In today's episode, guest host Mark Doherty joins Carl Giannone, Co-Founder of Trade Roots in MA, for an insider's perspective on building and operating a vertically integrated cannabis business in one of the most competitive markets. This episode dives into market dynamics, price compression, and strategic decision-making — with a focus on the MA cannabis landscape.

Carl provides a overview of his journey from Wall Street to cannabis cultivation, beginning with a life-changing conversation on a mountain in OR and his mother's battle with cancer. The conversation unpacks the transformation of the MA market, from early-stage premium pricing to today's commodity-level competition, highlighting critical factors that determine survival in an oversaturated market.

Highlights include challenges encountered by cannabis operators, such as massive price compression (from $14/gram to $3.31/gram wholesale), the complexities of vertical integration, and the ongoing debate between craft cultivation and commercial-scale production. Carl provides insights into brand building, operational efficiency, and market positioning, alongside his work with the Institute of Cannabis Science promoting industry transparency and consumer education, making this an essential resource for industry professionals, investors, and cannabis entrepreneurs seeking to understand the business realities behind legalization.

Don't miss this candid conversation that could save you time, money, and costly mistakes in the cannabis industry. Tune in now to gain the hard-earned wisdom that only comes from navigating the complexities of cannabis business operations firsthand.

Carl Gianonne, Trade Roots

After graduating without distinction from Lafayette College with degrees in Economics & Business, Carl began his career as an equities trader at Trillium Management in 1999.  In 2006 Carl started his own desk, first under Sungard and then T3 Capital Management (2010).  By 2014, his desk employed over 100 traders in two offices deploying myriad strategies across a range of asset classes.  In 2017 he joined Jesse Pitts in helping found Trade Roots - Massachusetts first vertically integrated social equity operator in the cannabis industry.  Carl serves as the Board’s Chair, and his daily responsibilities include strategy, business development, marketing and brand--specializing in irreverent LNKD content. 

If you'd like to connect with Carl, please email him [email protected] or visit Linkedin at www.linkedin.com/in/carlgiannone.

Mark Doherty, Doherty Ag

Mark has spent over 15 years at the forefront of the CEA and the cannabis industry, leading projects and building successful businesses across NA. He began his journey with Aqua Vita Farms, one of the first commercial aquaponic farms in the U.S., where he helped pioneer sustainable indoor farming practices.

Throughout his career, Mark has scaled multi-state cannabis operations, driven startups to over $60 million in annual revenue, and led more than 300 cultivation projects. His expertise spans facility design and operational efficiency to team development and growth.

Guided by the philosophy of People, Plants, and Profits, Mark focuses on building strong teams, implementing smart systems, and delivering lasting results. He has a proven track record of helping organizations navigate complex challenges—from commissioning high-tech facilities to adapting during global disruptions.

If you’d like to connect with Mark, please email him at [email protected].

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