The Cannabis Business Minds Show

In this episode, Simone unveils her latest focus, centered on the crucial elements of success: money, mindset, and business.

Simone explores the concept of achieving financial wholeness in the entrepreneurial journey, regardless of the industry you operate in. She emphasizes the need to build a business that supports you financially and allows you to realize a profit by adding value through your work.

Financially Whole is an amazing 90-day journey that you will go through together one-on-one and as a group that will transform how you show up in business, your money mindset, and give you the sales, money and business systems that can make a massive shift in your business.

In this episode, we dive deep into the challenges faced by small businesses in the cannabis industry and the solutions that can help overcome them as Simone continues her conversation with Kenneth Mason, CEO of Equibis.

Kenneth shares his insights on the unique challenges faced by small businesses in the cannabis industry, from navigating legal requirements to accessing capital and banking services. He also talks about the importance of having a strong support system and building relationships with other businesses in the industry.

As a Chicago-based entrepreneur, Kenneth sheds light on what's happening in the cannabis business scene in the city, from new regulations to emerging trends and opportunities.

About Our Guest

In this episode, we delve into the career transformation of Kenneth Mason, who went from being an accountant to becoming an entrepreneur empowering small businesses through Equibis.

Kenneth shares his insights on navigating entrepreneurship as an accountant and the lessons he learned along the way. He also talks about his first dip into entrepreneurship and how it led him to discover his true purpose.

Kenneth emphasizes the importance of staying true to his purpose and being clear on his end goal, which helped him overcome challenges and achieve success in his career.

About Our Guest

Do you have a cannabis business that needs to raise funds? The process of fundraising can be difficult and time-consuming, so it's crucial for startup founders to have a strategic approach.

In this episode, we delve deeper into business valuations and investing with Richard Bernard, Vice President of Houlihan Capital's Valuation and Financial Advisory Group. Here are some of the major topics we cover:

• How to begin the fundraising process for your company
• Tips for discussing fundraising with potential investors
• An explanation of the "SAFE agreement" and its key components
• Richard's insights on the current state and future of the cannabis industry, including perceived challenges
• Advice for anyone looking to enter the cannabis industry
• The most important lesson Richard learned when starting out

About Our Guest

Richard Bernard is a Vice President in Houlihan Capital’s Valuation and Financial Advisory Group. Mr. Bernard performs valuations for public and privately held businesses, business interests, gift and estate planning, financial accounting, and tax reporting purposes. His responsibilities include conducting due diligence, performing financial analyses, and drafting valuation reports.

Prior to joining Houlihan Capital, Mr. Bernard was an Analyst in the Valuation Advisory group of Duff & Phelps, where he focused on business enterprise and intangible asset valuations for financial reporting and tax compliance purposes and portfolio valuations focusing on alternative investments.

Business owners must take into account numerous factors that heavily influence a company’s value. In this episode, Richard Bernard, the Vice President of Houlihan Capital’s Valuation and Financial Advisory Group, sheds light on the process of valuing businesses within the cannabis industry. Some key takeaways include:

• Bernard's background and involvement in the cannabis industry and his work with Houlihan Capital
• An overview of the evolution of valuations over the years and the current state of the industry
• Common valuation techniques applied to the cannabis industry
• The impact of taxation and the role of 280e on a company's valuation

About Our Guest

Richard Bernard is a Vice President in Houlihan Capital’s Valuation and Financial Advisory Group. Mr. Bernard performs valuations for public and privately held businesses, business interests, gift and estate planning, financial accounting, and tax reporting purposes. His responsibilities include conducting due diligence, performing financial analyses, and drafting valuation reports.

Prior to joining Houlihan Capital, Mr. Bernard was an Analyst in the Valuation Advisory group of Duff & Phelps, where he focused on business enterprise and intangible asset valuations for financial reporting and tax compliance purposes and portfolio valuations focusing on alternative investments.

In this episode, we continue Simone’s conversation with Eric Canori and delve deeper into the topic of resilience and conquering hardships. Eric divulges his latest undertaking in cannabis cultivation in the New York market, the practices he adopted to cope with traumatic experiences, and his future aspirations.

Eric Canori's memoir, titled "Pressure," is a captivating account of his journey towards perseverance, resilience, and personal growth. Through his experiences with money, sex, and drugs, he seeks love and acceptance, and his story serves as an inspiration to re-examine one's own life. The book highlights the fundamental elements of life, including our connection with nature, ourselves, and those around us. It is a poignant reminder of what truly matters in life.

Before cannabis became legal in any state, Eric Canori was a prominent high-end cannabis dealer on the East Coast of the United States, responsible for smuggling over $300 million worth of the drug.

In this episode, Simone interviews Eric about his journey and transformation as a former high-end cannabis dealer turned author and legal entrepreneur. Eric discusses his experiences living a fast-paced lifestyle, burying gold bars, and paying his way out of prison. He also reflects on writing his book 'Pressure' and his current involvement in the legal New York cannabis market.

About Our Guest

In this episode, Jen Flanagan interviews hemp industry expert Shawn Hauser. As a partner at Vicente LLP and a co-chair of the firm's Hemp and Cannabinoids Department, Shawn helps businesses navigate the complex regulatory landscape of the hemp market.

Shawn shares insights into the differences between hemp and cannabis, and the unique challenges that hemp operators face in the industry. She discusses the current state of the hemp industry and provides valuable advice for anyone looking to start a hemp business.

About Our Guest

Join Jen Flanagan in this episode, where she talks to Sahar Ayinehsazian, a partner in Vicente LLP's Los Angeles office and co-lead for the firm’s Banking and Financial Services Access practice.

Sahar shares her insights on the challenges and opportunities in cannabis banking. Discover how to find a trustworthy banking partner, potential fees for cannabis operators, and the obstacles in cannabis banking. Sahar also provides valuable advice for cannabis operators and applicants seeking banking services.

About Our Guest

In this episode, Jen Flanagan interviews Brian Vicente, Founding Partner of Vicente LLP and a pioneer in the cannabis industry.

From the inception of the cannabis industry, Brian has been at the forefront of shaping the regulated industry. He shares with us his insights on the challenges and opportunities facing the cannabis industry today for entrepreneurs and service providers alike and his vision for the future of this rapidly growing industry.

About Our Guest

Join us as we kick off our four-part series with guest host Jen Flanagan. In this episode, we get insights and tips on cannabis compliance with Casey Leaver, the director of regulatory compliance at Vincente LLP. Casey is a compliance expert with years of experience under her belt. She knows what it takes to keep a cannabis business compliant in today's ever-evolving regulatory landscape.

We dive deep into the differences between laws and regulations and the common compliance issues that cannabis businesses face. Casey shares her insights on the biggest obstacles in cannabis compliance and how to overcome them.

About Our Guest

In this episode, we get an insight of how the Massachusetts cannabis industry started from former Commissioner Jen Flanagan. 

Commissioner Flanagan, currently the director of regulatory policy for Vicente LLP, shares her experience and perspective on her role as one of the appointed inaugural Commissioners on the Massachusetts Cannabis Control Commission in 2017. Some of the major highlights:

• What’s going on in Massachusetts
• How her background in mental health and substance abuse issues played a role
• Importance of studies, research, and consumer education
• Milestones during her time as Commissioner
• Her new role as Vicente LLP’s Director of Regulatory Policy
• Speed round

About Our Guest

In this episode, we continue our conversation with Cannabis Law & Tax Specialist Paula Collins. We talked about her experience in working with cannabis business owners and how the New York Consortium of Cannabis Accountants are supporting social equity applicants.

Some major highlights from our conversation:

• What cannabis entrepreneurs should watch out for when it comes to taxes
• The fastest way entrepreneurs can get into trouble
• Raising entrepreneur awareness and workshops provided by NYCCA
• Bankruptcy and debt in the cannabis industry
• Her advice for anyone just starting to build their business and what she wished she knew then

About Our Guest

Paula Collins, CEO and Founder of The Morton Street Group, is obsessed with getting it right for the cannabis industry. Paula is an Enrolled Agent, MBA, Lawyer, and Education Specialist, with over 10 years' experience in tax preparation from non-profits to high net worth individuals. She is admitted to practice law in New York, New Jersey, and Missouri.

In this episode, we continue our conversation with Cannabis Law & Tax Specialist Paula Collins on cannabis taxation. Some major highlights from our conversation:

• The current New York tax structure and the licensed market
• The best case scenario in the next 12 months
• Her proposed transitional license and work as a co-founder of the New York Consortium of Cannabis Accountants (NYCCA)
• Misinformation in tax and law in cannabis

About Our Guest

Paula Collins, CEO and Founder of The Morton Street Group, is obsessed with getting it right for the cannabis industry. Paula is an Enrolled Agent, MBA, Lawyer, and Education Specialist, with over 10 years' experience in tax preparation from non-profits to high net worth individuals. She is admitted to practice law in New York, New Jersey, and Missouri.

In this episode, we get a deep dive on cannabis licensing and compliance with Cannabis Law & Tax Specialist Paula Collins.

Paula Collins, CEO and Founder of The Morton Street Group, is obsessed with getting it right for the cannabis industry. Paula is an Enrolled Agent, MBA, Lawyer, and Education Specialist, with over 10 years' experience in tax preparation from non-profits to high net worth individuals. She is admitted to practice law in New York, New Jersey, and Missouri.

Some major highlights from our conversation:

• How Paula started in the cannabis industry
• The struggles in pre-licensing phase, illicit shops and unlicensed operators
• Public awareness and due diligence
• Tax compliance for entrepreneurs

About Our Guest

Because of you, Cannabis Business Minds is in the top 5 podcasts in the industry! Thanks so much for your support! 

In today's episode, Simone gives an overview of what you can expect from the show from expert interviews to the simplest way to get your questions answered by an industry expert.

Connect with us!

Are you ready to end the year right? In this episode, Simone shares key financial tips for your cannabis business as we wrap up 2022 and how to lock in your 2023 business budget.

Are you consuming cannabis or is it consuming you?

On this episode, we talk to Tarris Batiste on his journey from being a football jock to helping young adults, upcoming professionals, athletes, and cannabis curious individuals to use cannabis responsibly. Some major highlights:

• His story and how he turned his mess to a message through his book ‘Don’t Let It Smoke You’
• Discovering and understanding the power of responsible smoking
• Mindful consumption and not letting cannabis control you
• Tarris’ why, his vision, and how his 12-month goal

On this episode, we get an insider insight on the New York cannabis scene and dive into corporate transactions with Charles Alovisetti, Partner and Corporate Department Chair at Vicente Sederberg LLP. Some major highlights:

How familiar are you with web3.0 and NFTs? 

On this episode, we talk to Liz Wald about Web3 technologies and how it compelled her to co-found and launch thric3 -- an NFT-based membership community for people new or coming back to cannabis with an emphasis on wellness.

“Big misconception is that you need multiple brokers to create transparency and get multiple quotes. This is not the case and invoking many brokers most times make it more challenging for the insured.”

In this episode, we uncover the nuances and myths in insuring cannabis-related businesses with Eric Schneider, co-founder of AlphaRoot – a full service insurance brokerage that focuses exclusively in the cannabis, hemp, and CBD space. Some major highlights:

• Different kinds of insurance coverages and what makes the most sense for your business
• Challenges in cannabis insurance
• How the AlphaRoot app enhances the customer experience
• Disruption and the effects of compliance and regulation (THC, delta-8, CBD)
• Validation process, cultivating trust and transparency between insurance carrier and insurer
• How businesses should budget for an insurance and when to insure a cannabis startup
• Cannabis sales and the current scene in New York
• Eric’s advice to someone starting in the cannabis industry

In this episode, Simone shares this timeless and insightful interview with Karim Webb for Cannabis Business Week back in July 2020 where they talk about:

• Karim’s journey to entrepreneurship and the impact his parents had
• Lessons on leadership, workplace culture, and community from his experiences in retail
• Challenges in operating competitive retail and improving outcomes
• How he got into the cannabis industry, 4thMVMT, and social equity
• The retail strategies to implement to attract and engage customers
• Mindset and more leadership lessons on the speed round

In this episode, Simone talks about the challenges of cannabis startups from banking, cash flow, and taking action. Some major highlights:

• Lessons on cannabis banking
• Actions to take your business from the startup phase to launch phase
• Key areas to master for a successful cannabis startup
• Reflections on New York state cannabis tax scene
• Topics for the upcoming episodes (email us!)
• What do you want to accomplish in cannabis and what it takes 

Cash flow is one of the biggest metrics in a cannabis business. In any business, the game is maximizing your cash flow and not just your revenue.   

As a startup, how do you maximize your cash flow? 

You can master cash flow by having your profit systems setup, having great terms with customers, and having a very clear understanding of your financial obligations. 

• Cash flow reflects liquidity
• Importance of your profit systems setup
• Revenue growth is a big driver of cash flow

If you’re just starting your cannabis business, you want to make sure that you are setting up your profit systems the right way. 

Profit systems for your cannabis businesses include how you set up your accounting, how you set up your invoicing, and how you manage your cash flow through building and using an operating budget, and who is on your profit team.

Poor planning at the very beginning of your business will cost you money later.

In this episode, Simone shares what to focus on when building your profit plan for your business. Some major highlights:

• Getting your legal and admin ducks in a row
• Business and profit systems to implement
• Getting clear on your taxes
• Having the right people on your team

If you’re in the startup phase of building a cannabis business, or if cannabis legalization just passed in your state, you’ve got a lot on your plate. From building relationships, to filing permits, to raising capital. 

A common myth among many founders is there is no money until you’ve got the cannabis license. 

In this episode, Simone shares what you can do today to start making some money even before you get your cannabis license. Some major highlights:

• Getting involved in the community
• The value in building a brand
• Positioning your brand and bringing awareness
• Building your community

Eye cream cannabis? In this episode we unpack the benefits of what cannabis can do to your skin and building a cannabis skin care business in California with Bridget May and Kim Howard of Green Bee Botanicals. Some major highlights:

• How to stand out and show your brand in a crowded marketplace
• How cannabis can help with skincare
• Building a business in turbulent times in California

A quick update from Portugal and what's in store for Cannabis Business Minds. 

Every cannabis entrepreneur has a different exit strategy, and Debra Borchardt is a story for anyone who is looking to make the exit in cannabis. Although Debra is still working in her business, she is no longer an equity owner.

In this episode, I get to dive deep into Debra's journey with selling her company Green Market Report.

About Debra:
Debra has covered the cannabis industry since its earliest stages when she recognized that the legalization story was the biggest business news story of the decade. As a senior producer and reporter at TheStreet.com, Debra was awarded an ASPBE.org (American Society of Business Publication Editors) in 2014 for Best Video - News, “Guess Where People Want To Buy Pot.” Debra is also a Co-Founder of the women’s cannabis executives networking group Industry Power Women and serves on the board of the cannabis newswire Axiswire.

She began her career in the securities industry where she was a Vice President at Bear Stearns holding three securities licenses. She left Wall Street to earn her Masters's Degree in Business and Economic Reporting from New York University. At that point, she embarked on a career as a financial journalist and spent eight years at TheStreet.com working daily with Jim Cramer. She is also a frequent panel moderator and guest at cannabis conferences. Looking ahead to 2019, Debra has big plans for GMR, which include the launch of additional websites. Following the successful Green Market Summit in  2018, she is planning her next Green Market Summit event in Chicago on May 7.