Blunt Business

We speak with Deborah Saneman, the visionary CEO of Wurk. She explores the dynamic rebranding journey of Wurk and the transformative evolution of the cannabis industry over the past decade. Deborah shares her expertise on how data-driven decisions are revolutionizing workforce management and employee benefits in this burgeoning sector.

We delve into the challenges and opportunities within the cannabis industry, discussing the potential impact of federal legalization, the importance of robust employee benefits, and the strategies to overcome high turnover rates. Deborah also sheds light on the role of AI in the recruitment process and the need for effective self-presentation in the digital age.

Furthermore, we examine the implications of cannabis rescheduling on business investments and compliance, as well as the current trends in the job market. Deborah offers her perspective on the salary discrepancies within the industry and the factors that attract top talent to the cannabis space.

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Paul Weaver, Head of Cannabis at Boston Beer Company, takes us through the company's bold venture into the cannabis market with their THC-infused iced tea product, Teapot. Discover how Boston Beer Company's expertise in crafting high-quality teas led to the creation of this refreshing, non-carbonated, ready-to-drink cannabis beverage, available in various blends for different times of the day.

In our conversation, Paul shares the strategic growth plans for Teapot, including expanding into new flavors and markets across Canada. We explore the shifting consumer habits towards dispensaries and the potential for converting these into convenience stores to better showcase a variety of cannabis products. Paul and Brasco highlight the impressive performance of cannabis beverages in markets like Minnesota and Arizona, where they have even outsold traditional alcoholic beverages.

We also delve into the potential of consumption lounges as standalone businesses, discussing the opportunities and challenges of incorporating cannabis-based drinks into the traditional restaurant model. Paul provides insights on the importance of clear regulations and responsible entrepreneurship in creating a novel sensory experience for consumers.

Paul and Brasco discuss the significance of a recent survey showing daily cannabis use surpassing daily alcohol use in the US for the first time. They emphasize the need for a balanced product portfolio and the importance of moderation and responsible use in this changing landscape.

The episode also touches on the therapeutic potential of cannabis, the ongoing rescheduling plan, and the need for objective clinical research to address skepticism and explore long-term health impacts. Paul highlights Teapot’s efforts to support the community, including a partnership with Pardons Canada to help individuals remove cannabis convictions from their records.

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We welcome Jay Virdi, Chief Sales Officer for Specialty Practices at HUB International, to discuss the evolving landscape of the cannabis industry and the complex world of cannabis insurance.  

Jay discusses the intricacies of interstate commerce limitations and the potential scenarios if neighboring states collaborate on cannabis trade before full federal legalization. They delve into the recent DEA rescheduling of cannabis to Schedule III, its impact on the industry, and the possible effects on insurance premiums and coverage.

The conversation also covers the substantial growth of HUB International's cannabis practice group, now serving over 1,000 clients with a dedicated team of more than 300 members. Jay shares insights into alternative risk financing strategies, such as parametric derivatives and captives, and the proprietary HUB Cannabis Benefits Captive designed to cover employees.

Additionally, we discuss the increasing number of insurance carriers entering the cannabis market and the ongoing challenges cannabis businesses face in securing comprehensive coverage. They highlight the importance of specialized knowledge in underwriting and risk management to address the unique needs of cannabis-related businesses.

Listeners will gain valuable perspectives on how HUB International leverages its expertise in emerging markets, including psychedelics and cryptocurrencies, to support the cannabis industry. Jay also emphasizes the company's commitment to human-centric programs and the integration of artificial intelligence to enhance service delivery.

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We dive deep into the evolving landscape of the cannabis industry from a PR perspective with Jordan Isenstadt, SVP, Marino PR / Founder of Marino Cannabis Practice. In this episode, we explore the synergy between strategic PR efforts and the dynamic changes in the cannabis sector, particularly in light of the recent DEA rescheduling of cannabis.

Jordan shares how he prepares clients to comment on pivotal industry moments like rescheduling reform and safe banking, which play a crucial role in destigmatizing and normalizing cannabis. He also discusses the tailored media strategies they employ, balancing mainstream and trade outlets, and the unique challenges faced by different types of cannabis businesses.

From matching clients with the right media platforms to managing the shifting dynamics of news coverage, Jordan and our host Brasco navigate the complexities of promoting the cannabis industry. They touch on the importance of local media, addressing state-specific trends, and the careful messaging needed to avoid misrepresentation.

Whether you’re a cannabis industry insider or just curious about the interplay between media and marijuana, this episode offers valuable insights into the strategic communications that shape public perception and policy. Tune in to learn how effective PR can drive acceptance and growth in this rapidly changing field.

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More of Blunt Business, recorded live from the floor of Benzinga Miami 2024. We hear from three key figures in the cannabis investment space:

Matt Hawkins, Managing Partner at Entourage Effect Capital, a leading private equity firm focused on the cannabis industry. Matt shares his expert perspective on the current investment landscape, discussing emerging trends, challenges, and opportunities for investors in the cannabis space.

Rick Cytrynbaum, Founder and CEO of VIST LABS, a pioneering cannabis product development company. Rick delves into the world of cannabis innovation, showcasing VIST LABS' groundbreaking technologies and products that are shaping the future of the industry.

Joining Rick is Christian Hegeseth, Chief Science Officer at VIST LABS, a renowned expert in cannabis science and formulation. Christian provides a deep dive into the science behind VIST LABS' products, explaining how their innovative approach is revolutionizing the way cannabis is consumed and experienced.

We take a comprehensive look at the intersection of cannabis and investment, exploring the factors that drive investment decisions, the importance of scientific innovation, and the potential for growth in this dynamic industry.

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Blunt Business is on location at Benzinga Miami 2024. In this episode, we sit down with Kyle Sherman, CEO of Flowhub, and Jeffrey Trappe from Planet 13 for exclusive conversations about the future of the cannabis industry.

Kyle Sherman shares his insights on the evolving landscape of cannabis technology, discussing how Flowhub is empowering dispensaries to streamline operations, enhance customer experiences, and drive sales. Jeffrey Trappe dives into the world of cannabis retail, revealing the strategies behind Planet 13's success as one of the largest and most iconic dispensaries in the world, and more specifically their ongoing expansion in Florida.

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Kevin Williams & Craig Small, Attorneys at Clark Hill, discussed the recent changes in the classification of cannabis and their implications for international trade and the cannabis industry. 

Kevin clarified his expertise on importing and exporting of cannabis accessories, while Craig, based in Colorado, offered insights on other areas of cannabis reclassification.

We also discussed the upcoming changes to the classification of cannabis, which would allow for greater scientific research into its health benefits and risks. He and Craig discussed the potential implications of the U.S. Drug and Drug Administration's decision to reclassify cannabis to a less restrictive category, expecting it to lead to more federal permits for cultivation and increase participation in the cannabis industry. However, they also highlighted uncertainties regarding FDA oversight and compliance, and raised questions about the potential impact on paraphernalia and support products for cannabis.

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We discuss cannabis investment opportunities, and regulatory hurdles with New Lake Capital Partners. CEO Anthony Coniglio, 

Anthony highlighted the importance of cash flow, cost reduction, and operational efficiency in navigating challenges and seizing growth opportunities. 

We also discuss the potential for individual investors pre-institutional entry, strategic investments, and regulatory complexities affecting the industry's trajectory.

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Robert M. DiPisa from Cole Schotz discusses recent developments in the cannabis industry in New York and New Jersey, with a focus on concerns about third-party advertising leading to consumer confusion. Legal challenges such as Leafly litigation and supply chain issues due to licensing delays were discussed. Additionally, insights were shared on proposed bills for psilocybin legalization in New Jersey for medicinal purposes. Robert highlighted his firm's emphasis on serving clients in the east coast region within these markets, providing a comprehensive view of the legal landscapes impacting cannabis businesses in both states and outlining key challenges and opportunities for industry stakeholders.

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We dive into the world of investment with Will McDonough, a titan in the financial industry and co-founder of Nancan Companies, as well as Chairman and Founder of Corestone Capital. With a track record spanning across continents and sectors, McDonough's insights are invaluable.

In this episode, we explore McDonough's journey through the financial industry, from managing billions at Goldman Sachs to co-founding ventures like Atlas Mara. We delve into his foray into cannabis investments, discussing the strategic moves and considerations behind portfolio entries.

McDonough shares his perspectives on emerging markets, including Green Energy Metals, the EV Market, and Bitcoin, shedding light on his approach to identifying opportunities and taking calculated risks.

We also explore McDonough's recent ventures into the adult beverages market with Nancan Companies. We discuss the launch of Nantucket LONGBIRD™ drinks, infused with hemp and CBD, and McDonough elaborates on the flavor profiles and the company's focus on serving the Massachusetts cannabis market.

Finally, we tackle the topic of investing in cannabis, analyzing the recent performance of cannabis stocks and the potential rewards and risks associated with this volatile market.

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