Cannabiz startup 101: 3 Ways I’m Dealing
Cannabis is the future, and I’m not only saying this as an enthusiast who enjoys a toke or two — I’m talking about business. States that legalized cannabis exceeded expectations with increased revenue of more than 30% from 2015. Arcview Market Research reports North American sales of legal marijuana totaled $6.7 billion in 2016, and are projected to reach $20.2 billion by 2021.
As co-founder of a startup in the cannabis space, I’m passionate about connecting my community to a piece of that pie via education and access. How? Enter EstroHaze — a multimedia platform that provides cannabis business and lifestyle resources to an underserved audience — women of color. We host a podcast, social events and will filter most content through our fully integrated web hub that’s currently in development. I’m fortunate to bring this vision to life and ride this wave with my co-founders, Safon Floyd and Sirita Wright.
The future of our startup became brighter in February. Canopy Boulder, a leading venture fund and seed-stage business accelerator focused on the cannabis industry, announced they awarded EstroHaze a coveted prize: a spot in their Spring 2017 cohort. Yeah, yeah — but what does that mean?
As the first investors in EstroHaze, Canopy Boulder in essence ‘accelerates’ our progress as a business; it helps us identify goals and potential cracks in our existing foundation to ultimately ready the business for fundraising. The program runs for 16 weeks with 9 other cannabis companies, leading up to a demo day where we pitch onstage for potential investors. We’re one week into the cohort and it feels like the first week of college; overwhelming, exciting with an air of anticipation, and great insight on building a business coming at me from every direction.
From reading up on venture financing to troubleshooting tech issues, it’s been a whirlwind two weeks. We no longer work our full-time gigs. We relocated temporarily to Boulder, CO to immerse ourselves in the industry. We’ve already connected with a few industry insiders, other startup founders and thanks to members of our cohort, we’ve secured a few products to review.
As an introvert, who sometimes appears to be an extrovert, navigating this entire 16 week experience will challenge me in ways unimaginable. There’s a sharp learning curve, and I look forward to sharing my take on this journey over the next few months. I’m sure this list will evolve, but first week in, I’ve identified three ways to stay grounded, leverage resources, and avoid vomit of the mouth.
- How you start the day sets the tone for the day.
You’ve heard it time and time again, but meditation really is a time tested answer to keeping a clear head. We meditate as a group every morning before heading into the office. Whenever I begin to feel overwhelmed, I take a moment. I breathe. Remember my intentions. And get back to work.
2. Networking is the major key
Not only have we connected with industry insiders outside of the cohort, but our fellow founders are equally dope. From owning dispensaries, robotics and packaging to having data analysis and tech knowledge, these other 9 companies are our competition in the cohort, but definitely have become a part of our community. The sharing that’s taken place is phenomenal. We’re all in this to benefit from industry, but we individually have a specific reason for taking on cannabis. Bottom line: you never know who can assist you on this entrepreneurial journey. Follow-up and stay connected.
3. Always stay pitching
Pitching is tough. How do you properly and clearly articulate your product, its value and revenue model? Storytelling and communication is tough. Get creative to get to the next conversation. You’re always pitching — to a potential employee, investor or partner. How do you mold your pitch to that audience? What’s the value in it for them? It’s a constant exercise in storytelling and efficiency.
So there it is. BONUS! If you’re an entrepreneur or just want to learn more about startups and cannabis, you’ll want to tune in. We’re sharing our journey along the way on social as we build out our platform. Stay connected @EstroHaze on Facebook, Twitter and Instagram, and check out our most recent FB Live where we discuss death by moldy weed, the #weednails trend and legal drug trafficking — yep.
You can find me discussing all things cannabis, films and startup life on Twitter at KW
