Marijuana Business Magazine February 2019

February 2019 | mjbizdaily.com 17 large amount of budtender and consumer education. As capital and scientific research begins to become the norm in the industry, it will be interesting to see what will determine the winners and losers. Will it be education, product quality, swag marketing efforts or price point? Licensing deals have become a go-to maneuver for brands that are looking to scale nationally. What are some do’s and don’ts when it comes to crafting these deals? Learning from mainstream industries to adopt licensing best practices is critical. For any national brand, the key is to deliver consistency. The real headache is in the operational budget responsibilities and individual market challenges like making the labels and products compliant. Do′s and Don′ts • Do build teams, intellectual property and processes above all. This will grow marketing share in the long run. • Do focus on the budtender—that means samples, education and swag. • Do deliver a consistent product or service that fills a current hole in the market. • Don't underestimate the importance of picking a partner with a similar corporate culture and clarifying details up front, including:  • Timelines.  • SKU details and input costs and sourcing (especially oil and skilled labor).  • Where the marketing budget is coming from and who is responsible for executing it. What are the top branding mistakes you’ve seen in the industry? Don't be condescending! That means not talking down or “dissing” a fellow member of the industry. Everyone is an advocate—especially the early industry members who made huge personal sacrifices for the cannabis cause. The industry is still on the fringe due to banking and research hurdles. Being positive sends a strong message of industry solidarity to the general public. Remember, “A rising tide lifts all boats.”  This interview has been edited for length and clarity.