Stan Thompson of Remedio Wellness: 5 Things I Wish Someone Told Me Before I Started Leading a CBD Business

Never forget that people depend on your products to make them feel their best. Without your customers, your business wouldn’t exist. Listen to their feedback and respond. Be empathetic and authentic

As part of my series about “5 Things I Wish Someone Told Me Before I Started Leading a Cannabis Business” I had the pleasure of interviewing Stan Thompson, of Remedio Wellness.

Stan was born and raised in Southern California. A lover of all things outdoors, he was always looking for the next adventure. Growing up, he had a number of entrepreneurial role models that taught him the value of paving your own path. Stan always had in his mind that he would one day have his own business. After graduating with a degree in economics from USC, Stan spent time working in the high-end residential real estate segment working alongside some of the top brokers in LA. This career path allowed for mobility and freedom to pursue other business opportunities and it was here that he gained knowledge in sales, marketing and catering to high-end customers and their needs. Stan always aspired to found his own company and saw the opportunity in late 2018 when the CBD industry was in its nascent stages. After months of planning and research, Remedio Wellness was founded. Stan now oversees the day-to-day operations at Remedio Wellness and is working towards his goal of turning the company into one of the most recognized and well-respected in the industry.

Thank you so much for doing this with us! Can you share with us the story about what brought you to this specific career path?

I’ve always had an entrepreneurial drive. Even at a young age, I remember looking up to business owners and thinking to myself that I wanted to be like them someday. After graduating college, I spent some time working in the luxury segment in Los Angeles under the wing of industry leaders, which was a great way of learning the ropes of this sector. Fast-forward to 2018, the hemp-based wellness industry began to take off. I had experienced the benefits of incorporating CBD into my self-care routine firsthand, but had a hard time finding a brand that I could associate with and that was transparent about their sourcing. Then our grandfather’s health took a turn for the worst — my brother — who is our Co-Founder — and I were looking into ways we could him age with dignity and bring him peace in times of struggle and knew that CBD could potentially help. We weren’t comfortable giving him anything that we wouldn’t take ourselves, however, which led to us spending months talking with suppliers across the United States. Eventually, we found a supplier with what we believe to be the highest quality and most effective CBD hemp extract available, and we decided to found Remedio Wellness in January 2019.

Can you share the most interesting story that happened to you since you began leading your company? Can you tell us what lesson you learned from that?

We spent a lot of time initially creating custom-designed packaging, which led to delays in launching. Because the industry has been moving so fast, we didn’t get out of the door as soon as we would have liked. We’ve since redesigned our entire product line, choosing to rely on local producers to avoid international shipping delays. I think especially now in the times of the ongoing COVID-19 pandemic, operating locally has become more relevant. That’s a good thing — so many people are struggling right now, and being a small business ourselves, we know what a difference it can make by supporting locally owned manufacturers and distributors.

Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?

We always knew we wanted to launch a topical CBD product, but shortly before we wanted to begin with our formulations, the pandemic struck. The ongoing theme of 2020 is that business owners often have to pivot — so that’s exactly what we did. I started formulating our topical balm in my kitchen…I think I went through about 20 batches before I got the ingredient ratios right (and just about destroyed my kitchen in the process). The whole experience taught me that sometimes, trial-and-error isn’t necessarily the best approach.

Are you working on any exciting projects now? How do you think that will help people?

We have some exciting collaborations in the pipeline that I can’t speak too much about just yet, but they’ll be fun and engaging for our customers. CSR [corporate social responsibility] is deeply engrained in our brand ethos, so the main focus moving forward is looking at how we can sustainably give back to a cause near-and-dear to our hearts. Stay tuned!

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story?

Remedio Wellness wouldn’t exist were it not for our late grandfather. He was a tremendous inspiration to both me and my brother, and he was also our first investor. We are a completely family-owned businesses — and that’s something that brings us a great sense of pride.

This industry is young dynamic and creative. Do you use any clever and innovative marketing strategies that you think large legacy companies should consider adopting?

These days, almost everything is digital, from the meetings we take to the places we shop. We knew that we wanted Remedio Wellness to be a digitally native brand from the start, but running a digital marketing strategy as a CBD brand is not that easy. Many platforms don’t allow for paid advertising, and those that do often have such strict guidelines, that the ads have to be very vague, which leads to confusion about what the product is we’re selling. While this can be a bit frustrating at times, it also challenges us to be more creative in the ways that we reach potential customers. We’ve found that influencer marketing is an effective way to raise brand awareness, but we’re taking this off traditional social platforms and targeting select groups by leveraging our respective networks, attending industry events (currently virtually) and relying on word-of-mouth. When people see how your products can benefit them, they become your biggest cheerleaders. Never underestimate the power of a referral!

Can you share 3 things that most excite you about the Cannabis industry? Can you share 3 things that most concern you?

The three things I’m most excited about in the industry right now are:

1. Further research into the effects of cannabinoids
2. The evolution and innovation of product development
3. The prospect of cannabis legalization at a federal level

We’re still at the early stages of discovering how cannabinoids complement our endocannabinoid system, and it’s been really exciting to see how these natural compounds can help treat a diverse range of ailments. As the science improves, we can better understand how to leverage cannabinoids to create even more effective products that can bring people the help they need. Federal legalization would allow for people to experience the benefit of full-spectrum cannabis products, which essentially uses different cannabinoids like CBD and THC to complement each other without necessarily having mild-altering side effects.

In terms of what concerns me about the industry, the lack of federal legalization has also provided for a legal gray zone that is highly under-regulated. We are of the believe that people should know what they’re putting into their bodies. There needs to be clear guidance on labeling and disclosure of ingredients so that consumers can make informed decisions when choosing the product that’s right for them. Another aspect that I find alarming are the unfair banking practices that our industry faces. Large banks are unwilling to work with our industry because of the perceived risk at a federal level. One of the biggest hurdles for new CBD businesses is finding a bank and merchant account. The third thing I find concerning is the over-saturation of the market. The competition is fierce, and a lot of people are in the industry for the wrong reasons. The high demand has now led to excess supply, which has driven the cost of sourcing product down substantially. Many competitors haven’t passed these savings along to their customers. We believe that everyone should experience the benefits of incorporating hemp-based products into their routines, which is why we offer fair pricing and premium quality.

Can you share your “5 Things I Wish Someone Told Me Before I Started Leading a Cannabis Business”? Please share a story or example for each.

1. Make sure you have a go-to-market strategy in place before launching. Know what your product is and who you’re trying to reach with your brand and messaging.
2. You’ll need to be creative when it comes to marketing in the cannabis space. Try to reach out to seasoned pros and take their advice.
3. Be highly selective when choosing a supplier. Request samples, have every batch tested by an independent lab and try your products out yourself. You don’t want to end up with a surplus of product you can’t sell because you took a shortcut.
4. Start small and scale up. Successfully launching a new product is challenging, and the market is constantly evolving. It’s better to be lean and agile at this stage in the game.
5. Never forget that people depend on your products to make them feel their best. Without your customers, your business wouldn’t exist. Listen to their feedback and respond. Be empathetic and authentic.

What advice would you give to other CEOs or founders to help their employees to thrive?

Every member of your team brings something to the table that you do not. Celebrate and champion differences. Listen to diverse opinions and keep an open dialogue going with every team member to ensure they feel valued.

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

2020 has brought a number of issues front and center for many of us. First and foremost, the ongoing pandemic has proven to us that everyone should have access to affordable healthcare. We’re a wellness company and believe that people should be given the resources they need to feel their best and thrive. The social justice movements happening all over the globe sparked by the systemic racism against BIPOC individuals have been eye-opening to many of us, and we wholeheartedly believe that every person deserves to be treated with dignity and respect. We’re based in California, so we can’t avoid bringing up the catastrophic fires that are inherently linked to climate change. We’re still a small company, but it breaks our hearts to see our home suffering from the adverse effects of the climate crisis and know that we must do something to fight it, no matter how insignificant our contributions might seem in the grand scheme of things.

What is the best way our readers can follow you on social media?

You’ll find us under the handle @remediowellness on all major platforms.

This was very inspiring. Thank you so much for joining us!