Wednesday, 9 August 2017

The Profit: ‘Marijuana Millions’ Highlights Pot Entrepreneurs In California

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This week, Marcus Lemonis travels to California, where “a new law that will soon allow any adult to buy cannabis legally,” according to CNBC. While medical marijuana has been legal for years, Prop 64 has sparked a Green Rush in the Golden State.


Visiting Canndescent, founder Adrian Sedlin reveals that they market their product as a luxury brand. Their varieties are named after moods, including “Connect” and “Charge,” which Sedlin explains makes the product relatable and accessible. Lemonis thinks the packaging is “fantastic” and likes the name. They have raised more than $15 million in just 18 months. The federal government, however, could still shut down operation.




Next, Lemonis visits an Orange County suburb after an “eye-opening” experience in Desert Hot Springs. Cindy Pinzon and Leone Posod’s edible pot start-up company Treat Yourself offers vegan, gluten-free tarts. Lemonis enjoys baking the goods and is intrigued by the duo’s “labor of love.” He finds it troublesome, however, that they alienated males on the packaging by highlighting menstrual cramping relief and relaxation. They explain that they wanted to make it female-friendly.


On the other hand, at KIVA, a much larger scale of marijuana edibles is produced. They are a multi-million company who is expected to double their revenue in 2018. Treat Yourself assures Lemonis that they still want to go global.




In Los Angeles, Lemonis visits pot dispensaries At MedMen, he meets with Adam Bierman, who created an open and informational space for consumers. He says he “caught a whiff” of their no-stigma strategy. Customers also see it as very high-end and can bring in more than $15,000 per day. Lemonis sees the industry as both interesting and complex.


He previews the cultivation area next, which includes varieties such as Sour Banana and Green Crack. Lemonis still have reservations, however, about potential repercussions from the industry. He adds that it is very much a real company that people should pay attention to whether they agree with it or not.




Back with Pinzon and Posod, Lemonis gives them a little pep talk before they pitch to MedMen’s head buyer. He thinks their products are delicious, but worries about their female-focused wording on the packaging. Lemonis thinks they missed the mark given that they did not explain how they intend to scale their business. Ultimately, however, they scored a deal.


Lemonis then travels to Berkeley, where StashTwist brings medical marijuana right to someone’s door. They offer tinctures, hash, pre-rolls and more. Founder Andrea Unsworth finds that being a woman in the industry is an advantage given that they are perceived as healers. Lemonis goes on a delivery trip next in order to put a face to those behind the orders. One woman likes the discreetness and admits that she could eat an entire bag of gummies.


He admits that he is astounded by Unsworth’s confidence given that marijuana is still not legal at the federal level.




At one grower’s space, who has paid $1 million an acre for his indoor production operation, Lemonis learns that he is expected to do $22 million in sales in 2018. CLC Brand Labs founder Dan Osborne takes a hands-on approach. Because of the business he’s in, he has not seen his family for years. He hopes to sell the company one day for $22 million.


Finally, Lemonis explores the underground side of the industry. One man doesn’t view himself as a drug dealer and says he sells to a variety of people. He is worried about what Prop 64 could do to the black market. He also explains that he has previously been held up at gunpoint and that he has been scared for his life. Lemonis says that his life is a “game of wait and see.” While Lemonis doesn’t agree with the illegality of it, he appreciates that “Zac” understands the line between risk and reward.




Ultimately, Lemonis admits that while he was initially skeptical, he can see that the industry’s future has already arrived in California.


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Source: B2C
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