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Before marijuana started becoming almost gentrified, the market price of weed was set by the person selling it. They based their price largely on what it cost them to procure the then-illegal substance, along with the risks of operating, as well as how much demand there was for their supply. Of course, a dealer always would say they had premium-quality cannabis and that’s why their prices were what they were, but consumers couldn’t be sure of that.

As legalization expands across the country and Congress toys with the idea of federal legalization, the playing field between seller and consumer is…

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WASHINGTON, D.C. — Senate Democrats led by Majority Leader Charles Schumer (D-N.Y.) on Wednesday unveiled a draft bill that would legalize, regulate, and tax cannabis at the federal level.

Authored by Schumer, Senator Cory Booker (D-N.J.), and Senator Ron Wyden (D-Ore.), the Cannabis Administration and Opportunity Act, released as a “discussion draft” and not a formally introduced bill, proposes removing cannabis from the Controlled Substances Act altogether, not merely reclassifying the substance in a less-restrictive category. …

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Brands’ customers are retailers, and retailers’ customers are consumers. This has created a major advantage for retailers, because it places the most direct relationship with consumers — the ultimate source of all revenue — squarely in retailers’ hands. Stores know their customers’ names, email addresses or phone numbers, product preferences, how much they spend, how frequently they shop, and more. Retailers can incorporate loyalty programs and redeemable coupons, text-message deals, and email marketing to bring in new people and nurture strong lifetime value. Brands don’t have that kind of access to feedback or data.

“Whoever owns the customer relationship owns…

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An old friend of mine is a successful Silicon Valley investor and venture capitalist. When I recently asked him what he expects of the companies he invests in, he was blunt: “Hire good people, and don’t run out of money. That’s all I ask.”

While running out of money seems like an obvious thing to avoid if you want to stay in business, it’s also one of the leading causes of business failure. …

Socrates Rosenfeld (Photo: John Taylor for mg Magazine)

Compared to every other legal retail industry, shopping for cannabis products can be a confusing, frustrating experience for consumers, who must wade through ever-changing menus, quirky payment systems, and half-baked information about brands and their products.

With the launch of in 2017, Jane Technologies aimed to improve the ecommerce experience for shoppers and retailers alike. The website allows consumers to access information about products available in their area, with filters to compare brands, effects, prices, reviews, and other fundamental knowledge. …

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As a growing number of states legalize recreational and medical marijuana, dispensaries have become a rapidly growing and potentially very lucrative business opportunity. There is a large, proven market of people eagerly awaiting the chance to purchase cannabis legally.

However, like any other retailer, dispensaries cannot simply open their doors and expect customers to appear out of nowhere. Cannabis storefronts must have a solid business plan in place and need to be innovative and creative to attract and retain customers in a very competitive industry. …

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You may soon be able to order cannabis the same way you order restaurant takeout. In April, Uber Chief Executive Officer Dara Khosrowshahi made headlines when she said the company would look into cannabis delivery if weed becomes federally legal.

The move isn’t shocking from the delivery app given its acquisition of Drizly, an alcohol delivery service, for $1.1 billion in February. Delivering cannabis can be equally — if not more — challenging than delivering alcohol due to regulations that vary by state or municipality.

The recent expansion of legalization across states like New York, in addition to weakened stigma…

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Just as wine turned Napa Valley into a world-renowned hotspot, cannabis has the potential to transform communities across the country into thriving tourist destinations. Dispensary owners and growers are ready to serve a canna-curious public, but for the most part the hospitality industry is not. Many businesses remain hesitant, resistant, or simply unsure about how to connect their services with a product that is still illegal in some states.

With legal cannabis sales in the United States projected to hit $37 billion by 2024, it’s time for the hospitality industry to lean into cannabis as a legitimate draw for diverse…

Wil Walker, vice president of client experience, Display Dispensary (Photo: Jahraine Lewis, @anuperception)

The pandemic accelerated the retail sector’s adoption of ecommerce, some pundits say by as much as five years. A recent survey by Big Commerce found 51 percent of consumers now prefer to purchase online, up from 25 percent in 2018. Brick-and-mortar retailers have their work cut out for them if they want to rebuild foot traffic once life returns to something resembling “normal.”

The same study unveiled some encouraging statistics, too: Despite the pandemic, 65 percent of consumers made at least one purchase in a physical store during the past six months. …

Strawberry-flavored, cannabis-infused cupcakes with chocolate cannabis leaf decoration. (Photo: Spender1 / Shutterstock)

When I explain the science behind the sleep brand dreamt people frequently ask “What strain are you using? Indica, right? Indicas are for sleep.” While not all indicas help with sleep, these people are on to something. Specific cannabis strains do have specific effects, and some can assist with sleep. While the effects are straightforward with inhalables like vapes, flower, and extracts, edibles are a completely different story — and it’s a story many in the cannabis industry have told without fully investigating the science behind their claims.

What is a strain, and what makes an edible “strain-specific?” I could…

mg Magazine

mg is a monthly business magazine covering the recreational and medical cannabis business, meeting growing demand for business news and information.

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