Representative Nancy Mace is the newest Ms. Popular in the cannabis space. The first-year Republican from South Carolina introduced a bill last month that would end the federal prohibition on cannabis. The bill has a ton of specifics most people can agree upon but the one issue that seems to cause concern is interstate commerce. Currently, cannabis cannot legally cross state lines and instituting interstate commerce would allow for this to happen. This change would be a massive shift in the way the cannabis industry currently operates.
Noise about interstate commerce and how regulations would change the current state of MSOs, as well as how the industry operates today, continues to be loudly shared because of how much it would shift the current space. Business Insider shared takeaways on this bill. “A lot of the rules around cannabis would look like alcohol regulations.” This should not come as a surprise as most of our guests on The Dime have shared insights on how the cannabis industry will operate similar to others. Use the playbook (no pun intended) those other industries have used to operate safely and efficiently to quickly establish a baseline.
“Cannabis products in interstate commerce would be treated in the same way as alcohol. Those looking to participate would need a permit issued by the secretary and would have to abide by each state’s cannabis laws.”(1)
With the introduction of the bill, questions and concerns have started to come across our desk. How do we prep for these specifics without knowing which will ultimately be accepted as final?
Our first question would be: What is your North Star Metric?
“The North Star Metric is the single metric that best captures the core value that your product delivers to customers. Optimizing your efforts to grow this metric is key to driving sustainable growth across your full customer base.” (1)
Metrics of success differ across organizations, but the one true north star should be how you align ops growth and future unknowns. With the introduction of Rep Mace’s bill, the #statesreform act has generated a flurry of questions and analysis will continue. Understanding the components and the timeline of the next steps are important. Control what you can and continually work toward your north star.
So, what is your north star? How does your company define success on your north star? Each day that passes are you focusing your organization’s efforts toward achieving and building a sustainable business? We’ve always communicated to our partners that the industry will likely change, but the extent of these drastic changes remains to be seen. How drastic the changes and what are the new specifics remain to be seen. When it comes to preparing for this unknown, remember that you can only prepare for what is within your control. Investing resources into your north star, staying flexible and always being prepared for a pivot are a few ways to set yourself up for success. Prepare for what you can control, which is investing resources toward your north star and stay flexible. Flexibility and agility will allow you to keep an eye on the future with an understanding that pivoting may be necessary. Having that availability and resources on the ready for those moments will be valuable as you continue to operate in a federally legal industry.
It’s safe to anticipate the end of prohibition, but with it will come adjusted measures, new lists of requirements, and of course, it’s own set of unique challenges.
Good luck and let us know how we can
help you achieve your goals and
continued success.
Editors’ Note: This is an excerpt from our Monthly Playbook. If you would like to read the full monthly playbook and join the thousands of others you can sign up below.
