Organic and premium flower not only attracts discerning customers, but also wins some of our industry's top awards. So in this week's episode, Chip sits with David Miller and Erich Maelzer from Flow Gardens Indoor Cultivation to talk about how these two founders and cannabis entrepreneurs are bringing organic and hydroponic grown premium hemp flower grown in East Tennessee to the marketplace. And their stuff is really good! They’re Emerald Cup Winners and High Times Cup Winners so they know what...
Oct 11, 2022•46 min•Ep. 36
Entrepreneurs start bootstrap companies and leverage their unique skills to grow a business. As they achieve success, many founders fall into the same trap, where they hold on to too many responsibilities and struggle to delegate tasks effectively. As a cannabis entrepreneur, you need actionable solutions to this challenge. So in this week's episode, Chip provides effective steps every cannabis business owner can take to increase your company's value and delegate tasks off your plate. We discuss...
Aug 02, 2022•19 min•Ep. 35
In some circles private equity has gotten a really bad reputation, but the reality of the value of private equity to the economy is much more positive. If you're thinking about talking with a private equity partner in the future or just curious about how private equity in the cannabis industry works, this episode is for you. So, in this week's episode Chip dispels the myths about private equity with facts and give you the top three things every founder should know about private equity. Plus, we'...
Jul 26, 2022•24 min•Ep. 34
It’s one of the fundamental questions all owners must wrestle with: should you own a big chuck of a small company or a small piece of a large company? And this is especially important if you're starting up a cannabis company and thinking of funding growth with equity. Owning a relatively small slice of a big pie has worked out well for both Elon Musk and Jeff Bezos, but they may be the exception. So, in this week's episode Chip shares four good reasons why your best bet is to own a big chunk of ...
Jul 12, 2022•17 min•Ep. 33
This week's episode is all about answering questions from cannabis business owners. Chip covers a range of topics, from resources to help you step back from your cannabis business without getting fully out, to lease accounting, to finding and keeping great budtenders, to the best software solutions for your cannabis business. Whether you're just getting started or you've been in the industry for a while, this episode is sure to have something for everyone. So tune in and learn everything you nee...
Jun 28, 2022•27 min•Ep. 32
Most every cannabis business starts small. It’s you and maybe a few investors realizing your dream of starting up a new cannabis venture, maybe in a state that just went legal. A lot of small businesses, cannabis or otherwise, stay small though either by choice or because they start chasing growth in the wrong places. So, this week let's talk about your cannabis business and its growth. Chip reveals the main factor why some businesses never achieve scale and realize growth. And we'll discuss fou...
Jun 21, 2022•17 min•Ep. 31
Do you feel stuck in the middle of your cannabis business, and maybe can’t even take a vacation? Well, the good news is there’s hope! And good reasons to get your business to run itself. A cannabis business that’s not dependent on its owner is the ultimate asset to own. It allows you complete control over your time so that you can choose the projects you get involved in and the vacations you take. And when it comes to getting out down the road (if that’s in your plans), a business independent of...
Jun 14, 2022•17 min•Ep. 30
We’re headed into uncertain economic times. Between inflation, and the continuing war in Ukraine to another election where all these folks seem to do is yell at each other from the top of their lungs. And while the cannabis industry has generally been mostly immune to rough economic times, and even grew during the pandemic in a lot of ways, it still creates complications in running your cannabis business. One of these best strategies includes following general guidelines on how others have handl...
Jun 07, 2022•18 min•Ep. 29
No matter what business you're in, pricing is always a key consideration. But when it comes to the cannabis industry, pricing can be especially tricky. There are countless factors to consider, from regulatory compliance to supply and demand. In this week's episode Chip outlines some of the most important considerations when setting prices for cannabis products and services. You'll learn how to price your product or service so that you can win in the competitive cannabis market! We all know that ...
May 24, 2022•26 min•Ep. 28
As more and more states legalize the plant, cannabis businesses – even existing ones – are presented with more profit-earning potential. But before you start any business, you need to have some idea of what the industry landscape is like: What's the earning potential? What risks will you face? Who's your competition? Given the cannabis industry’s relatively short history -- and with new states coming online all the time -- the industry is always changing and evolving. Which means for both the br...
May 10, 2022•20 min•Ep. 27
Embracing digital adoption and integrating data tools properly are two critical ingredients in the recipe of successful cannabis businesses. In fact, the use of data that has been prevalent in mainstream companies of all shapes and sizes is starting to gain traction in the cannabis industry. And that's because using data properly can be a total game changer in terms of data utilization on your cannabis business’s sales and overall profitability. So, in this week's episode Chip welcomes Jeffrey G...
May 03, 2022•52 min•Ep. 26
One issue that seems to be coming up a lot lately for cannabis business owners is cash flow, and for good reason. If your business runs out of cash, and cannot borrow from somebody or get more investment capital, then it’s probably about to fail. For your cannabis business to be as healthy and prosperous as possible, you need to keep an eye on profit, but also on cash flow. So this week Chip hones in on cash flow and talks about four reasons why cash flow is so important. And even if profit is l...
Apr 26, 2022•17 min•Ep. 25
Cannabis business owners are always looking for ways to save money in all aspects of their businesses, and none more so than with taxes. But with IRC 280E it can get very difficult to minimizing what you pay to Uncle Sam and also put that money back in your pocket. So in this week's episode, Chip sits with Justin Klein of Klein Capital Investments to talk about unique, legal tactics to save on cash taxes for your cannabis business. Justin is an experienced Certified Financial Planner (CFP) who i...
Apr 19, 2022•45 min•Ep. 24
Bitcoin, Etherium or DogeCoin! You can't go anywhere anymore without hearing about cryptocurrencies. Add to that the lack of safe banking for marijuana companies and the risk of so many cash transactions, and you may be curious if cryptocurrencies are an option for your cannabis business. Well, this week Chip talks all about cryptocurrencies and what you, the cannabis entrepreneur, should know about them. If you’ve thought about it, you'll learn some things maybe you didn’t know. And if you’ve s...
Apr 12, 2022•22 min•Ep. 23
You probably already know that a customer or employee dependency can undermine the value of your cannabis business, but have you ever stopped to think how one of your suppliers could also lead to a valuation drop if you ever want to sell your business? In our study of over 55,000 business and thousands of actual transactions, we know that acquirers want to invest in businesses that inoculate themselves against danger. And, being dependent on a supplier can be a risk. So in this week's episode, C...
Apr 05, 2022•18 min•Ep. 22
It's tax time again, and that means it's time to pay Uncle Sam! It also means the IRS once again ramping up audits of cannabis businesses. Yes, it seems as though the IRS is emerging from a COVID-induced slumber to once again set their sights on marijuana companies in legal states. And, when you understand that the average IRS audit of a cannabis company returns nearly 6 times the dollars to the Treasury per hour as compared to the average mainstream business audit, it’s easy to see why cannabis...
Mar 29, 2022•22 min•Ep. 21
Cannabis-infused products are among the growing trends in the diverse ways to consume marijuana. And, one of those products, cannabis-infused syrups, has already enjoyed consumer acceptance and excitement. In this week's episode, Chip spoke with Kenny Cottrell and Chris Johnson with CannaLean Infused Syrup. CannaLean creates specialized THC and CBD infused beverages for the growing cannabis drink market and this is clearly one of the trends we’re expecting to see in the cannabis industry. CannaL...
Mar 22, 2022•1 hr 6 min•Ep. 20
While taking time off from work is often much-needed to get away from a hectic work life, research also shows that it is important for your health. Whether you have three days, one week or two weeks of glorious vacation time, doctors say that if you don’t take advantage of this break from work, your stress and mental health will suffer. But for the cannabis entrepreneur, it can be tricky. Between when and how you should take time away to your employees knowing your company’s philosophy on taking...
Mar 15, 2022•16 min•Ep. 19
Hey Fam, taking a short break so no episode this week. But, we'll be back on March 15 with another dope episode! Until then, check out: Episode 15 - How to Build a Successful Dispensary with Christy and Haley from Haus of Jayne Episode 01 - The 10 Reasons Why Investors Pass on Investing in Your Cannabis Business Connect with The Business of Kush: Click here to Sign up to get e-mails from me Follow The Business of Kush on Instagram for bonus content and tips to grow your cannabis business, and jo...
Mar 08, 2022•56 sec
The growth of your cannabis business is essential. However, to grow any enterprise you must continually seek ways to turbocharge its engine and cannabis businesses are no different. Essentially, you need to develop strategies that will drive sales to ever-higher levels while ensuring that your growth in revenues translates into higher cash flow and rising profits. So in this week's episode Chip talks about the four things you can do to turbocharge your cannabis business. Plus, we'll have our "Ne...
Mar 01, 2022•23 min•Ep. 18
There are a lot of reasons business, either cannabis or mainstream, fail. Some of them are due to poor management, not being in a definable niche or just plain dumb luck. And, while these circumstances are frustrating, a lot of times they’re unavoidable. At the same time, there are common themes we see from failed businesses that come up time and time again and really don't have much to do with management style or with luck. The good news is once these issues are identified, they’re straight-for...
Feb 22, 2022•26 min•Ep. 17
One of the most interesting phenomenon you’ll ever see with entrepreneurs is called the "hub-and-spoke" owner. A natural attribute among successful entrepreneurs, it's similar to being in the middle of your business like a hub is in a bicycle wheel. The hub-and-spoke model is helpful for founders to get their cannabis companies up-and-running. At the same time, because acquirers generally avoid hub-and-spoke managed businesses, Chip talks in this week's episode about the nine ways to know if you...
Feb 15, 2022•23 min•Ep. 16
Christy Spanton and Haley Hunt are building a boutique hemp dispensary in the most improbable of places: deep in the heart of Texas. Through hard work, dedication to educating their customers and a love of the plant, Haus of Jayne is quickly becoming a destination stop. Established in 2020, Haus of Jayne offers a complete shopping experience and a relaxing environment. In this week's episode, Christy and Haley join Chip to talk about their success path in quickly building Haus of Jayne, includin...
Feb 08, 2022•48 min•Ep. 15
Think for a moment about what does the word valuable mean for you and your cannabis business? Maybe it’s a business you can pass along to your kids or other family members? Maybe it’s one that you can use as a platform to acquire other cannabis businesses in different markets or geographies, or as a means to vertically integrate. Often when we talk about a valuable cannabis business we’re talking about one that’s a million dollar business. In this week's episode, Chip talks about what’s so speci...
Feb 01, 2022•29 min•Ep. 14
Did you know there are things you can do in the structuring and set up of your cannabis business that can pay huge dividends in terms of making it more efficient, less frustrating and putting more money in your pocket in a tax efficient manner? And, one of those things is how you set up your new cannabis venture. Starting a cannabis business is exciting, but don't overlook the details. It's important to think through which type of business entity makes the most sense for your company today and d...
Jan 25, 2022•26 min•Ep. 13
Whether last year was a banner year for you or you’re looking to 2022 to be that year, you’re likely always thinking about ways to boost the value of your cannabis company. So, with 2021 firmly in the rear-view mirror, this week Chip talks about nine New Year’s resolutions to consider that can help you create a more valuable, resilient and scalable cannabis business. Plus, we've got our "News of The Day" segment. What to listen to next: Episode 07 - How to Build and Sell Your Cannabusiness Like ...
Jan 18, 2022•23 min•Ep. 12
If you've been in the cannabis industry for any amount of time and have a business that touches the plant in any way, you likely already know about Internal Revenue Code Section 280E, uggh. So, this week we’re gonna get down and gritty with this most frustrating, most impactful, and most misunderstood aspect of accounting and finance for cannabis companies: the dreaded 280E. But, don't worry. In this episode, Chip will discuss the background behind it, demystify things, and give you the roadmap ...
Jan 11, 2022•24 min•Ep. 11
Happy New Year! If you’re thinking about selling your cannabusiness now or anytime in the future, this week's episode is for you. Chip talks about the five things you absolutely must do before you even think about selling your company. Plus, we’ll talk about what the landscape looks like for cannabis transactions in 2022. And, for a successful exit you need to be able to say a hearty “Yes!” to two important questions: 1) is your business ready for you to exit, and 2) are you personally ready to ...
Jan 04, 2022•25 min•Ep. 10
In a lot of ways we faced a rugged 2021. At the same time, with Christmas and the New Year we have a lot to be thankful for. So, please enjoy this bonus episode and Holiday message from me to all of you. We'll take a few weeks off to spend time with family and friends, but we'll be back ready to kick off the new year on Tuesday, January 4th with Episode 1 of Season 2. What to listen to next: Episode 04 - How To Get More Profits By Tracking These Seven KPIs Episode 07 - How to Build and Sell Your...
Dec 21, 2021•4 min•Ep. 9
This week, since we’re at the end of the year and since 2022 is just right around the corner, let’s talk about three trends for the cannabis industry in 2022. Plus, we’ll talk about what you can do now to prepare for what we expect to see. And, to wrap up the year, we’ve got a few questions to answer, and our final installment of our “news of the day” segment. So, a lot to cover before we take a few weeks off. We'll be back ready to kick off the new year on Tuesday, January 4th with Episode 1 of...
Dec 14, 2021•23 min•Ep. 8
