Advertise on podcast: Seed to CEO: Stories from Cannabis Businesses

Brett Novey was recruited in 2016 by two pals from his accounting days to join them at a small start-up called PharmaCann, which had just won medical marijuana business licenses in Illinois and New York. The company was comprised of accountants, financial specialists and lawyers who were trying to learn to grow cannabis at scale.  “There was a big learning curve,” recalled Novey, who did everything from development and sales to cultivation and manufacturing before becoming CEO in 2019. Today, PharmaCann has more than 50 dispensaries and 10 cultivation and processing facilities in eight states, mainly in the Midwest and Northeast. In this episode, listen to the tactics Novey and his team used to create a canna-empire, including:   Focusing on limited license states with big populations. Participating in day-to-day operations to learn about the plant and building and running cannabis facilities. Finding the right acquisition to take your company to the next level. Building trust with patients and regulators. Understanding how to reduce production costs. Communicating with employees   Who is Brett Novey? Brett Novey is the CEO of Illinois-based PharmaCann, a multi-state operator currently present in eight states, primarily in the Midwest and North East. In early 2016, Novey started with PharmaCann  wearing two hats — chief financial officer and chief operating office — before becoming CEO in 2019. Novey joined PharmaCann from KCG Holdings (a NYSE-listed corporation), where he was the global head of financial planning and analysis, responsible for capital management, forecasting and budgeting, among other responsibilities. Before that, he worked in the restructuring practices of accounting firms KPMG and Arthur Andersen.

Hillary Peckham initially had zero interest when her mother called to see if she’d consider starting a medical marijuana company together. But the younger Peckham changed her mind after researching cannabis and learning the benefits it provides to people across the country. In 2015, Etain Health was born in New York state. As COO – a post she still holds today - Hillary helped steer Etain through the New York market’s lean early days when there was a dearth of patients. But the company survived and in March was acquired by RIV Capital for $250 million. In this episode, you’ll learn Etain’s keys to success including: Establishing a strong narrative and team. Partnering with area institutions and offering philanthropic giveback to garner respect and loyalty in local communities. Tips for financing and launching a vertical operation in a short period of time. How to get unique products to customers before your competitors. What a medical business should do to prepare for a recreational market. Navigating a successful exit.   Who is Hillary Peckman? Hillary Peckham is the co-founder and chief operating officer of Etain Health, a vertically integrated cannabis company in New York state that was recently acquired for $250 million. Before getting into the cannabis industry eight years ago, Peckham worked at her family’s construction business, helping with marketing operations. She is also a piano teacher who still accompanies bands and Broadway vocal coaches.  

Christine De La Rosa, the co-founder and CEO of The People’s Ecosystem, a Bay Area cannabis company, started out in the legacy market where she built a community of cannabis customers and talent. De La Rosa also started and ran restaurants, galleries and other “mainstream businesses,” gathering executive experience. But that mainstream experience didn’t prepare De La Rosa for the unique challenges of being in cannabis, such as 280E and raising capital for a federally illegal venture. De La Rosa and The People’s Ecosystem overcame those challenges and now she’s gifting her insights to fellow cannabis entrepreneurs. In this episode of Seed to CEO, De La Rosa shares: How she leveraged her legacy experience – including building a team of legacy talent – in the licensed market. How small businesses can partner with each other to reduce costs. The importance of finding and learning from trusted mentors. Networking to score off-market real estate deals and other deals. Capital-raising strategies for small businesses.   Who is Christine De La Rosa? Christina De La Rosa started The People's Ecosystem, a California-based cannabis company in 2016, but her cannabis business experience extends another 20 years before that in the legacy market. De La Rosa has also started a restaurant and a gallery and worked as a technology and database consultant both independently and for major corporations such as Verizon. De La Rosa is also a member of the National Cannabis Business Industry Association, where she chairs the Diversity, Equity, and Inclusion committee. She also graces the cover of MJBiz Magazine’s May-June 2022 issue.  

Ruben Lindo spent more than 20 years in the legacy cannabis market before a bounced check landed him in federal prison for 14 months. After getting out, Lindo briefly worked at a small construction start-up in upstate New York but in 2015 entered the cannabis industry as an advisor to an aspiring cannabis investor. Together, they founded CBD-focused Phoenix Nutraceuticals in 2018, and Lindo founded his THC-focused cultivation company, Black Mar Farms in 2019.   To make his cannabis companies successful, Lindo mined his own diverse business experience that includes launching his own businesses, working in the technology sector, construction management, and M&A sectors, as well as 10 years playing professional football. Lindo shares his insights on this episode of Seed to CEO, including:  -New businesses that go for “low-hanging” fruit cost less to launch and have a better chance of succeeding.  -When your business faces price pressure, focus on your best products  -Customer service is what gains traction with customers.  -How to partner with a caregiver to create a successful recreational business.  -How to identify and target a consumer segment and create brands that resonate with those consumers. Who is Ruben Lindo? Ruben Lindo is a serial entrepreneur, financier, and former professional football player who broke into the cannabis industry in 2015 as a consultant and then launched a national CBD company, Phoenix Nutraceuticals, in 2018. The following year, Lindo launched Blak Mar Farms, which today is present in three states and going for more. Lindo spent 10 years playing professional football and is a member of Athletes for Care, a cannabis advocacy group. He has also launched coffee and cigar companies, restaurants, tech companies, worked in construction management, and at nonprofits.

MJBizCon conference organizer Stacy Putt gives the inside scoop on how to score a coveted speaking role at MJBizCon. Plus, a rebroadcast of our conversation with  actor-turned-cannabis business owner Jim Belushi. Belushi shares his story on how he pivoted from stage and screen to farm and field. He’ll share insights about launching a cannabis operation, converting an outdoor grow into a greenhouse grow, and switching from conventional lights to LED lights, as well as farming mistakes, firing growers, selecting strains and branding.   Who is Jim Belushi? Jim Belushi is best known as an actor and comedian but nowadays spends at least half his time at Belushi’s Farm, his cannabis cultivation site in southern Oregon. He bought 93 acres land because he thought the area was beautiful, and when Oregon legalized recreational cannabis, he jumped into it. Today, Belushi’s farm sells flower, pre-rolls, cartridges, and soon edibles, and has also expanded into or looking to expand into other states, including California, Massachusetts, and Maryland.   

Papa & Barkley CEO Guy Rocourt is out to right the “outright wrongs” in cannabis, he tells host Chris Walsh in this episode of Seed to CEO.   The legacy market grower and processor has leveraged this ethos to build one of the cannabis industry’s most respected and successful companies. But it also took acquiring and implementing new business skills, something that Rocourt learned the hard way. Rocourt, a U.S. Navy veteran who did submarine duty, takes listeners on a deep dive to explore:  How to leverage experimentation and observation for more effective cannabis therapy  Why whole-plant and solventless medicine are superior when it comes to cannabis formulations  Why you should be wary when investors throw money at you  Why great products need branding and marketing to reach the public  The importance of having first-mover advantage  Taking a long-term view to your company’s success in the cannabis industry  Who is Guy Rocourt? Guy Rocourt is the co-founder and CEO of Papa & Barkley, a Los Angeles-based cannabis company specializing in topicals, edibles, ingesitbles, and transdermal products. The seven-year-old company sells CBD products nationwide and THC products in California. A former legacy operator, Rocourt in 2009 started Black Diamond Vapes, a vape cartridge company he is still president of today, and in 2012 he co-founded and built NEOS, on of Denver’s first light hydrocarbon extraction facilities. The extraction pioneer is also a U.S. Navy veteran and erstwhile filmmaker whose passion and insight makes him one of the cannabis industry’s most sought-after speakers. 

Scott Kenyon brought decades of tech company and board experience when he joined the board of Würk, a Denver-based payroll and human resources software company serving the cannabis industry. But when Kenyon was suddenly thrust into the CEO role a year-and-a-half ago, he had to switch gears from being an interested advisor to the company pilot. Being a tech industry veteran, Kenyon was somewhat in familiar territory, but this was cannabis, unlike any other industry he’d been in. What did Scott do? Recognized that Würk could longer act like a growing company that could outgrow its problems and had to become a company that confronted its problems. Changed processes so the company could go from fighting fires to preventing fires before they happen in the first place. Improved documentation and record keeping. Don’t hesitate to let go of employees who don’t fit. Who is Scott Kenyon? Since February 2021, Scott Kenyon has been the CEO of Würk, a Denver-based payroll and human resources company focused on the cannabis industry. Kenyon broke into the cannabis industry by joining Würk’s board in 2018 and serving as its executive chairman. Before cannabis, Kenyon was a tech industry veteran who spent nearly 14 years in senior managerial positions at Dell, and as COO of Phunware Inc., a mobile device screen company. Kenyon also launched and ran his own sports apparel and footwear business.

When Ankur Rungta wanted to break into the cannabis industry, he didn’t study cultivation or extraction. Instead, Rungta joined a top tier corporate law firm and later a Wall Street investment boutique where he sharpened his legal, finance and M&A chops. That gave him the expertise to launch Michigan-based C3 Industries, a vertically integrated cannabis company now in four states and going for more. But how did Rungta survive the challenges that finance and law couldn’t prepare him for in the cannabis industry?: Surrounded himself with top talent, including the former chief cultivator of Green Thumb Industries. Made quick decisions rather than dawdling when new opportunities arose. Focused on premium brands and found they did well even in saturated markets. Respected local cannabis cultures.

Joe Bayern wants to make Curaleaf the “first truly national cannabis company in the U.S.” and with operations in 23 states, Curaleaf is getting there.   What did it take?   Bayern leveraged decades of experience in the beverage sector and other industries. Once at Curaleaf, he executed, taking it from 2,000 employees when he joined in 2019 to 5,500 today.   Key insights he’s learned along the way include:   Don’t underestimate the amount of change and the pace of the industry; be ready to make decisions very quickly.  Maintain a start-up mindset.  The greatest opportunities in cannabis are with brands.  Create competitive advantage by investing in research and development to create great brands and products.  Build a broad distribution platform to get those products to consumers.  Allocate your resources scrupulously.  Guest  Joe Bayern has been the CEO of Curaleaf, one of the biggest multistate operators in the cannabis industry, since 2019. Bayern is a beverage industry player specializing in business transformations. He spent six years in three C-suite posts at Snapple Beverage Group, four-plus years at Cadbury Schweppes in two C-suite posts, and eight years at Voss of Norway, where he was chief operating officer and group CEO. Bayern left Voss in 2019 to break into cannabis with Indus Holdings, from where he joined Curaleaf. He also played for lacrosse for his alma mater, Adelphi University, where he met his wife.  

Katie Stem’s journey to a career in cannabis started with traditional Western medicine studies in college. That path took a left turn, however, when she was introduced to natural remedies while researching at Oregon Heath & Science University. She switched gears and completed a master’s degree in Chinese medicine instead. She decided to ply her entrepreneurial skills and medicinal expertise to launch Peak Extracts. Katie’s expertise, however, didn’t shield her from sexism and homophobia in the cannabis industry, nor the challenges of Oregon’s saturated market. Katie positioned Peak to thrive by: Intelligently introducing automation into her extraction facility. Recognizing and creatively maneuvering around barriers that others tried to place in front of her. Operating leanly in a saturated marketplace. Taking a hands-on approach to bringing innovative products to market. Who is Katie Stem? Katie Stem is the co-founder and CEO of Peak Extracts, a Portland, Oregon-based company that manufactures vape cartridges, edibles, tinctures and topicals. The Washington state native was diagnosed with Crohn’s disease in the early 2000s, which led her to use cannabis as a personal treatment and become her own test subject for developing strain-specific products.

When wildfires struck Northern California a few years ago, much of Erin Gore’s life literally went up in smoke. The CEO of the Garden Society, a vertically integrated craft cannabis company in Sonoma County, came dangerously close to taking a finance deal that could have led to professional and financial disaster. But an astute and supportive business coach suggested another path for Erin, and today the Garden Society is on the cusp of going multistate. In this episode of “Seed to CEO,” Erin shares: How her experience in winemaking helped her navigate the cannabis industry – and how it didn’t. Why turning away money with the wrong terms can be a boon for your business. Why saying “no” is a critical skill for executives – and how to hold yourself accountable for it. Why you can’t be afraid to fire someone who isn’t doing your company right. Who is Erin Gore? Erin Gore began using cannabis to deal with pain earned from a college basketball career at the University of Wisconsin. Before long, however, she was baking edibles and hosting marijuana parties for her girlfriends. Her professional career includes 10 years at Henkel, an international adhesives company, where she became the first woman to lead a business unit at the company, all while moonlighting as the co-founder of her husband’s successful wine business. Erin left Henkel to launch the Garden Society in 2016. Since then, she’s also become a passionate advocate and ambassador for women. In 2021, she was a winner of the North Bay Business Journal’s Women in Business awards.

In 2014, Sundie Seefried was six months from retiring as CEO of Partner Colorado Credit Union when she learned about the banking barriers for the cannabis industry. She postponed retirement to create a program that would provide safer, better banking options for operators. The result was Safe Harbor Financial, which has since processed more than $12 billion in cannabis-related funds and plans to go public on the Nasdaq soon. In this episode, Sundie shares: How she got dragged into the taboo conversation of marijuana banking. Why transparency is a key to making lives easier for regulators and marijuana business owners alike. How she overcame the compliance challenge by embracing it. How the marijuana industry can educate regulators and improve industry interactions with authorities at the same time. Who is Sundie Seefried? Cannabis banking pioneer Sundie Seefried is the president and CEO of Safe Harbor Financial, a cannabis banking program she developed in 2014. Sundie entered the credit union industry in Germany in the 1980s and joined Denver-based Partner Colorado Credit Union in 1995. In 2001, she took on the mantle of CEO and held that role until 2021, when she decided to turn her attention to Safe Harbor full time. She is also the author of the book “Navigating Safe Harbor: Cannabis Banking in a Time of Uncertainty,” published in 2016.