Women's Cannabis Chamber of Commerce

Why Compliance Audits Matter in your Licensed Cannabis Facility

Posted Leave a commentPosted in Cannabis Businesses, Women Owned Cannabis Businesses, Women Who Inspire

Why Compliance Audits Matter in your Licensed Cannabis Facility webinar is part of a monthly series on compliance.

This is an opportunity for anyone in a licensed legal State who works in, owns, or is considering starting a cannabis business. 

Topics covered in this webinar are:

*What is an Audit and Why do you need one

*Audit Types

*Third Party Audits

* How to Self Audit

* What does auditing do for your business

*How to prepare for your State Inspection

Jenny Germano is the founder of ICS Consulting Services, national speaker and is one of the instructors for the Women’s Cannabis Chamber of Commerce online business courses: 

How To Open A Dispensary

How To Open An Edibles Company

How to Open A CBD Product Company

ICS Consulting Services

Join us for our next upcoming ICS Webinar Series for June 26th 2019

@ 11 am MST.

 WWW.ICSconsultingService.Com

 

Negotiation Strategy

Negotiation Strategy Part 2

Posted Leave a commentPosted in Cannabis Businesses, CBD, Hemp, Negotiation

Negotiation strategy is a learned skill. This is Part 2 of a 10 part series on the Art of Negotiating Contracts within the Cannabis, Hemp, and CBD Marketplace, published every Friday.

Negotiation strategy is developed prior to your first meeting.

Know your numbers and your bottom line. Prepare a spreadsheet to determine your lowest price point. If necessary are you comfortable with accepting the lowest price point?

Analyze the long term benefits of entering into a contract at your lowest price point.

Does the contract contain an option to renegotiate at a later date?

Is there growth potential?

Does the other company offer an opportunity for marketing exposure and market positioning for your products or services? If you are negotiating with a major chain to carry your product, consider the brand exposure this offers. How does that affect your current marketing budget?

Is your company capable of handling an increase in production or service demands?

Negotiation strategy involves more than price points. There are other aspects of the contract you can leverage, such as shipping costs and fulfillment schedules.

What concessions are you willing to make? What are the real costs of the concessions?

The first contract you receive is just that – the First.

Enter into the negotiation with your ideal contract. Be prepared with alternatives.

One strategy recommended by some negotiation trainers is to present all your alternatives in the beginning. I do not endorse this. By giving them options you have given away your power and leverage. You have eliminated negotiation and made it a Yes or No situation.

It is important to listen.

Over the course of your business life there will be situations where you are writing and presenting the contracts and situations where you will be presented contracts written by other companies.

Listen to the concerns and comments regarding the contracts. Ask questions to insure that you have clarity. Initiate your negotiation strategy.

Price point too high? Your counter offer: We would consider paying shipping to your distribution center which would offset your price by………..

Their counter offer: Price decrease, no shipping charges. Can you afford to do both – what is your bottom line?

Why is your product or service of value? 

This is the point where you justify your asking price. You will need to know how your product or service compares to your competitors. Better quality is not a complete answer.

If your products or services appear equal to your competitors, emphasize your business reputation, superior customer service, guaranteed ship dates, etc. Your brand recognition and marketing strategy can also make you more desirable than your competitor.

At this point negotiation strategy sounds relatively simple. Negotiating is basically common sense, preparation, and communication.

What can make negotiations challenging are the personalities involved, their negotiating techniques and how you adjust and adapt your approach in order to achieve a Win-Win contract.

We will cover each negotiation style and technique in upcoming segments.

Addison Morris has been a serial entrepreneur since 1968. Addison believes that in the politically charged, competitive cannabis, hemp, and cbd marketplace, business principles and best practices are a crucial element for success. She speaks and teaches marketing, and negotiation skills. Her goal is to move women from empowerment into power through business education, resources and connections. Addison is the founder of the Women’s Cannabis Chamber of Commerce.

Marijuana businesses owners can’t seek bankruptcy protection

Posted Leave a commentPosted in Cannabis Businesses

Marijuana businesses owners cannot turn to federal bankruptcy courts when they land in financial hot water, a U.S. Department of Justice official reaffirmed.

Cliff White, director of the DOJ’s U.S. Trustee Program, sent a letter to trustees who deal with consumer bankruptcy cases reminding them that cannabis is illegal under federal law. He noted they shouldn’t handle money from the sale of cannabis-related property, Dow Jones NewsWires reported.

According to White’s letter, his division has seen a spike in the amount of bankryutcy cases in which “marijuana assets” have been disclosed. A spokeswoman wouldn’t disclose a number, according to Dow Jones NewsWires.

White’s letter comes as the Trump administration has sent mixed messages about its marijuana policy.

“Our goal is to ensure that trustees are not placed in the untenable position of violating federal law by liquidating, receiving proceeds from, or in any way administering marijuana assets,” White said.

Under federal bankruptcy law, any person or company declaring insolvency must list all valuables and agree to try to sell some of them to pay off financial obligations. Meanwhile, some marijuana business owners have been kicked out of federal court for trying to use marijuana assets to pay their debts, Dow Jones NewsWires reported.

Struggling marijuana businesses owners would get some relief under a bill introduced by U.S. Sen. Ron Wyden, D-Oregon. The Responsibly Addressing the Marijuana Policy Gap Act would grant bankruptcy protection for MJ companies and more.

Reposted from Marijuana Business Daily

Marijuana Marketing for Businesses is limited to four entrepreneurs. It is an intense one day workshop that provides you with a personalized marketing plan and strategy, the tools to initiate and maintain it, and marketing resources. The workshop is a cost-effective solution to launching a successful marketing campaign. Marijuana Marketing for Businesses is an investment in the success and growth of your company.

For more information visit The Women’s Cannabis Chamber of Commerce