The cannabis industry, just like any other sector, is budding with stratospheric growth estimates. This has made several CEOs and entrepreneurs curious to start their own business ventures and leave behind a notable legacy. However, it always was and still continues to be an uncertain industry that involves significant risks. The same could be stated for the industry’s startup potential. But leaders from cannabis companies like Sean Smutny of Truth Enterprises, who’s only managed to grow onwards and upwards in the said market for over 15 years, discusses the inner workings of manufacturers, cultivators, and distributors, and provides insights on where both opportunities and risks lie.
As someone who grew up fascinated with growing cannabis, the young 35-year-old entrepreneur took the leap of faith and ventured into the industry by launching Truth Enterprises along with two of his friends. In Smutny’s opinion, the barriers cannabis companies have to face are much higher than traditional businesses. He pointed out the long-standing prejudice against people who work in cannabis as a consequence of the societal approach, which in turn evokes caution around how cannabis businesses are perceived. And yet, the Truth Enterprises co-founder describes having taken an enormous risk when entering the cannabis industry and has since not looked back.
He further added to this, “The cannabis industry has evolved for the better since inception. On the bright side, everyone’s attitude towards the cannabis industry is shifting, though there are both positive and negative consequences that come as a result of those transformations. In fact, in the past few years, there has been a robust increase in the demand for cannabis, which has propelled the need for distributors and cultivators like us to develop better product delivery systems. Thus, considering the present market’s response, Truth Enterprises plans to expand into Southern California shortly to become a major supplier of packaged cannabis goods. We are hopeful and optimistic about this expansion.”
To those looking to step into the cannabis industry but lack clarity and direction, Smutny recommends looking for alternative cannabis business models for attaining better results, an investor that supports the idea, and most importantly, an open mind to handle competition from the liquor markets.
On days when the young entrepreneur is not working, he devotes his free time to snowboarding, traveling, and riding street bikes. “Whether it is the cannabis industry, any other business, or just a hobby, do not remain sitting on the fence if you wish to grow and succeed,” adds Smutny on a concluding note.