Support for this pot cast comes from Goldman Sachs companies in the top quartile for ethnic diversity are thirty, three percent more likely to have industry leading profitability, and those in the top portal for gender diversity are twenty one percent more likely to perform. This data was the catalyst behind launch with she s a five hundred million dollar investment strategy that continues to focus on increasing access to capital for women. Black Lahti, necks and other diverse entrepreneurs learn more at GS, DOT, com, slash launch with she s, Hello, what's up, welcome to scientists will score. My name is critical about here today. Let's talk about the legal

vision of marijuana, in particular in the state of California, is actually happening in lots of different places quite rapidly across the United States and elsewhere. But today we can talk about it in the context of two California moms who get high and get well. They saw the legalization of cannabis as an opportunity to help people while also helping themselves. It is, of course, a sizeable school story. You can do good for others in well for yourself, and maybe you can even feel really good while you're doing it I'll tell you how these two moms created their own brand of organic Cbd products, as well as some of the challenges they're facing and taking payment, which is a huge problem for anyone who operates in this industry, at least in most places, stay tuned. I'm going to take a quick thank you to our sponsor today and then I will bring you at their story. In late. Twenty sixteen Shelly family and Jesse Mckinnon predicted a changing California's political landscape that would open up a whole new world of side ourselves

The state was about to vote on cannabis laws which would eventually lead to legal recreational use of marijuana then the Chilean does, he noticed a group of people, they believed were being underserved at one end of the Spectrum Brands war campaigning for both and marketing marijuana based products to what you, call the stoner crowd noticed respect any donors out there at the other end, for being targeted to the medical industry which, to them felt a little sterile. You see there was an entire people, including moms, like Shelley and Jesse, who could benefit from the use of the herb, but weren't included in a conversation they want to use marijuana and its extracts for everyday benefits, not just a curate illness or if a sudden craving for Doritos the pair decided that they would create the products they like to see in the market invested some cash into their own plans and began to extract the teaching compound to make their own products under the banner cordial organics. These were dropped. Embalmed in oils,

came with natural health benefits. They then share their product with people in their network to see if they had a market. The response was positive, especially from other moms, so they decided to proceed once they knew they had an audience Chilean does he began pitching their product. Dispensaries dispensaries are places where people can legally purchase marijuana products as long as the purchaser has permission to buy it. The shops also sell accessories another products, but they weren't met with the response. They expect it. Although the dispensary honours like their prey They kept asking about CD. Don't you have anything foresee beady users chilean? Does he had never heard much about cds? They took a step back from pitching to learn more. The official name is kind of video. It's a part of the plant that has been a research, prevent aid and pay management, as well as to reduce the symptoms of illnesses such as Parkinson's without being psychoactive. In other words, you can you see beady without

I and the more that Shelley and ass, he research it. They realized CD was the product, their audience need it. It also came with an extra bonus. Cd, at least in California, is completely legal thanks to something called the farm bill which allowed independent farmers to grow, weed and extract elements of the plant which include that can a bidding they needed. This meant that Chilean does he could stop growing their own plans and get it directly from these farmers and their suppliers who would extract the molecule for them is basically pot based outsourcing in order to fight

to find work where it began cold, calling to see who would be open to a partnership. This was a long process which involved ordering lots of samples protesting to ensure the product. Was the quantity wanted and also to see how quickly turn around was shallying? Does he also had to be careful of cost there committed to delivering low prices to customers while still making a profit? So here's how to calculate the rates they can pay for their wholesale goods wholesale products are typically two times the cost of making those products in retail prices are two times the cost of wholesale. If the math works out, where the lead to price the product too high for their customers, they look to either reduce the cost of goods or reduce the cost of wholesale. I mentioned the pair found a willing partner and a farm, and they set to work creating their new sea based products. They also took their business online and created a website through square space and here's what they encounter that big challenge. They love the service, but it

we had to move away from it because of a lack of payment options. They then recreate the website, your word press with we commerce, but why was the lack of payment options? A problem in the first place? It's because marijuana products still operate in a bit of a grey area, even in cities in states where their legal, the? U S federal system, doesn't recognise the legality of the drug. So a lot of payment services refuse to work with anyone, so it with it. In fact, as we are putting together, this episode, Shelly wrote us to say they ve been removed from yet another payment service and they're not back, had just taken cash and checks. It is a big

I especially for an online business, but despite this, they continue to market their brand. The majority of new customers come from word of mouth, but they also use Instagram to connect with their audience there. They post beautiful, peaceful, looking images with short pieces of information and stories about the business they ve also try to influence or marketing where they pay someone to talk about their product, but they found it. Somebody organically sharing the product having bought it works far better than a paid influencers sharing their view. Chilean Jesse have lots of success stories from this new hustle Dave received countless letters from people who experience benefits, but their favorite by far is the thank you not. They received from someone who had used their products successfully managed the side effects from chemotherapy to be blunt, setting up a business like this, it doesn't come cheap, despite generating income about his seven thousand dollars a month. Their profit margins are still low, but thanks to their marketing efforts there expecting that a change in the next few months, because this joint operation is not just blowing smoke, it high time

got their reward whatever your beliefs, may be, or your practices regarding marijuana or any other substance hope you ll agree that its fascinating to see like how this whole new industry is essentially cropped up. At least the legal industry I mean, and obviously it's been in the works for a long time. People have been advocating for it, but it really does seem that over the past five years more, states enjoy restrictions have come around to a position where they realise this is an industry that should actually try to regulate and profit from receive taxation, provide a market and an enforcement for that market, not just prosecution for anybody who ever wants to use marijuana at all, And whenever anything like this happens, whenever there is something it's fast moving or social, political, cultural change of any kind, there are often ways to profit from it. Couple different stories on a show about people creating CD or tac based products, as well as people who are kind of on the periphery of that industry. Like I think in the early

the show we had a guy in Colorado, whose bartender, who wrote a tourist guide for all the best We're coming to Colorado after the state, legalise recreational cannabis. Like I said, regardless of what you believe about or whether you use it or not. I think this principle holds true in industries and market as well, there's always ways to make money. That you will find your way or your ways to make money without putting your job. I, the skills you already have, and by not going into debt, does our core principles outside US law School and that's? Why make the shepherd every day to show all these different stories of people doing that in different ways? Different approaches? Thank you. So much for listening to day, don't forget. Inspiration is good, but inspiration with action is better. The shadows for today's episode are cited. Score dot com slashed for three four. If you ve got a commoner question for the show, give me a call on Hi line number is eight hundred and forty four nine hundred and forty eight four hundred and forty nine four thousand eight hundred and seventy eight. Fifty three I'm not blowing smoke guys. All these stories really are true, and I will bring you another one. Soon stay tuned, keep listening.

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