Entrepreneur: 10 Women Leaders of the Cannabis Industry
Thank you Entrepreneur for spotlighting incredible female leaders in our industry working to create an industry for GOOD. Luna Volta Founder + CEO Kayla shares some nonintuitive advice on how to succeed in the fast-evolving cannabis industry.
Exercise flexibility. Move fast and embrace change. This industry is moving at light speed and you have to be nimble in all areas, from banking to merchant accounts to website hosts to packaging.
Keep up with the changing laws and regulations. This goes with point one but because regulations are constantly changing, you need to know how these will affect where and how you can sell your products. This also is important to know what claims you can and cannot make as a company.
Invest in education. The first thing I did before launching my company was to get certified in Cannabis Science. As a consumer, I had a lot of questions about the many components of cannabis, and as a brand, there should be, at the very least, a basic understanding of the science. This education prepares you to a. be able to source the right kind of product for your market (Full spectrum vs. Broad Spectrum vs. Isolate and WHY), b. be able to brand it appropriately, an c. be able to confidently share the science.
Know your motivation. A brand is much more than just a pretty logo; you should know your "why." As someone who has helped craft brand identities for artists and brands, there is a process to building a truly recognizable brand. This includes defining your brand core values, mission, target market, and position all before creating the visual identity. Use these pre-established core values to help guide you.
Test the market. The market is changing rapidly and it is important to test your product line with real people. See what concerns a consumer has and what products can you develop that are easy for them to understand and use.
Read more advice from fellow women leaders in the cannabis industry in the full article here.