Cassandra Farrington is founder of Marijuana Business Daily, or MJBizdaily.com It’s often called the Wall St Journal of Weed. You can find a complete list of topics discussed in the show notes. I hope you’ll enjoy!
You can find Cassandra’s business, Marijuana Business Daily at https://mjbizdaily.com/
- Parlaying her background in business to business media into marijuana
- How MJBusDaily helped accelerate the formation of the marijuana industry
- Aggregating local data into a factbook
- Discovering and providing for the demand for a professional convention for Marijuana Business Owners. This event drives most of the financial results for her company.
- Gathering and engaging the community through trusted business information
- Providing objective information, not trying to follow the typical content marketing sell something is what has been effective in creating this central hub for everyone in the industry because it is trusted and reliable. And that trust and reliability can only be had with journalistic integrity
- Rapid change in the industry is something you just have to understand and accept. It isn’t necessarily a benefit or a detriment, but it isn’t a good fit for everyone. It’s the wild west
- The cannabis industry is the first major industry to be created since the dot com boom, so participants in the industry aren’t just creating new businesses, they are creating a new way of creating an industry.
- Technology has been a key part of why marijuana has been able to gain so much traction. This technology has been necessary to provide the safety and understanding necessary for governments to be able to legalize and regulate it in an effective way.
- Quality testing and expanding the scientific understanding of the plant is extremely important for the long term success of the industry
- The industry has considerable risk, but all that really means is that risk-mitigation is more important. It’s not a deal-breaker
- Is commoditization a risk? What’s a good way of thinking about that? The beer industry offers some great parallels. People still drink low-cost, somewhat commoditized products like Coors and Budweiser, but they also drink a variety of unique craft beers. Even alongside cheaper options, there’s room for higher priced, niche products
- Consumer staples companies offer another angle of insight. You’ve got the raw product, just like you’d have corn or any other agricultural product. But you also have brands like Corn Flakes.
- The marijuana industry is gaining traction and recognition all across the public. There remain many people who grew up in the “Just Say No” era, but the industry is becoming more mainstream, better understood, and so becomes less vilified. So people are becoming more and more comfortable with it.
- Health benefits are becoming more appreciated by the public over time.
- She really finds a great deal of pride in helping drive adoption of this industry because of all the good it can do for people.
- Who are the people that should jump into this “Wild West” industry?
- Often, people create products to solve their own problems, and then share that solution with others by creating a business.
- The social justice side of the industry in correcting the injustices that have been suffered in the past.
- The opportunity for women in the marijuana industry.
- In a rapidly growing, dynamic industry, there are many more opportunities for women. What matters in this industry is effectiveness and results, not gender.
- The growth of the women’s tribe as a counterpart to the “old boys club.”
- She hit the wall in the corporate world and left to create her own business.
- Diversity means diversity. You need women AND men working together, with their different perspectives, backgrounds, and strengths if you want the best result
- There are no guidebooks on how to better hire, train, and engage women in the way they exist for millenials and other groups.
- As more women get into the workforce, and rise higher (particularly in the marijuana industry) it gets easier for women to thrive in the industry. This can be a model for other industries.
- Advice for prospective entrepreneurs: Don’t hold onto dreams if they aren’t working. Do something else.
- With an extra hour a day? More self-care
- Best resources: Her class on Organization Complexity. Study it as a subject.
You can find Cassandra’s business, Marijuana Business Daily at https://mjbizdaily.com/
It’s a great resource for anyone wanting to get a deeper understanding of the industry, or stay up to date.
Music for this podcast is by Cambrian Explosion, who make music that can be enjoyed by marijuana enthusiasts and nonenthusiasts alike. Find their work at cepdx.bandcamp.com, iTunes, and Spotify.
All this marijuana talk is making me hungry! If you’re looking for some great new recipes to try, check out nicholaspihl.com/cooking I’ve got lots of recipes for good old fashioned “Sunday night dinners,” like Baked Chicken, Meatloaf, and Hamburger Barley Soup. I’m adding to it constantly, especially with holiday desserts, so make sure you check it out from time to time, especially during these cold winter months.
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