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Tripp Keber, CEO of Dixie Brands, keynoted the State of Marijuana event in LA. Dixie has recently entered the California market from it’s home base in Colorado through a licensing agreement with Altai Brands, which now sells Dixie’s line of edibles throughout California.
Tripp freely admits that he got into the cannabis industry for the money; but he quickly realized the therapeutic benefits of the plant and relishes the opportunity to treat and help people overcome a variety of medical conditions.
According to Tripp, there’s still a lot of opportunity for new players to get into the space. The Green Rush is going strong. The market is still incredibly fragmented and has a low barriers to entry. He councils would be entrepreneurs to focus on one idea, and not to be sidetracked by shiny opportunities that might distract from the core focus.
The infrastructure doesn’t exist in the cannabis industry that exists in other industries. So the opportunities are to find the infrastructure gaps in the cannabis industry and solve those problems. Challenges that face the industry create opportunities for people with a variety of skill sets to enter the space.
However, would be entrepreneurs should be ready to deal with regulatory headaches. Paying employees in cash, and the terror of having thousands, or hundreds of thousands of dollars of cash in your home instead of securely in a bank account, is just one headache that confronts all businesses and employees in the cannabis industry.
He talks about the importance of collaboration and connecting with others in the space. We may all compete with each other, but we need to collaborate to drive the industry forward, for the benefit of all. Back in the day the industry used to be about collaboration and idea sharing. Now people tend to guard their ideas for fear of others running with them.
The only constant in the Marijuana industry is change. And, to put it in baseball terms, we’re only in the bottom of the first inning of the first game of a seven game series. So get ready for a wild, and medicated, ride.