Skill Building: Herbie Goes to See His Mentor, part 3

Business Cannabis Herbie Strategy

Herbie, still thinking about what kind of dog he might like, returns to his Mentor’s “lair”.  Having had a week to mellow out, the Mentor graciously welcomes Herbie back inside and gives Herbie permission to speak.

“I’ve been studying the table you laid out”, says Herbie, “and I have a question”.

“Yes?” intones the Mentor.

What phase are we in, and how should I be “acting”? asks Herbie.

“And that”, says the Mentor “is the key question.  It depends on where you are, what sector of the industry you are in, and when you plan to be in this industry, i.e. time since legalization, because things change, you know”.

“Remember that hellscape, I mean picture, with the hills?  Think of each market as an SUV traveling over the hills.  Each market will experience many, even most of the same hills (challenges) in turn”.

“I get it. Kind of like the cars in a train” says Herbie: “NO!” the Mentor almost shouts.  “And this is important.  The cars in a train are connected.  They follow the same path, at the same speed, and get to the hills in the same order and for the same duration.  Not so with the SUVs.  Each market may face the same overall challenges in time, but they will get to them at different rates, stay in the respective phases for different lengths of time.  The hills may be steeper in some geographic markets, not identical to what you or your associate experienced in another state.  Moreover, different sectors of the industry may behave differently and have different profit potential, even in the same state.

Feeling a little dizzy, Herbie asks “Can I have a hit of that?”.  “No” says the Mentor, “I mean, are you vaccinated?”.

“Never mind” says Herbie.  I can handle the “where” part, and the “time since legalization”, but what’s this about “sector?”.

“Next week” says the Mentor.  “we will discuss more deeply the concept of Industry Sectors, and I will give you some questions to ask your consultants.  You do have very smart people helping you, other than this dog that I have not yet seen, correct?  Please tell me you have more than the dog!”  Not knowing what else to do, Herbie bolts.

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