Our heads were left spinning from insightful seminars, expansive networking, and valuable conversations about partnerships, alliances, and company growth. Early this week, the Cashinbis team traveled to Denver, Colorado for the Marijuana Investor Summit event, hosted by Marijuana Investor News and CannaFundr. Over the span of only a few days, our minds were opened to endless possibilities and we had the opportunity to meet like-minded professionals and executives involved in the cannabis space. What we learned in that short span of time is what we’d like to share with you, as our mission is grounded in education and inspiration of this ever-growing industry. So, let us share the top 3 lessons we learned this week in Denver, Colorado…
According to Kevin Harrington, there are 3 steps to pitching your business.
Tease, Please, and Seize! First, have a problem; Ask a question; Draw your investors in with a ‘need’ you see in the industry and present your business plan as a solution to that problem. As an entrepreneur, you want to create value for the industry. You want to bring a product, a service, or a new technology to a space that can utilize it. So, fine-tune your executive summary to capture your audience and present your business plan as such. Secondly, you’ll want to ‘please’ your audience by presenting the unique positioning of your product. Present testimonials from customers and show that you’ve done your research on who that customer is and how they can utilize your product. And lastly, ‘seize’ the opportunity! After you’ve presented all the above, the final step is to seal the deal. Use your closing remarks as a lead-in to a follow-up conversation.
What it all comes down to is the team.
This is something we did not only hear in multiple seminars throughout the event, but we’ve heard it time and time again in the investor interviews we publish for Cashinbis. It’s all about the team! You can’t single-handedly succeed in this industry. You need a top-notch team that excels in areas in which you are weak. It’s about recognizing what you’re good at and what you’re bad at, and aligning yourself with those who can make you and your business stronger. It’s a common known fact that we can’t possibly be the very best at everything, which is why it’s so important that we recognize the areas in which we need help.
In Fred Gross‘ talk, The Sophisticated Investor, in Kevin Harrington’s keynote speech, and in the CannaPitch itself; when investors asked multiple companies about the strength of their team, it was apparent to us that this is of upmost importance. Whether you are deciding who you are partnering with, hiring, or outsourcing content to; you need to invest in building a stellar team that spans across an array of skills. Your team is the fuel, the power, the drive, and if you don’t have a team you can count on… your business will fall behind those who do!
As a member of this industry, it is our responsibility to ‘brand’ cannabis.
This was stressed in all realms and mediums throughout the event. If you were an attendee at the Marijuana Investor Summit, you certainly recognized the attendees’ dress code: Men wore suits and ties, women in snappy professional attire and heels. This was a business event and it’s our responsibility to represent it accordingly. Cannabis has been under scrutiny and negative propaganda for decades and it’s time that we all play our part in elevating the space from the dark depths it has been hiding in for so long. Dispensaries are upgrading their spaces with bright lights, welcoming color palettes, and crisp digital displays. They greet you with dignity and ensure you have a professional experience from door to door. We must all take note in this ‘rebranding’ of cannabis which will be the driving factor to the change in public perception. No longer can it be regarded by its stereotypes. We must all dress to impress and brand our companies in a way that inspires a new found respect for the plant.
These are all lessons that will be relevant to us as entrepreneurs in the cannabis industry for years to come. We must invest in our business, invest in ourselves and our team, and elevate each of our companies to take this plant higher into the social realm. We’d also like to encourage you to find an industry event near you. It’s imperative to be transparent and connect with other like-minded business individuals. It’s certainly a great way to expand your mind to the opportunities that lay before you.
*You can download the photos from Marijuana Investor Summit through our Facebook Page.