This final episode of the year spotlights the urgent need for standardized safety and quality protocols in the cannabis industry. Darwin Millard, an experienced mechanical engineer and industry veteran, discusses the complexities of state-by-state regulations, consumer safety concerns, and the role of organizations like CSQ in establishing global benchmarks for product consistency and safety.

Key Topics:

• Regulatory Patchwork: Current state-by-state discrepancies lead to inconsistent testing standards and potential consumer risks.
• Global Standards Needed: Importance of uniform safety and quality measures, ranging from contaminants and potency to labeling and GMP compliance.
• CSQ’s Role: How CSQ provides a framework for CGMP certification, helping cannabis businesses meet rigorous safety and quality standards across markets.
• Technology Integration: Using digital tools (like Credible) to streamline compliance, reduce costs, and ensure ongoing operational excellence.
• Future Outlook: Anticipation of federal reforms, the push for descheduling or rescheduling, and industry efforts to unify voices and establish international best practices.

Next Episode:

• Returns Friday, January 10!

Takeaway: Industry-wide collaboration, adherence to global standards, and technology-driven solutions are essential for building consumer trust and ensuring a safer, more consistent cannabis market.

Josh Kincaid joins the show to discuss his extensive background in finance and cannabis, sharing insights on the industry's evolution and future prospects. With experience as a stockbroker managing a $650M fund and 10 years in cannabis, Josh offers a unique perspective on where the industry is headed.

Key Discussion Points:

• Industry Evolution:
  • Early market optimism in 2018-2019 followed by market corrections
  • Transition from cultivation experts to professional business operators
  • Impact of increasing professionalization in the industry
• Regulatory & Policy Discussion:
  • Potential impact of Schedule III rescheduling vs. full descheduling
  • Interstate commerce implications
  • State-level regulatory variations and compliance challenges
  • Banking reform and 280E tax implications
• Market Consolidation & Future Outlook:
  • Prediction of significant industry consolidation (potentially 97.5%)
  • Geographic concentration of cultivation in specific regions
  • Comparison to wine and coffee industry models
  • Role of technology and automation in operations
• Industry Challenges:
  • Implementation of professional business practices
  • Technology adoption and inventory management issues
  • Quality control and consistency standards
  • Investment landscape and operator requirements

In this week's episode of the Qredible Live Broadcast, host Brian Fitzpatrick is joined by Mike Lomuto, a leader in fostering equity and inclusion in the cannabis industry. Mike serves as the board chair for the Minority Cannabis Business Association (MCBA), founder of the Equity Workshop Tour, and creator of the Down Mastery coaching program. Together, they delve into creating equitable ecosystems in cannabis, the challenges faced by industry pioneers, and the tangible solutions being developed to overcome systemic barriers.

What You’ll Learn in This Episode:

1. Mike Lomuto’s Journey:

   • Mike’s 25+ years in the cannabis industry and his transition to the regulated market.
   • The challenges he faced and the lessons learned from navigating the complexities of equity in cannabis.

2. Equity Workshop Tour:

   • The vision and purpose behind this initiative.
   • How it brings together businesses, advocates, regulators, and legislators to foster collaboration.
   • The importance of breaking silos and facilitating meaningful roundtable discussions.

3. Challenges in Social Equity:

   • Regulatory and financial barriers impacting minority entrepreneurs.
   • The need for education, technical assistance, and capital to empower social equity licensees.
   • Insight into how systemic inequities are being addressed through collaborative advocacy and innovation.

4. The Role of Federal and State Policies:

   • How descheduling or rescheduling cannabis at the federal level could revolutionize the industry.
   • Examples of states like Minnesota and Maryland making strides in equity-focused legislation and ecosystem development.

5. Solutions for the Future:

   • The importance of community integration and trust-building between regulators and legacy operators.
   • How ancillary services and broader ecosystem support can sustain the success of licensees.

Key Quotes:

• "Regulators and legacy operators need to build trust if we’re going to bridge the gap and truly integrate communities into the regulated cannabis industry." – Mike Lomuto
• "Education and collaboration are critical to creating a sustainable and equitable cannabis ecosystem." – Mike Lomuto

Resources and Links:

• Learn more about the Minority Cannabis Business Association: minoritycannabis.org
• Connect with Mike Lomuto on LinkedIn
• Follow the Equity Workshop Tour and stay updated on upcoming events and initiatives.

Take Action:

• Get involved with MCBA and their equity-focused initiatives by visiting their website.
• Support the Equity Workshop Tour by attending or sponsoring upcoming events.
• Advocate for cannabis policy reform in your state and nationally.

Join the Conversation: We’d love to hear your thoughts on today’s episode! Share your insights, questions, or feedback on Qredible’s social media platforms.