Control the cannabis investing schedule
Some cannabis businesses are desperate for investors. But those with a track record quickly have in-boxes flooded with investment and purchase enquiries. Investors from China, banks, angels...everyone wants a meeting.
Do you need to reply every time – especially if you aren’t ready for capital or the timing is off?
How can you take hours of meetings when you have a business to run?
Christine De La Rosa has some advice.
De La Rosa is the co-founder and CEO of The People's Ecosystem, a Bay Area cannabis company on its way to becoming a multistate operator. She faced this issue early on, she says in this week’s "Seed to CEO" podcast.
Her mentor, industry pioneer Sara Batterby, founder of Equity Capital Collective, told De La Rosa to “take every meeting, but don’t wait for the cycles.”
In other words, meet with anyone who seems at all serious, but don’t let them string you along. Don’t go through cycle after cycle of questions, cycle after cycle of reassessing. You need to get in and out.
Batterby also told entrepreneurs to create a schedule to present to investors, so you set the pace – and come across more professional to boot. (We miss having this pioneer with us; she died suddenly last year.)
Recommended by LinkedIn
What CEOs should know in the news
There is an increase in cannabis leaders seeking better margins through layoffs.
Dutchie is only the latest business to announce layoffs in response to a “dramatic market shift.”
Others are trying to ward off competition by discounting flower pricesfor consumers. That’s likely a response to a more crowded marketplace, MJBizDaily reporting uncovered.
MORE STORIES
- Safe Harbor makes first cannabis loan beyond Colorado’s borders
- California targets marijuana businesses over unpaid taxes
- Silver Spike, others lend up to $170 million to CA cannabis company Shryne Group
- Aurora Cannabis buys back $20 million worth of convertible debt
Resources
- Have cannabis business insights to share? Apply to speak at MJBizCon by June 10
- May-June issue of MJBizMagazine
- Follow us on Twitter! @MJBizFinance
- MJBiz Media Kit – Advertise with us