Staying Power: Keys to Building the Best Consumer Brand in Cannabis
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It’s rough out there for any startup, let alone one in a red-hot industry that’s defined by regulations that seemingly change from one day to the next. To avoid flaming out requires more than a little agility.
Just ask the CEO of Moxie, a leading producer of premium quality cannabis concentrate products. “Businesses that can’t react quickly or scale to meet new challenges will fail,” Jordan Lams warns, “and many already have.”
Founded in 2015, Moxie specializes in extracts, the concentrated and purified active ingredients that provide the characteristic flavor and effect of the cannabis plant. Their product is often used medicinally by patients who require an alternative means of consumption to smoking, so how the company is perceived is of utmost importance to Lams: “The less it seems like a drug and the more it seems like a medicine, the more people can ultimately get access to something they deserve to improve their life.”
Here’s how Lams is ensuring Moxie has the staying power to fulfill its mission.
Making strategic alliances.
Everything is a moving target in the cannabis industry. From regulations to financing, you have to be fluid and nimble.
“Lots of incumbent businesses that helped build the industry are simply resigned to the black market because of their inability to adapt,” Lams says. “Continuing to align with strategic partners is key to survival.
Among these partners are investors who have real experience within and a connection to the community. “There’s lots of interest in this space right now, but the majority of investors don’t truly add value to their investments—and many don’t realize this,” Lams says. “Alignment with investors, advisors, and board members is critical.”
Keeping up with regulations.
Lams says that the “building of a brand is rooted in robust compliance.” Never more so than in the cannabis industry.
“Most brands in this space have flamed out because, while their product connected with audiences, they lacked the infrastructure to deliver it in a highly-regulated environment,” he says. “It’s a great barrier to entry for our competitors.”
If you want to be successful in the extract market, Lams says it has to be with integrity and conviction. “When it’s not, the consumers pick up on that,” he says. “Additionally, we are trying to focus on the user experience. The world of dispensaries has traditionally been a little disconnected. We are working on several projects to bridge the gap between the brand and our consumers.”
Moxie has a brand promise that they aim to never compromise on: No matter what market they produce products in, they will provide the same great experience. “This requires quality of raw materials, consistently excellent operations, and regulatory adherence and advocacy,” according to Lams.
“From our dealings in the business to our delivery of products, the Moxie name stands for quality,” he says. “This industry stands on the shoulders of the sick and downtrodden; we owe it to them to never compromise on values.”
For more information about Moxie, visit Moxie710.com.