Working On the Business, Not Just In It - Building a Sustainable Cannabis Business

🎙In this episode of 'Under the Microscope,' host Jenny Germano welcomes Ernest Toney, founder of BIPOCann, to discuss the keys to building a sustainable cannabis business by focusing on working on the business and not just in it. Ernest shares his journey from working in sport health and wellness to entering the cannabis industry and founding BIPOCann in 2020. Jenny and Ernest cover a wide range of topics, from the importance of having a business plan, navigating regulatory frameworks and authentic storytelling to working through challenges related to funding and access to capital, especially for minority and underrepresented entrepreneurs.

They discuss the significance of relationship building and the unique value propositions that can set a cannabis business apart in a competitive market. Whether you're an aspiring cannabis entrepreneur or a seasoned operator, this episode is packed with valuable insights and practical best practices for cannabis entrepreneurs.

🌿 Our Host: Jenny Germano, Founder of ICS Consulting
🌎 ICS Consulting: https://www.icsconsultingservice.com
🌿Our Guest: Ernest Toney, Founder of BIPOCann
🌎BIPOCann: https://bipocann.com

⏰ Timecodes ⏰

01:20 Ernest's Early Career and Transition to Cannabis
03:50 Addressing Market Gaps in the Industry
09:11 Challenges and Strategies for Cannabis Entrepreneurs
13:26 Importance of Business Planning
20:07 Financial Projections and Proformas
28:31 Funding Challenges for Micro and Social Equity Licenses
29:06 Challenges in the Cannabis Industry
29:56 Access to Capital and Financial Barriers
35:08 Branding and Storytelling in Cannabis
41:03 Navigating Market Entry and Licensing
45:15 The Importance of Relationship Building
52:09 Final Thoughts & Wrap Up