Canna Provisions CEO Meg Sanders, penning a viral editorial for a spotlight issue in Business West magazine, speaks from her experience stretching back to the start of the legal cannabis industry in Colorado years ago. Business West has turned to Meg for a spotlight profile feature in the past.
In the op-ed from Feb 3 2023, she made waves in the local Massachusetts cannabis industry with her honest take on what any new cannabis businesses finally getting their doors open now have to realize about the business side of the industry. In it, she says:“Surviving the current market constriction and correction from the imbalance of supply and demand — something that has happened in other markets that came online, though it arrived faster here in Massachusetts — is a challenge of smart maneuvering and business forecasting.”
Here’s a longer clip from the Business West article.
Price compression has been on the industry’s collective mind for the past year, which makes it all the more important to create new strategies at the retail level. Differentiation for brands will come down to matters of quality of product, a consistent and predictable retail experience, and the education level of the consumer.
What we know for sure, as seen from my experience in cannabis stretching back to the dawn of the legalized market in Colorado more than a decade ago, is that, when new markets flanking legalized states come online, it helps everyone in the existing legal retail market. But ultimately, the ones that really come out ahead are those with a key differentiating advantage and a realistic, thoughtful approach to the business. Many small first-time operators do not have the forward-looking business modeling abilities needed in the current market, especially when their average day-to-day will be spent just trying to stay afloat.
CLICK HERE for the Business West editorial from CEO Meg Sanders.