Alex Thiersch, one of Salveo Capital's managing principals, will be speaking at the Cannabis World Congress & Business Exposition in Los Angeles on September 18. His talk, “Branching Out From Counterculture,” will focus on why and how the cannabis industry should move into the mainstream.
"There’s a huge opportunity to expand the demographics of cannabis, and we just need the will to do it.”
“It’s time for the industry to get a corporate facelift,” said Thiersch. “There are markets that are not being targeted at all right now, like women, middle-aged professionals, and retirees. There’s a huge opportunity to expand the demographics of cannabis, and we just need the will to do it.”
While stoner brands and cannabis counterculture will always exist, Thiersch said, the greatest profits in any industry come from a high volume of casual consumers, not from hardcore enthusiasts. He added that in addition to strict financial considerations there are other tangible benefits to taking a more business-like approach to industry.
“Every company affects how people view the entire industry and projecting a more sophisticated, button-down image makes it easier to attract voters and legislators to advance legalization across the country,” he said.
Initial steps that Thiersch suggested include building brands that are less marijuana-centric, partnering with individuals that have had success in traditional businesses, and establishing standard operating procedures focused on strict legal compliance. He added that leaders in the cannabis space should be at the forefront of regulation so any laws governing legal marijuana companies would be well-informed and fully protective of patients, customers, and businesses.
The Cannabis World Congress & Business Exposition is sponsored by the International Cannabis Association and is one of the largest events in the marijuana industry. It will be held at the Los Angeles Convention Center September 16-18. George Zimmer will be giving the keynote speech.