Benzinga Oct 2024 Chicago Summary
I kicked off New Holland’s fall travel and conference season at the Benzinga Cannabis Capital Conference. I’m grateful that Elliot & Patrick Lane asked me to moderate a panel of global cannabis leaders—Artemis Growth Partners’ William Muecke, Village Farms CEO Michael DeGiglio, Organigram CEO Beena Goldenberg, and Sanity Group’s Finn Age Hȁnsel. Who better to discuss cannabis profitability across Europe, Canada, Australia, and Southeast Asia than the people out their leading in global markets?
This topic is close to my heart. In 2019, after spending 25 years as a real estate investor, I became CEO of Bhang, Inc. just months after it went public on the Canadian Securities Exchange. I led operations across the U.S., Canada, and was lucky enough to negotiate several global deals in Europe and beyond.
Now, as founder and president of New Holland Group, a strategic consulting firm specializing in helping companies and brands scale by crossing borders, I am blessed to have a global network of industry leaders, navigating emerging markets and complex international business initiatives.
So, how can brands profit in these rapidly expanding cannabis markets? By mastering key aspects of the global cannabis economy:
🏗️ Regulatory differences: Cannabis regulation varies widely. For instance, medical cannabis is federally legal in Germany and federally illegal in the US. Understanding these differences along with cultural differences is critical for brands looking to make smart moves.
🏥 Cannabis as wellness: The medical cannabis movement drives global legalization. Brands that align cannabis with the multi-billion dollar wellness industry and position it as a public health tool have a distinct advantage. Initiatives like the Wellbeing Economy Governments group (Scotland, Iceland, New Zealand) and climate change movements can harness cannabis in broader socio-political efforts.
🤝 International relationships: Building relationships with local experts and leaders who understand cultural and regulatory nuances is key to navigating compliance, supply chain challenges, and consumer preferences.
🎓 B2B and B2C consumer education: Investing in culturally aware education and messaging is crucial. Without it, brands risk making painful and costly missteps.
⏳The long game: The global cannabis market is still in its early stages. As legalization spreads, the stigma declines. Markets are opening and laws are changing at breakneck speed.
What companies are doing this right? What strategies do you think are key for companies and brands looking to enter and profit in emerging cannabis markets? I love learning from my colleagues out there being about it. Please share your knowledge!
