We recently chatted with cannabis industry consultant Christopher Tasker, the Chief Executive Officer of Global Cannabinoid Solutions – a cannabinoid consultancy that optimizes business and industry with cannabinoid science by Identifying weaknesses and opportunities to maximize efficiency and security. We leverage this knowledge from the frontiers of cannabis science to promote a sustainable and evidence-based cannabis industry.
What is your biggest challenge these days?
The largest issue facing our clients and associates is the lack of expertise and qualified knowledge in the industry. We have been inundated with support requests but are having to take on work on a first-come-first-served basis. Much of the industry is facing very basic challenges, in my eyes, the Covid lockdown has only heightened the opportunity within the industry with a whole wave of innovative solutions being required.
How is Cannabis Industry impacted during the lockdown?
The cannabis industry has been streamlined by the Covid Pandemic. Companies that had over-expanded and overstretched their budgets and resources are now struggling to justify their oversized positions. What we are seeing now is that companies are realizing which companies offer high-quality products and services, particularly qualified consultation. The companies built on shaky expertise and fundamentally flawed business plans are beginning to show their cracks, and likely only the efficient and most trusted offerings will retain their market share following the crisis. This is bringing about a definite thinning of the herd.
Should they be an essential service?
Cannabis supplies are vital to the industry and consumers. Services are very much a wireless offering and so can be provided digitally to avoid unnecessary contact. Too much of the public, cannabis is a vital lifesaving crop that is an everyday essential. It is key that their health and quality of life by both governments and businesses.
How do we support medical clients?
Primarily through education and awareness of the industry, they rely on. Having the independence of home grow, protects many of the most vulnerable patients who rely on patchy supply chains that demand a high patient cost.
How does the lockdown impact growing?
Home growers are primarily unaffected it is primarily the logistics and distribution that are facing the most strain. It may be that imports and exports suffer.
What has inspired you in the last week?
The comradery and visible change in the ethos of people who formally saw one another as competitors, who now working together to protect their works and customers during this economic hardship. The shared support and desire to aid in any way possible. Very pleased to also see factories converting their production over to pandemic supplies.
Will this have a lasting impact on cannabis events?
I expect that this will reduce the number of cannabis events for the next 6-9 months. This was a somewhat saturated area of the market and something that will also see groups with the most valuable offerings survive and the less original events will struggle to regain confidence. There is an abundance of opportunity in the cannabis events market, too much focus is placed on simply putting together a CBD oil expo.
What advice do you have for cannabis businesses?
Speak to experts and use this period as an opportunity to diversify your business plans and revenue streams. The industry is awash with tricksters who are keen to leverage the chaos and mania of the Covid virus. Speak to qualified professionals who have degree knowledge in this industry and its science whilst also expanding your network into already established industries.
What is the first thing you want to do when this is over?
We will get straight back to supporting our clients with our well renowned on-site presence. We have had to put several projects on pause but for the most part, we will resume our project development and establishment for physical locations for cannabis consumption across the UK.
Months from now, what will we have learned from all this?
Cannabis products that provide unique, valuable, and evidence-based experiences and offerings will demonstrate their considerable strength of the rest of the industry. The cannabis industry is heavily saturated with groups providing competing products and services and everything should be done to consolidate and diversify business offerings to ensure sustainability and longevity. I expect many of the same white label product trends will try to re-emerge but ultimately fall flat as a new generation of innovative and exciting products breakthrough.