Under the Microscope with Jenny

🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano continues the Cannabis Operator Series with Jose Coto and Xander Tabio, owners of Soiku Bano, to explore what it takes to build and operate a solventless cannabis manufacturing business in Colorado. Jose and Xander share their paths into the cannabis industry, how they came together, and their experience winning a manufacturing license through a lottery. They discuss the challenges of securing capital, finding a facility, navigating permits, and completing a lengthy buildout before becoming operational in June 2020. They also explain the importance of budtender education, product knowledge, relationship building, and continuous research and development to drive product innovation. The conversation takes a closer look at manufacturing quality control and supply-chain qualification, including vendor audits, validating cultivation inputs, and preventing quality issues that can lead to compliance problems. Jose and Xander also explain how supply-chain shortages forced packaging changes and how they worked to maintain compliance while exploring more environmentally conscious options. They discuss operating lean, managing price compression, developing a strong team, facility limitations, and the challenges of expanding in a highly regulated market. They share lessons about protecting quality, building relationships, and maintaining a sustainable business as competition increases. This episode delivers practical insight for cannabis operators navigating manufacturing licenses, solventless production, quality management, vendor qualification, packaging compliance, product development, and the realities of running a cannabis business.

🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting

⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰

𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano sits down with Seth Yakatan of Katan Associates to examine consolidation, M&A and the business fundamentals shaping the cannabis industry. Seth shares his perspective on the cannabis markets attracting attention, including Missouri, Maryland and Ohio. They discuss price compression, changing market conditions, the impact of hemp restrictions, and the challenges facing operators in New York and New Jersey. They explore why so many cannabis businesses struggle to remain competitive, including limited vertical integration advantages, regulatory complexity, banking and payment challenges, and restricted access to traditional institutional capital. Seth explains why a cannabis license alone has limited value without a sustainable, cash-flowing business behind it. The conversation examines common investment and operational mistakes, including single-store retail models and overbuilt cultivation facilities. Seth also breaks down what makes a distressed acquisition worth considering, and how cannabis businesses are valued using EBITDA multiples. Jenny and Seth discuss why compliance is fundamental to business value, how data can create a competitive advantage, and why established cannabis brands may become attractive acquisition targets as consolidation continues. They also explore the potential role of institutional capital, major consumer packaged goods companies, and continued regulatory progress in shaping the next phase of the industry. This episode offers practical insight for cannabis operators, investors, and business owners navigating cannabis M&A, business valuations, capital access, market consolidation, and long-term growth.

🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting

⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰

𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

🎙️In this solo episode of Under The Microscope with Jenny, host Jenny Germano, founder of ICS Consulting, breaks down how Corrective and Preventive Action (CAPA) can help cannabis businesses stop repeating the same operational and compliance problems. As cannabis businesses grow, scale, and navigate changing requirements, problems often return when teams rely on outdated processes, lose experienced employees, or apply quick fixes without addressing the underlying cause. Jenny explains why recurring issues are often signs of a process or system failure, not simply an employee training problem. Jenny introduces CAPA as a practical tool used within Quality Management Systems to investigate what went wrong, identify root causes, implement corrective actions, prevent recurrence, and verify that changes actually work. She explains why asking “why” matters and why blaming employees or repeating training alone may not solve the underlying problem. Using examples from cannabis operations, Jenny explores recurring inventory and seed-to-sale reconciliation discrepancies, cultivation challenges, manufacturing sanitation issues, retail and POS errors, and safety and maintenance concerns. She demonstrates how operators can look for patterns, investigate contributing factors, document findings, assign ownership, and assess whether an issue affects other areas of the business. The episode walks through an eight-step CAPA framework, from documenting the initial event and investigating root causes to implementing corrective and preventive actions and verifying effectiveness over time. Jenny also covers common CAPA mistakes, including vague root-cause statements, unclear accountability, closing actions too early, and failing to evaluate whether corrective measures have worked. Whether you operate a dispensary, cultivation facility, manufacturing operation, or vertically integrated cannabis business, this episode offers practical insight into root-cause analysis, CAPA implementation, cannabis compliance, operational consistency, and building a proactive culture of continuous improvement.

🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting

⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰

𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano sits down with Peter Su, Director of Specialty Banking at First Central Savings Bank and Forbes contributor, to explore whether cannabis banking is approaching an inflection point. Peter explains why banking remains challenging for cannabis businesses while marijuana remains federally illegal, including how financial institutions rely on FinCEN's 2014 guidance and the compliance expectations that developed around it. They discuss how banking programs have evolved, why fees have declined in some cases, and how increased competition and compliance costs can influence whether financial institutions enter or exit the cannabis market. Jenny and Peter examine how banks define cannabis-related businesses, why accounts and payment-processing services may be closed, and the questions surrounding widely cited estimates of how many financial institutions serve the cannabis industry. The conversation explores how federal rescheduling could affect cannabis banking, including the risks of changing the current framework without updated federal guidance or legislation providing greater clarity. Peter explains why rescheduling does not automatically resolve every banking challenge. Jenny and Peter also discuss banking fees, lending limitations, collateral requirements, cannabis licenses as assets, capital raising, and the impact of 280E on cannabis businesses. They close with practical considerations for operators, including fraud prevention, account controls, and the importance of running a compliant, financially sound business. This episode delivers practical insight for cannabis business owners, operators, and financial professionals navigating cannabis banking, banking compliance, federal rescheduling, lending, risk management, and access to capital.

🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting

⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰

𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano continues the Cannabis Operator Series with Zach Schopp, founder and CEO of Seed of Life in Montana, to explore his journey from budtender to building a vertically integrated cannabis business. Zach shares how he entered the industry in 2015, navigated changes to Montana's medical cannabis program, and built his first 3,000-square-foot cultivation facility in 2017. Through self-funding, hands-on learning, and strategic expansion, he grew Seed of Life into a multi-location operation spanning cultivation, manufacturing, kitchen operations, packaging, wholesale, and retail, with its 12th retail store preparing to launch. Jenny and Zach discuss the realities of scaling a cannabis business, from building a strong team and empowering managers to navigating market downturns, planning dispensary buildouts, evaluating new markets, and expanding into different regions. The conversation takes a close look at cannabis compliance at scale, including Montana's changing rules, building a compliance focused culture and how evolving requirements can create significant operational challenges as a business grows. They also explore expansion strategy, mature cannabis markets, and the importance of building operational systems that can keep pace with growth. Zach shares lessons learned from growing Seed of Life and tips for operators navigating changing regulations and increasingly complex compliance requirements. This episode delivers practical insight for cannabis operators and business owners focused on vertical integration, multi-location operations, cannabis compliance, inventory controls, cultivation, expansion strategy, and sustainable business growth.

🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting

⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰

𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano continues the Cannabis Operator Series with Fadi Boumitri, CEO of Ascension in Ohio, to explore the realities of building and scaling a cannabis business. Fadi shares his path into the cannabis industry and his experience navigating Ohio's competitive licensing process, including real estate challenges, strict application deadlines, and the pressure of getting licensed and operational. Jenny and Fadi discuss building Ascension's cultivation operation, pivoting from a processing-focused model to craft flower, sourcing genetics, facility design, cultivation strategy, and a $16 million expansion. They also examine the lessons learned from building a cannabis facility under aggressive timelines and evolving supply-chain conditions. The conversation covers dispensary site selection, fundraising, processing, pricing strategy, and the realities of competing in Ohio's cannabis market. Fadi also shares his experience navigating Ohio compliance requirements, changing rules, inspections, DEA registration, and the challenges of operating as federal and state requirements continue to evolve. Jenny and Fadi discuss market dynamics, consumer safety, and cross-border enforcement. Fadi also shares lessons for cannabis operators on building correctly, starting small, managing growth, and balancing the business and operational sides of the industry. This episode delivers practical insight for cannabis operators navigating licensing, compliance, cultivation, expansion, dispensary operations, and scaling a regulated cannabis business.

🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting

⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰

𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano sits down with Rachel Gillette, Partner, Cannabis Industry Group at Holland & Hart, to discuss whether federal cannabis rescheduling really means tax relief for cannabis operators. Rachel explains the April 2026 federal action placing qualifying state-licensed medical marijuana in Schedule III and how that differs from the broader proposal to reschedule marijuana. She breaks down 280E and how Schedule III treatment can affect the deduction of ordinary business expenses for qualifying medical cannabis operations. The conversation covers questions surrounding retrospective 280E relief, expense apportionment for co-located medical and adult-use operations, IRS audits, refund claims, and the New Mexico Top Organics/Ultra Health case. They also discuss an IRS action involving TerrAscend and what operators should understand before assuming rescheduling automatically eliminates their tax exposure. Jenny and Rachel discuss DEA registration, evolving federal compliance expectations, inspections, and the potential compliance costs. The episode also explores the uncertainty surrounding adult-use cannabis, interstate commerce, international treaty requirements, and how operators can begin preparing for changing federal expectations. This episode delivers practical insight for cannabis operators, business owners navigating cannabis rescheduling, 280E, DEA registration, federal compliance, tax planning, and the evolving relationship between state-licensed cannabis businesses and federal regulation.

🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting

⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰

𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

🎙️In this episode of Under The Microscope with Jenny, host and ICS Consulting founder Jenny Germano breaks down seven common training gaps that can put cannabis dispensaries at compliance risk and provides practical strategies for strengthening employee training and competency. Jenny explains why employees are the ones executing compliance every day and why training must be treated as a system, not simply a signed policy acknowledgment or completed video. She breaks down a training framework built around policy, training, demonstration, supervision, documentation, and retraining. The conversation examines seven common training gaps, including compliance-first onboarding, diversion and loss prevention, de-escalation and security awareness, seed-to-sale errors, training documentation, and a structured 90-day ramp to competency. Jenny also discusses the importance of hands-on competency, ongoing training, reconciliation, root-cause analysis, and documenting employee training. She explains why dispensaries need to identify and address training gaps before they contribute to an inspection issue, compliance violation, inventory discrepancy, or other operational incident.This episode delivers practical insight for cannabis dispensary owners, managers, and compliance professionals looking to strengthen employee training, reduce compliance risk, and build more consistent operations.

🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting

⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰

𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano sits down with Henry Crisler, Executive Director of the Mississippi Medical Marijuana Association to discuss Mississippi's medical cannabis program, DEA inspections, and what cannabis operators can learn from the state's experience. The conversation examines the challenges Mississippi cannabis operators are facing as federal requirements evolve, including DEA inspections and what inspectors are looking at, such as documentation, security plans, ownership records, inventory controls, felony disqualification standards, and questions surrounding Schedule III compliance. Jenny and Henry also discuss what operators should be thinking about as federal oversight develops, including SOPs, inventory controls, documentation, ownership records, and preparing for increased federal scrutiny. They explore potential implications of international treaty requirements, DEA registration, distribution models, fees, production limits, and interstate commerce, along with questions operators are asking about the future of medical cannabis under federal rescheduling. This episode delivers practical insight for cannabis operators navigating DEA inspections, cannabis compliance, federal rescheduling, medical cannabis regulations, inventory controls, SOPs, and changing federal requirements.

🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting

⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰

𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano sits down with Lenny Berry, founder and CEO of the Ohio Cannabis Health & Business Summit, to explore the evolution of Ohio's cannabis market and the challenges and opportunities shaping the industry. Lenny shares his journey from more than 30 years in music, radio, and marketing into Ohio cannabis in 2017. He opened medical cannabis clinics, gaining firsthand insight into patient needs, cannabis stigma, dosing challenges, and gaps in dispensary education. Those experiences led Lenny to create an education and networking-focused cannabis summit. Jenny and Lenny discuss how the event grew from its launch in 2019 to attract more than a thousand attendees and bring together cannabis professionals from Ohio and beyond. The conversation examines Ohio cannabis regulations, the expansion of adult-use cannabis, competition, mergers and acquisitions, Michigan market pressure, social equity setbacks, and the future of Ohio's regulated cannabis market. They also discuss the role of budtenders and brand ambassadors, responsible consumption education, ancillary cannabis businesses, and why education and community remain important as the market evolves. This episode delivers practical insight into Ohio cannabis, cannabis business opportunities, market evolution, regulations, M&A, education, and building stronger industry connections.

🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting

🌎𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://ochbs.com

⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰

𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.