Risks, Challenges, and Opportunities in the Cannabis Industry
What are the Biggest Threats to the Cannabis Industry?
When creating a SWOT analysis of the cannabis industry, Strengths and Opportunities are probably the easiest to fill out. While there are challenges like public housing and healthcare, the threats to the industry have some folks apprehensive. This week we were joined by Michael Patterson, CEO, US Cannabis Pharmaceutical Research and Development to discuss the biggest threats to the cannabis industry going into 2020.
What is the US Cannabis Pharmaceutical Research and Development?
- A resource for organizations focused on moving society forward through the legalization of cannabis
- Global consultants and advisors
- Founded in 2014
What Services does the US Cannabis Pharmaceutical Research and Development offer?
- Compliance Management
- Startup Services
- Cannabis-Hemp Collaboration and Consulting
- Government and Lawmaker Consultancy
- Investment Advisory
- Native American Tribe Startup and Operations Consultancy
Here’s what Michael Patterson predicts are the biggest threats and opportunities in the cannabis industry:
Regulating and Standardizing Cannabis
“Regulation is not consistent…The biggest standard that we see is GMP or good manufacturing practices. That’s the standard we’re starting to see globally and that’s the standard we’re going to see start taking over….What we’re seeing in the cannabis industry is that people are picking different pieces from different industries whether it be pharmacy or research or nursing homes. You don’t have to reinvent the wheel.” – Michael Patterson
“The US market is going to be big but the world is bigger. America is known for really good weed, that is a brand and marketing ability to use in other countries.” – Michael Patterson
“This plant brings us all together. I can be talking to a PhD and MD a financial planner and everybody’s getting along because we’re all talking about the plant.” – Michael Patterson
Ingenuity and Advancement
“I don’t know everything about crypto or banking but I know how to lead a good team. When people are entering the industry without experience in certain areas I advise them to get experience by hiring someone specialized in that on their team. I work off the Ocean’s 11 management philosophy – if you don’t know banking, get a banker; if you don’t know how to grow, hire a general contractor. The more we work together and collaborate the more we can move this forward quicker and better.” – Michael Patterson
“The people who know need to tell and the people who don’t know need to listen. One of the number one things I see globally is we don’t have a frame of reference of this industry that everybody can agree on. If you don’t have a starting point then how are you going to move forward together.” – Michael Patterson
Identifying Choke Points
“Look for the areas that people are having trouble with and use your skills to fill that void. When you solve problems you can make a lot of money in this industry.” – Michael Patterson
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