This interview can help you understand the economic realities of starting a cannabis business.
March 14, 2018 4 min read
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Before migrating to the cannabis industry Amanda Ostrowitz J.D., worked as a regulator. In fact, her last job before co-founding her own marijuana company was at the Federal Reserve Bank of Kansas City.
A few years ago, Ostrowitz decided to leave the banking industry to focus on the cannabis space, founding a tech company that offers a marijuana-focused legal research platform, CannaRegs. In just a few years, her bootstrapped business grew to become a multi-million dollar firm, sought after some of the largest publicly traded cannabis companies out there.
Ostrowitz was recently a guest on Wonder Women Of Weed, a periodical show and column featuring accomplished female leaders in the cannabis industry. At one point, we (co-hosts Javier Hasse and Adelia Carillo) decided to ask her about the main challenges cannabis businesses come across as they scale.
Challenges change constantly. As soon as one gets resolved, the next one pops up, the entrepreneur explained. “I say if I go a week and nothing new (or no new problem) hits, then I must not have done anything that week. Anything you think, as a regular business person, would take you one day to do; give yourself three, because you are going to come into some new obstacles,” she said.
Scaling is a lot about giving up control. But, growing is also about taking calculated risks. Even though hiring two new employees could help you make more money, are you ready to expand your workforce? Can you afford it?
This does not mean that you won’t make mistakes because, believe us, you will. However, assessing the risk and potential reward of each move will help you