clients. So the main recommendation before you decide to branch out is to have a good business network and have your name out there. There are many super smart accountants that don’t know how to do business development.
It’s also important to identify the goals for your firm, who will be the ideal client for the firm, what services should be provided, how many clients are enough, the infrastructure of the firm, etc.**
“As a business owner you also have to understand that you need to bring new clients. So the main recommendation before you decide to branch out is to have a good business network and have your name out there.”
In the September 26 podcast, KymB gets down and real and specific with Renata about rescheduling, business planning, and the critical importance of proper accounting practices.
** Learn more about the technology to consider in your business plan. In this newsletter we feature a hot business topic from the 10th Annual CWCBExpo 2024 Conference: “High Tech: How Technology Can Drive Your Business.” Hear about seed-to-sale software, humidity control, pre-roll machinery, vape battery technology, and of course, the impact these have on the bottom line. This session was moderated by Renata Serban, Founder and CEO of Highly Elevated CPA.
(More info and the link to watch this video are at the bottom of this newsletter.)
Rescheduling
Rescheduling Update – Prior 280-E Debts Will be Enforced
In our August newsletter, we highlighted that the Drug Enforcement Administration has delayed Rescheduling cannabis from Schedule I to Schedule III and has set a hearing for December 2, 2024. The stated reason for the delay is that they need to gather more information before a decision is made. Luke Ortner, Senior Counsel, IRS, Office of Chief Counsel, appeared as a keynote speaker in the American Institute of CPAs® and the Chartered Institute of Management Accountants® Cannabis Conference. The senior Counsel was questioned and commented on a variety of issues surrounding the taxation impact on rescheduling. One point made was that the 280-E tax policy will continue to be enforced until rescheduling is completed, and any eventual removal of 280-E is not likely to be retroactive, meaning that any past due IRS debts regarding 280-E are likely to remain collectable liabilities.
New York State Office of Cannabis Management, Cannabis Control Board
This month the NYS Office of Cannabis Management (OCM) announced and issued for use a new tool called the Legal Online Cannabis Activities Locator (LOCAL) Map. It is geared to streamline the licensing process and allow for transparency. It also is trying to save applicants money by not having to engage third party services during the application process. In their announcement, the OCM highlighted several aspects of this LOCAL Map tool including that it helps applicants and businesses to:
Evaluate retail locations
Check municipal opt-out statutes
Access data for cannabis licensing in NYS
The LOCAL Map tool has both an Industry-Focused Map tool and a Consumer-Focused Map tool geared as follows:
The Industry-Focused Map tool is meant for applicants, licensees and stakeholders, and can provide proximity reports, search licenses and provide the data needed to meet regulatory requirements
The Consumer-Focused Map tool is a dispensary locator map that locates the nearest legal dispensary in New York
There is some very positive news about retail sales in NYS. The NYS Cannabis Advisory Board (CAB) held a meeting on September 24th, and John Kagia, the NYS OCM Director of Policy, provided some sales data on the NYS retail market. Kagia asserted that the revenue outlook by year’s end is quite good and could approach $800MM.
The total retail sales in August closed in on $100MM
The total retail sales is projected to be over $500MM by the third quarter
Much of the good sales news was helped by the opening of more licensed dispensaries combined with the crack down on illegal shops, which substantially helped the legal dispensary sales.
Congratulations to These Recent Adult-Use Dispensary Openings
It is noteworthy is that as of September 24, 2024, the OCM reported that 197 legal Adult Use dispensaries have already opened for business. They project that 200 total dispensaries will be opened by the end of September.
Alto on Chambers NEW YORK CITY | 110 Chambers St, New York 10007 Website: https://altocanna.nyc
HighLife Health NEW ROCHELLE | 19 Huguenot Street, New Rochelle 10801 Website: https://highlifehealth.co
ZenZest STATEN ISLAND | 2343 Forest Avenue, Staten Island 10303 Website: https://zenszest.com
Lifted JAMESTOWN | 320 North Main Street, Jamestown 14701
Bodega Express*** NEW YORK CITY | This is a Temporary Delivery Only (TDO) location. No in-person or pre-order sales are allowed at this location. Website: https://bodegaexpressny.com
Sparkboro WASHINGTON HEIGHTS | 704 W 177th Street, New York 10033 Website:https://sparkborony.com
High Stone* *Transitioned from Temporary Delivery Only (TDO) to Brick & Mortar location STATEN ISLAND | 1938 Clove Road, Staten Island 10304 Website:https://highstone.nyc
State of Mind Dispensary LATHAM | 521 Troy Schenectady Road, Latham 12110 Website: https://itssom.com
Sweetlife MANHATTAN | 1662 First Avenue, New York 10028 Website:https://sweetlife.nyc
New Jersey Cannabis News
New Jersey Seeking Stakeholder Input on Medical Cannabis
Coming up on October, 1, the New Jersey Cannabis Regulatory Commission will have its final virtual session to seek input from stakeholders of medicinal cannabis. They seek participation from healthcare providers, patients, and business owners. They already held three such virtual meetings. These meetings are run by the Product Safety, Packaging, and Labeling Committee , and Permitting and Licensing Committee, and are scheduled as follows:
All meetings are currently scheduled for 11:30AM – 12:30PM each of those dates
These sessions are being organized by the NJCRC’s Commission on Public Engagement and Education Committee
The final roundtable session, scheduled for October 1, will be focused on Permitting and Licensing Committee issues.
Governor Phil Murphy signed a bill that regulates the hemp market for intoxicating hemp products and prohibits the unauthorized sale to anyone under the age of 21.
This month, the Senate Homeland Security and Government Affairs Committee approved the DOOBIE Act: Dismantling Outdated Obstacles and Barriers to Individual Employment. The DOOBIE Act is important because it limits the ability for federal agencies to use past cannabis usage against applicants getting security clearance or getting federal employment. This will certainly help to minimize the discrimination that applicants who use cannabis get when applying for federal jobs that require security clearances. Those applicants can no longer be disqualified solely due to prior cannabis use.
Many states have cannabis ballot measures in this election and with early voting, things are already started. All cannabis industry businesses should stay up to date on the various measures that are now being voted on.
The War on Drugs that Nixon unleashed needlessly created decades of injustice to people of the United States. Recently, it was uncovered that Nixon recorded, in his own words, his acknowledgment that marijuana is not dangerous. This revelation was recently found in his recordings that he kept private.
Truleive Cannabis Corp. announced in a press release they forged a partnership with the Professional Pickleball Association (PPA), and with MLP by Margaritaville (Major League Pickleball).
This is an early example of a cannabis company sponsoring a sports league.
In our February Newsletter we highlighted that Germany legalized limited recreational use. Their plan sought to make it accessible through regulated cannabis non-profit groups with stringent rules regarding possession, age requirements, and grow restrictions among the members. It seems that the illicit markets there, are having a boom of their own while the German plan gets implemented. Several factors have impacted Germany’s legal recreational market.
High Tech session speakers (from the left)
Renata Serban, Luna Stower, Dawne Morris, Dr. Sandra Shen, and Anthony Pagni
CWCBExpo NY 2024
High Tech: How Technology Can Drive Your Business
This is a discussion about how technology should figure into your cannabis business. We explore how technology affects your ROI and the aspects that can make a difference.
The session is brimming with cannabis business innovators, technologists, and entrepreneurs discussing how technology could impact your business plan and how it can make a difference for your business success. Moderated by Renata Serban, Founder and CEO of Highly Elevated CPA, and joined by iconic leaders from various sectors, this session delivered a very energetic and informative approach on how tech can and will drive your business.
Moderated by Renata Serban, Founder, CEO, Highly Elevated CPA, with: Dawne Morris, CEO and Co-founder of PROTEUS Business Solution; Anthony Pagni, Founder & Co-Owner Perfectionist Rolling Equipment, Managing Partner, Aephex, Automated Pre-Roll System; Dr. Sandra Shen, Founder, ATMOSIScience Inc; Luna Stower, Chief Impact Officer, Ispire Vape Technology.
In this episode, KymB gets the “blunt” facts in a candid conversation In this episode, KymB gets the “blunt” facts in a candid conversation with Renata Serban.
Renata Serban is an award-winning cannabis accountant and Founder/CEO of Highly Elevated CPA. Renata Serban has a wide-ranging background in many disciplines, including chemical engineering and finance, making her eminently qualified to advise cannabis entrepreneurs and guide their businesses forward.
Renata, a Certified Public Accountant and Certified Management Accountant, is driven by a passion to help cannabis businesses start, grow, and thrive. With a unique mix of private and public accounting experience, she has successfully served her clients while advocating for the cannabis industry through state and global organizations.
Renata is excited to see more women entering the cannabis space and breaking down stereotypes. She also discusses the specific obstacles faced by cannabis entrepreneurs, many created by the new business operators themselves, who enter a difficult industry with passionate ideals but without a clearly formulated business plan. She describes the challenges of operating in a highly regulated industry and the lack of specific guidance for accountants. Tune in to learn some fun facts about Renata and hear her thoughts on the future of cannabis—change is coming!
The OQs, June 2024, (from the left) Tanya Osborne, Saki Fenderson, Britni Tantalo, Jessica Naissant, and Kymberly "KymB" Byrnes
The Hottest Entrepreneurs
In this newsletter, we are delighted to share a hot topic from the 10th Annual CWCBExpo 2024: “Journey to Legitimacy: The OGs and OQs of Cannabis.”
This session is steaming hot with our industry’s bravest, courageous and committed who are building and transforming the industry legally, legitimately and enthusiastically. These entrepreneurs and business owners share their stories with passion and heart. Be sure to watch this poignant session of our lovable and remarkable Original Gangsters and Original Queens on their individual journeys to legitimacy.
Read more about these sessions at the bottom of this newsletter.
The OGs, June 2024 (from the left) Christopher Louie, Hawaii Mike Salman, Coss Marte, Puma Robinson, and Jayson Tantalo
Federal Regulatory Cannabis News
Rescheduling Decision Delayed
The Drug Enforcement Administration (DEA) has delayed Rescheduling cannabis from Schedule I to Schedule III and has set a hearing for December 2, 2024. As we reported in our July Newsletter, the public comment period terminated with the DEA receiving over 40,000 comments. Now, Administrator Anne Milgram set a hearing to gather even more input before a decision is made. Who is going to attend this hearing? Who is going to present reasons for and against rescheduling at this hearing?
New York State Governor Kathy Hochul Announces Shutdown of Over 1,000 Illicit Shops
Governor Kathy Hochul is keeping her commitment to shutting down illicit cannabis shops across New York. Heading into August, Governor Hochul reported that she and NYC Mayor Adams successfully shuttered more than 1,000 illicit shops statewide. This action has helped increase sales for the legal shops. Seizures of illegal products are estimated to have been worth over $63MM.
“I am pleased to join Mayor Adams and other officials to celebrate a milestone and recognize the enforcement teams who shut down more than 1,000 unlicensed stores statewide, bringing us closer to our goal of building the strongest, most equitable cannabis industry in the nation.”
Licensing News from the Office of Cannabis Management, Cannabis Control Board
The New York State Cannabis Control Board (CCB) held a board meeting August 6th and the meeting minutes reported that the cannabis industry is thriving with legal dispensary openings across the state. Cannabis sales are increasing as more illicit shops get shut down. Some notable assertions and resolutions from the August 6th meeting minutes include:
New Jersey Seeking Stakeholder Input on Medical Cannabis
This September and October, the New jersey Cannabis Regulatory Commission will host scheduled virtual sessions that seek input from stakeholders of medicinal cannabis, including healthcare providers, patients, and business owners.
There will be four such virtual meetings. The meetings will be roundtables led by the Product Safety, Packaging & Labeling Committee, the Permitting & Licensing Committee, and the Public Engagement & Education Committee.
Stakeholders are invited to share feedback with the Board on key issues related to regulation, patient access, and institutional care in New Jersey.
The meetings are scheduled 11:30 am to 12:30 pm on each of the following dates:
On August 6th, Ohio started its Adult Sales and right out of the starting gate, sales were hot. In its first week it passed $11.5MM and continued its successful climb since. Combined medical and Adult Use is expected to be a billion dollar market.
Read the story from the Cannabis Business Times.
Ukraine Cannabis News
Medical Cannabis Available
As of August 16th, medical cannabis was made available in Ukraine to veterans with post traumatic stress disorder and patients with serious illnesses. We reported in previous newsletters that President Zelensky signed into law a bill legalizing medical cannabis on February 15, 2024. Distribution of medical cannabis will be controlled by the government. Patients with a prescription from a doctor for qualifying conditions can now buy the drug legally.
OGs, June 2024, (from the left)
Hawaii Mike Salman, Jayson Tantalo, Coss Marte, Puma Robinson, and Christopher Louie
Journey to Legitimacy: The OGs and OQs of Cannabis
This exciting session is being featured in two segments that share the journeys of those who started with illicit cannabis business practices and have pivoted to building legal cannabis businesses.
Hear the personal and poignant stories from “OGs” (original gangsters) and “OQs” (original queens) and learn about their journeys to legitimacy. Their stories are impactful and are not to be missed.
Segment 1: Journey of the “OGs” Moderator: Hawaii Mike Salman, Founder, Chef for Higher Speakers: Christopher Louie, Co-Founder, Made in Xiaolin; Coss Marte, Founder ConBud, Entrepreneur; Puma Robinson, Entrepreneur, Actor, Music Producer; Jayson Tantalo, Co-Founder & COO, Metavega Corp., Flower City Hydropoincs, and Flower City Dispensary, Co-Founder & VP of Operations, New York Cannabis Retail Association
Segment 2: Journey of the “OQs” Moderator: Tanya Osborne, Founder & CEO, The CannaDiva Speakers: Kymberly Byrnes, Co-Founder & Chief marketing Officer, TribeTokes; Saki Fenderson, Speaker, educator, community activist; Jessica Naissant, Owner, CEO, Wake & Bake Café; Britni Tantalo, Co-Founder and President, New York Cannabis Retail Association; Co-Founder and President of Flower City Dispensary
In this episode, KymB gets the “blunt” facts in a candid conversation with Venus Rodriguez, Chair of the New York Cannabis Retail Association’s Women’s Committee.
With 25 years in the birth and wellness space, Venus Rodriguez has a wealth of experience as a doula, homebirth midwife assistant, and childbirth educator, enhanced by her work with Peruvian Curanderos. As the CEO of Sana Cannabis LLC and Chair of the New York Cannabis Retail Association’s Women’s Committee, Venus is a leader in merging health and wellness with cannabis. She is passionate about holistic healing, women’s empowerment, and promoting social equity in the cannabis industry.
In this conversation, Venus shares her cannabis journey, the challenges women face in the industry, and the importance of removing the stigma around cannabis. She also discusses this year’s NYCRA Women’s Soiree, which will take place at the THC NYC on August 15th.
Each month, Cannabis World Congress & Business Exposition (CWCBExpo) offers a convenient roundup of the biggest cannabis news stories and hemp headlines emerging across the Northeast. Get these updates in your inbox by subscribing to our email newsletter, or follow us on Instagram, LinkedIn, Facebook, or Twitter (now X) to get the most recent edition when it’s published.
Welcome to the April 2024 edition of our regional cannabis news update. In this month’s edition, we’re covering the latest updates shaping the northeast cannabis landscape, from New York’s progress in adult-use licensing to efforts in New Jersey to legalize home cultivation. Read on for more detail about what’s happening in the cannabis industry across the region.
New York State Cannabis Control Board approves 101 new adult-use licenses
On April 12, the New York State Cannabis Control Board (CCB) approved 101 new adult-use licenses, bringing the total number of licenses granted in 2024 to 403.
The breakdown of the 101 licenses approved includes the following types:
“With the Cannabis Control Board’s issuance of 101 adult-use cannabis licenses, New York’s legal cannabis industry continues to make significant progress with over 400 licenses issued in 2024,” said Governor Hochul. “Strengthening New York’s equitable cannabis industry and ensuring the hard-working small business owners operating in the legal market have the licenses to open are the best ways to protect the integrity of sales in New York.”
The CCB also passed a resolution empowering the Office of Cannabis Management (OCM) to issue provisional adult-use licenses to streamline the licensing process and promote industry growth. This update will allow provisional licenses to be awarded outside regularly scheduled board meetings.
New Jersey lawmakers and activists push for home grow legalization
New Jersey cannabis advocates and lawmakers are applying pressure to legalize home-grown cultivation of cannabis as neighboring states continue to move forward with similar measures.
Currently, only individuals holding cultivator licenses are permitted to grow cannabis under state law. Individuals, including medical cannabis patients, cannot grow their own plants for personal use in New Jersey. Growing your own cannabis remains a third-degree felony. By contrast, in New York, patients and their caregivers are allowed to grow a limited amount of plants.
Senate President Nicholas Scutari (D) has been a prominent figure in expressing reservations about a home-grow program, citing concerns that it could hinder the growth of the legal cannabis industry and inadvertently bolster the underground market.
Critics, however, including Chris Goldstein from the National Organization for the Reform of Marijuana Laws (NORML), argue that such hesitancy is misplaced. This highlights the frustration among small business owners, consumers, and patients. Goldstein and other advocates have taken to protesting in front of the New Jersey State House in Trenton to challenge the state and Scutari’s stance.
“The small business owners I talk to, the consumers, the patients, they say he’s off base,” said Goldstein. “And again, the delay has been really terrible for New Jersey.”
Study finds cannabis could bring $41 million in tax revenue to Pennsylvania in its first year
A study conducted by Pennsylvania’s Independent Fiscal Office (IFO) found the state could eventually generate $271 million in annual tax revenue through legalization of cannabis as proposed by Gov. Josh Shapiro. The estimate takes into account a 20% excise tax on wholesale cannabis alongside revenue from state sales tax. In the inaugural year of legalization, Pennsylvania could expect to see approximately $41 million in tax revenue, the report reads.
The IFO analysis highlights the fact that neighboring states have already enacted legalization measures, potentially limiting Pennsylvania’s revenue as customers seek products across state lines.
“Currently, all border states except West Virginia have legalized and imposed tax on adult recreational use cannabis. These taxes were enacted recently in Ohio (2023), Maryland (2023), New York (2021), and New Jersey (2020),” reads the report. “Because nearly all border states already tax recreational cannabis, the estimate is not increased for cross border sales that may have occurred in other states that were first to tax recreational marijuana in a region.”
Still, the report suggests that legalization could be a boon for Pennsylvania’s public coffers, adding momentum to the growing cannabis legalization movement in the state’s capital.
Forge cannabis connections at CWCBExpo
For those seeking to stay informed, network with industry leaders, and continue exploring the latest innovations, there’s no better place than CWCBExpo. Whether you’re a seasoned entrepreneur, a budding startup, or simply curious about the industry, we offer a platform to connect, learn, and grow. Register for CWCBExpo today to dive deeper into the world of cannabis and shape the future in the Northeast and beyond.
The rapid rise of the cannabis industry is certainly turning heads — but not always the right ones. The industry’s lucrative rise has also drawn the unwanted attention of cybercriminals looking for ways to steal data, credit card information, and other sensitive information. What sort of precautions should cannabis companies take to guard against cybersecurity threats?
What is a cybercrime?
Cybercrime encompasses a range of illegal activities conducted through computers or internet networks. Cybersecurity threats, in particular, include but are not limited to credit card fraud, unauthorized use of personal data, ransomware, and more.
In 2021, an unknown number of Aurora Cannabis’ current and former employees had their personal data leaked and up for sale on the black market, including credit card and banking information, addresses, and identification.
What is cybersecurity?
Cybersecurity can be defined as the protection of networks, devices, and data from unauthorized access or criminal use. Generally, it involves the implementation of security protocols, advanced technologies, and proactive strategies to ensure the confidentiality and integrity of digital assets. This is especially relevant for many cannabis companies that collect sales data, patient information, and payment information, among other types of sensitive data.
There are many different types of cybersecurity measures, but the three most common are firewalls, intrusion detection systems (IDS), and antivirus software. These systems act as digital guards, scrutinizing all incoming and outgoing network traffic and unauthorized activity.
Why is the cannabis industry targeted for cybercrime?
There’s a lot to think about when it comes to cybersecurity and cannabis. To understand if you’re at risk or not, you must look at things from the viewpoint of the cybercriminal. Here’s why cannabis remains a targeted industry:
It’s new: The cannabis industry is still in its infancy. Unlike more established sectors, there are fewer precedents for safeguarding digital assets in cannabis. This makes it less of a priority for companies to implement comprehensive security measures.
Businesses are small: Many cannabis businesses are first getting off the ground. In these beginning stages, cybersecurity measures are not always given the same attention as physical security, compliance, and marketing. This often translates to limited investment in cybersecurity, leaving these companies more exposed to attacks.
Private information is lucrative: The personal nature of cannabis consumption and shopping makes it an attractive target. Information related to purchase history and patient data is valuable to cybercriminals, driving them to target the cannabis industry specifically.
How can you keep your cannabis business safe from cyberattacks?
Although cannabis businesses may be a target, you can still take important steps to protect yourself and your business. A few key considerations to keep in mind for protecting your business include:
Risk assessment
The first step to protecting your business from potential cyberattacks lies in risk assessment. By identifying potential vulnerabilities and understanding the specific risks that the industry faces, companies can proactively implement targeted security measures to secure their digital infrastructure. Some of the key basics for a cybersecurity risk assessment plan include:
Define and assess potential threats: This initial step lays the foundation for a comprehensive risk assessment by identifying various threats that could impact your business. Evaluate the potential damage or harm that could result from each of these threats and prioritize what requires immediate attention.
Identify your security vulnerabilities: Pinpointing vulnerabilities within your system and processes is crucial. This will help you to understand where potential weaknesses lie and where protective measures are needed.
Calculate risk levels: Assessing the probability of each identified threat occurring allows you to allocate resources appropriately and focus on the most probable risks to ensure adequate security measures.
Staff training
Educating your team about cybersecurity is a crucial line of defense. With the proper knowledge and awareness, employees become an integral part of your security strategy. Training sessions can cover best practices, recognizing phishing attempts, password protection, and the importance of reporting suspicious activity. This human firewall can significantly increase your cyber protection.
Secure systems
Implementing robust security measures across your digital platforms is paramount to protecting your brand. This includes adopting encryption protocols, utilizing firewalls, and regularly updating software and your website so attackers cannot take advantage of known problems or vulnerabilities. Access control and authentication mechanisms and policies also ensure that only authorized personnel have access to sensitive information and data.
Backup strategy
A comprehensive backup strategy is a critical aspect of cybersecurity. Regularly backing up essential data ensures that information can be swiftly restored in the event of a cyber incident, minimizing downtime and loss. Employing both onsite and offsite backups, along with routine testing of recovery processes, is essential to maintain security for your business.
Response plan
Despite best efforts, breaches may occur. Having a well-defined response plan is essential. This includes clear steps for incident reporting, a designated response team, communication protocols, and a chain of command for decision-making. Many companies rely on what is known as a “cyber incident response plan,” a document that outlines what an organization should do in the event of a data breach or cybersecurity incident. A swift and coordinated response can mitigate potential damage and facilitate a smoother recovery.
Regular review
Cybercriminals consistently find new ways to exploit vulnerabilities. As you create procedures and policies, don’t let them go untouched for months or years. It’s best to evaluate your cybersecurity protocol and overall health on a regular basis. Depending on your risk level, monthly, quarterly, or biannual reviews may be necessary.
Hire a consultant
Just like there are cannabis security experts who work with dispensaries and cultivation facilities, there are cybersecurity consultants who can help you review your business and identify areas that could benefit from strong security procedures. Look for a consultant with specific expertise and experience in the cannabis industry.
Keep your business secure around the clock
The importance of cybersecurity in the expanding industry cannot be overstated. Safeguarding sensitive data and operations is paramount for sustainable growth and success. And cybersecurity does not only involve the steps your company takes for its own policies — it’s the partners you work with as well. So don’t be afraid to ask questions about security when evaluating software vendors and website developers. The health of your business depends on it!
Cannabis trade shows offer a great opportunity for industry professionals and entrepreneurs to network, learn, and showcase their products and services. Whether you’re a seasoned member of the industry or just beginning your journey, cannabis trade shows serve as a goldmine of knowledge and networking opportunities. In this blog, we’ll explore what you can expect to learn.
What you’ll learn at a cannabis trade show
From groundbreaking new products to regulatory compliance updates, B2B trade shows provide the insight and opportunities necessary to succeed in the cannabis industry. If you want to stay on top of industry trends and network with some of the leading professionals and brands in the space, these conferences are the place to be. Here’s some of what you can expect to learn when you attend a cannabis trade show.
Industry trends and insights
The cannabis industry is always evolving, so staying on top of trends — from what customers are most interested in buying to the most effective brand strategies — is an important part of retaining a competitive edge. Cannabis trade shows provide expert panels and Q&As that can help you stay up to date on recent developments in the industry, providing actionable insights that you can immediately implement for your business.
When attending panels and speaking sessions at a cannabis trade show, expect to learn about the market and size of the cannabis industry. You’ll also learn the latest regulatory developments in your market, the hottest products that consumers are looking for, and how to build successful partnerships with other companies.
Product knowledge
The best cannabis trade shows are home to a wide range of businesses hailing from every market segment in the industry, including those with the most popular consumer products of the day. Take the opportunity to connect with these B2C exhibitors and learn about their products and how the market is reacting to them. You may even have the opportunity to observe some product demos, giving you the chance to see firsthand just what makes these products so special.
Cannabis trade show floors are replete with new product innovations, from vaporizers and extracts to infused cannabis beverages. To understand the industry, you need to know what products consumers are buying, and a trade show can be a great way to see some of the latest and greatest consumer products out there.
Regulatory compliance and legal issues
Regulatory compliance and legal issues are critical concerns for businesses in the cannabis industry, where the rules are constantly changing as states work to set up their legal markets. Cannabis trade shows often showcase exhibitors and host sessions that focus on licensing, testing, and other regulatory requirements. Trade shows like CWCBExpo also offer education sessions led by industry experts to provide attendees with information on regulatory and compliance requirements to help navigate the complex legal landscape of the cannabis industry.
Marketing and branding
Top quality cannabis marketing firms are bound to attend cannabis trade shows, making these expositions a great opportunity to meet your next marketing team. Seminars and workshops focused on marketing and branding are often led by experts in the field, giving you the insights you need to effectively build your brand and spread the word to your target audience.
If you want to take your business to the next level, you could partner with these companies to get professional marketers in your corner and start reaching your customers in new and creative ways. Branding and marketing is essential to standing out in a crowded market, and trade shows are a great place to start.
Cultivation and extraction
Cannabis trade shows also bring together plant-touching experts in cultivation and manufacturing, the critical players who underpin the entire supply chain of the cannabis industry. By attending a cannabis trade show, you’ll likely gain knowledge on topics ranging from pest management to sustainable growing practices. If you’re a retailer, you can use this opportunity to connect with potential suppliers and find top quality flower and extracts. After all, there wouldn’t be a cannabis industry without the cultivators who grow the flower and the manufacturers that process it into a wide variety of consumer products.
5 tips to get the most out of trade show educational seminars
Each CWCBExpo conference offers cutting-edge seminars and educational sessions to provide direct industry insight and knowledge to attendees. These sessions are designed to provide attendees with valuable information regarding the latest trends, emerging technologies, and the best business practices for success. To make the most out of the trade show’s education sessions, attendees should follow a few key tips.
1. Plan ahead
Looking at the agenda helps you get the most out of the education sessions at cannabis trade shows. With so many speakers and seminars to choose from, it can be overwhelming to navigate the schedule. Research and identify the topics you’re most interested in so you can create a game plan and prioritize sessions based on your interest. Not every panel will apply to your business, so use those times to walk the show floor and meet exhibitors. On each day of a cannabis trade show, there’s likely a speaking session that will apply to your business so come each day with an itinerary to get the most out of your visit.
2. Take notes
Bring a notepad and pen or pencil to every session you attend so you can take detailed notes to analyze after the trade show. Many of these sessions will include comments from industry leaders that you can use to boost your own business, and you never know when the next helpful tidbit of information might be shared. So pay close attention and jot down any good ideas you hear, as well as your thoughts on how they might apply to your business.
Forgot your journal and pen? Not to worry — you’ll likely be able to pick them up as giveaways from exhibitor booths on the floor. And you can always use a note-taking app on your phone to record the advice you get from each session.
3. Engage with speakers
Take the opportunity to ask relevant and insightful questions during Q&A sessions, and be sure to network with speakers after the session if possible. This is a valuable chance to exchange contact information and build relationships with experts in the industry.
Meeting speakers not only gives you an introduction to a leader in the space, it also gives you a foot in the door to their often expansive networks. You may also have the opportunity to collaborate with speakers or seek their guidance following the seminar. By actively engaging with industry experts, you can enhance your professional network, gain valuable mentorship and even open doors to work opportunities.
4. Network with attendees
Networking with other attendees is also a great way to make the most out of educational sessions at cannabis trade shows. Engage with other participants and exhibitors by introducing yourself and exchanging contact information – you never know who you might meet or what opportunities may arise from these connections.
At the show “Where Deals Get Done,” CWCBExpo offers access to breakout rooms where you can sit and chat with any other attendees that you may want to have meetings with, giving you the chance to cement any promising new relationships. Many trade shows also offer post-session gatherings or events for attendees to gather and network in a more casual setting. CWBCExpo promotes a variety of post-show networking events where deal-making and business-building continue beyond the show floor daily experiences and extend into the evening. An example of a well-known industry networking and festive event that CWCBExpo offers is the Industry Yacht Party.
Yacht Party, 2023
5. Follow up
Following up after attending an education session is just as important as engaging with the speakers and anyone else you meet. Be sure to review your notes and organize the information you’ve gathered to help reinforce what you’ve learned and identify key takeaways to apply to your business. You can also follow up with speakers and attendees who you exchanged contact information with. Thank them for their time and expertise, and consider arranging a follow-up meeting or call to discuss further collaboration.
Additionally, sharing what you’ve learned with your team or online through social media like LinkedIn can help to build connections and establish yourself as a thought leader in the cannabis space. Set some time the week following a trade show to reach out to your new connections and offer additional time to discuss how you might be able to support one another’s goals.
What educational sessions are at CWCBExpo?
There are many educational sessions available for attendees of CWCBExpo. The following are examples of the types of educational sessions that were on offer during CWCBExpo 2023:
Social Equity: Entrepreneurs, Change Makers, and Heroes
The Future of Cannabis Tourism in the Big Green Apple and Beyond
Compliance Issues for Cannabis Business Owners: Taxation, Liability, and the ERTC Program
Consumer Products: What are the Most Popular and Hottest Products?
Packaging Cannabis Products Safely & Responsibly
Technology to Maximize ROI for Grow Facilities From Seed to Processing
Make the most of CWCBExpo
With extensive educational sessions and a diverse exhibitor line-up, CWCBExpo is the perfect event for cannabis businesses seeking up-to-date insight into the industry. Whether you’re a cannabis business vet or an industry newcomer, the exhibitors and education sessions at CWCBexpo offer a wealth of information and insight on a wide range of topics. If you missed out on CWCBExpo 2023, don’t worry — we’ll be back next year on June 5 – 6, 2024, with a rich lineup of speakers, exhibitors, and attendees dedicated to building the cannabis industry in New York and beyond.
The cannabis industry is a hotbed of entrepreneurial activity as new markets open and established ones evolve. Cannabis represents a wealth of opportunities for those who are willing to take risks and innovate, from manufacturers who develop new product types to ancillary services that provide a particular expertise to support flourishing cannabusinesses.
However, like any industry, there are many pitfalls that entrepreneurs may succumb to, and there are particular challenges in the cannabis industry to be aware of. Much can be learned from other business owners who have experience which could help new cannabis entrepreneurs succeed.
1. Do your research
As a cannabis entrepreneur, doing your homework is one of the most important steps to take. With the industry still evolving and rapidly changing, it’s critical to stay up-to-date on the latest laws, regulations, and industry trends. Doing your research will not only help you to make informed decisions and avoid costly mistakes but can also give you a competitive edge by helping you identify opportunities in the market. For example, state laws change constantly, and knowing their evolution can help you make savvy, informed decisions about your business.
“Find out what has worked and what has not worked and, most importantly, find out what the actual rules are in the state that you wish to operate in because they vary from state to state,” says Calvin Frye, owner of genetics company Cloneville and member of Cannabis World Congress & Business Expo’s advisory board.
2. Develop a solid business plan
A roadmap is a must for any entrepreneur in any market, and cannabis is no exception. A business plan serves as your guide forward and is a must for defining your goals, identifying your target market, and developing strategies for financing and growth. The critical elements of a business plan typically include determining your mission statement, conducting market research, developing a marketing strategy, setting goals, and creating financial projections.
Suppose that you are a cannabis cultivator looking to expand your business. A well-crafted business plan would involve determining your target market and your company’s purpose, values, and finances to ensure that expansion is feasible and sustainable in the long term. It can also serve as an important document to present to potential investors to help you raise the capital you need to launch your business.
3. Network early and often
It’s often said that “it’s not what you know, but who you know” that matters in the business world. Building relationships early and often can help you better understand the industry and gain new insights, especially in rapidly-evolving spaces like cannabis. Attending industry events like CWCBExpo, for example, can be a great way to meet other industry professionals and learn from their knowledge and experience.
When networking, remember to be authentic, genuine, and respectful. Focus less on what you can get out of the relationship and instead look for ways you can add value and help others. And don’t forget to bring your business cards or create a digital card!
Other tips for networking success include asking questions and following up with the people you meet. It never hurts to send a quick email or LinkedIn message after the show to stay in touch and continue building your network.
4. Build a strong team
Bringing quality talent into your business early is critical for success. With so much competition and so many regulatory hurdles to navigate, you’ll need a team that can help you execute your vision and stay ahead of the curve. When building a team, look for people who not only share your values but bring unique skills and perspectives to the table. For example, if you’re a cannabis retailer, you may want to seek out team members with experience in customer service or marketing.
Look for people who are passionate about the cannabis industry and be sure to prioritize a positive and inclusive environment. Investing in training and development can also help your team develop and grow and build a culture of continuous learning and improvement. Also consider hiring professional services to support your company. Legal counsel is an absolute must, but financial, marketing, and HR professionals can also augment your team.
5. Embrace innovation
The cannabis industry is constantly evolving, with new products, technologies, and regulatory changes shaping the landscape daily. As an entrepreneur in this space, finding strategies to stay ahead of the curve is essential. Embracing innovation can help you to differentiate your business from the competition, create new revenue streams, and better serve your customers.
Think about virtual reality as an example. A cannabis retailer may explore the use of VR to create immersive in-store experiences and better showcase their product offering to customers. Manufacturers may work to refine consumer favorites or develop totally new types of cannabis products. Whether you’re a cultivator, retailer, or anything in between, staying open to new ideas and being willing to take risks will help position your business for long-term success.
Challenges and opportunities in the cannabis industry
Cannabis entrepreneurs face a unique set of challenges that can make it complicated to operate in this space. So as you begin your cannabis industry journey, be aware of the following:
Legal and regulatory challenges: Cannabis entrepreneurs face a complex and constantly evolving legal landscape, with different laws and regulations governing the plant at federal, state, and local levels. Navigating these challenges is one of the most important priorities for a cannabis entrepreneur.
Advertising and marketing restrictions: Cannabis businesses are often subject to strict advertising and marketing regulations, which can limit their ability to reach their target audience and build awareness. These restrictions include traditional and digital advertising limitations, from billboards to social media promotion.
Stigma and social acceptance: Despite growing acceptance and legalization of cannabis, there is still a significant amount of stigma associated with the industry. These barriers can limit public support for cannabis businesses and restrict access to certain services.
Limited access to traditional business resources: Due to the unique challenges faced by cannabis businesses, entrepreneurs may have limited access to conventional business resources such as banking, loans, networking opportunities, and mentorship programs.
With great challenges, however, come great opportunities for growth and positive social change. Whether it’s through supporting medical research or advocating for legalization, entrepreneurs navigating the complex landscape of cannabis have the chance to make a difference in the lives of others. So while the challenges are significant, the potential rewards are even greater.
“It’s never been a more interesting or exciting time for the cannabis industry in the Northeast,” said Kelley Crosson, owner and president of KC Inc. “There is space for everyone in this ever-changing market. ‘Find your focus’ is probably the best advice I can give at the moment.”
Taking the right steps
Being a successful cannabis entrepreneur requires passion and determination. Luckily, resources like CWCBExpo provide an opportunity to connect with other entrepreneurs, learn about new technologies and products, and stay in the loop on the latest industry trends. Attending our in-person expo and reading our blog can help you to build relationships and stay ahead of the curve in this exciting industry.
