Buzz Session: How Are You Handling the Current Market Downturn?

• We’re improving efficiencies and making cuts, and buying more at wholesale. — Brandon Gilbert, Arctic Greenery & Chena Cannabis, North Pole, AK
• Klutch Cannabis is solely focused on producing the best products possible for the patients we serve. This was our commitment in the beginning, and it is even more important now. While market cycles are inevitable, we are succeeding by focusing on product quality, consistency, customer service and by listening to the needs of our patients. At retail, The Citizen by Klutch has adopted the same commitment by prioritizing patient interactions, product education, and innovating unique ways to create meaningful customer experiences in our stores. Ohio cannabis thrives on community, so our stores are designed to foster meaningful emotional connections with patients. — Pete Nischt, Klutch Cannabis, Akron, OH
• In the face of adversity, especially within the ever-changing cannabis market, customer retention becomes the cornerstone of success. Acquiring new customers is timely and costly; hence, maintaining unwavering loyalty from those you already have is paramount. — Von Dellinger, The Hemp Collect, Portland, OR
• Just like any other cyclical business, it is an opportunity to re-tool and readjust. — Sam Ukpedinjagba, My- CannabisPlus, Las Cruces, NM
• We’re pivoting. — Jason Andresen, Backbone Distribution, Long Beach, CA
• I have cut all my discounts way back. Customers still come in and I don’t miss my bottom-of-the-barrel shoppers who expect champagne-level service on a beer drinker’s budget. Instead, I focus on my higher margin customers. — Tim Goad, Bayshore Cannabis, Shelton, WA
• We’re diversifying our portfolio to work with CPG brands outside of cannabis. — Alice Moon, Trailblaze, Los Angeles, CA
• Personally, I’m “diversified” more now in my technical role to minimize the systematic, industry-wide risk in the cannabis industry. Because I’m a technology analyst, I’m spending more time in cybersecurity, which is experiencing rapid growth. My hope is to spend more time as a CannaTech analyst so I can do what I like most. Time to be patient. — Harry Brelsford, CannaTech Group, Austin, TX
• Having staff trained to listen and having zero employee turnover has made a huge difference for us in customer retention and satisfaction. — Barb Hillaker, Bud Hut, Walsenburg, CO

question:

Do You or Don’t You?Are You Using AI as A Business Tool?

Yes: 47%

• I wouldn’t dig a massive hole with a tiny spoon any more than I want to manually do AI-aided tasks. We leverage AI’s unparalleled efficiency in every way possible including automations, data management, data analysis and informing our strategies. It frees up valuable time and allows us to outpace competitors who often have more capital and bigger teams by allowing us to be nimble, efficient and effective. — Von Dellinger, The Hemp Collect, Portland, OR
• We’ve started to try using it for ad copy and product descriptions but we haven’t used any of the results yet because it sounds odd. — Ali Jamalian, Sunset Connect, San Francisco, CA
• I’m just starting to use AI to generate CannaTech content. What I’ve found is other AI tools like WordFaucet are more cannabis-friendly than ChatGPT. — Harry Brelsford, CannaTech Group, Austin, TX
• We use AI to gather general ideas and create outlines for marketing materials. — Scott Kibitt, Agricultural Advantages, Trinidad, CO
• Yes, I use ChatGPT to help me enhance content I’ve already written. For example, I’ll write a pitch then ask ChatGPT to “make it sound better.” This helps me improve my skills as I learn from AI while it also enhances my content. — Alice Moon, Trailblaze, Los Angeles, CA

No: 53%

• Almost every business in the country is going to be using some set of AI-powered tools over the next few years. To that end, we are currently evaluating a few use cases and are keeping our ears to the ground for further developments. Our biggest strength has always been our team, so we are intrigued by tools that promise to help us work smarter together and those that will help us capture and visualize data more effectively. We are cautiously optimistic, though nothing has been institutionalized yet. —  Pete Nischt, Klutch Cannabis, Akron, OH
• No, we’ve done some searching but haven’t found a product that would fit us best. — Brandon Gilbert, Arctic Greenery & Chena Cannabis, North Pole, AK
• As awesome as AI is supposed to be, I ask: Awesome for whom? Can AI truly replace personalized person-to-person customer service? With automated machines, nothing puts humans out of work faster, except for COVID maybe. Wall-E might be a kids movie, but its aspects are becoming reality. — Barb Hillaker, Bud Hut, Walsenburg, CO