Vangst Partners with the Cannabis Business Office to Launch a Technical Assistance Program
In this episode, Karson Humiston announces a breaking partnership between Vangst and the Cannabis Business Office to launch a new program. Karson is joined by Emma Howard, the program manager of the Cannabis Business Office, and Tristan Watkins, the Deputy Director for the Business Support Division.
Emma provides an overview of the Cannabis Business Office, which was established in 2021 to provide access to capital and technical assistance programming for social equity cannabis businesses. The office offers grants, loans, and technical assistance programs to support business development in the cannabis industry.
Karson and Tristan discuss the need for more specialized technical assistance for cannabis businesses. They highlight the gap in the market for expert-led courses on topics such as accounting, HR, compliance, cultivation, and more. The partnership between Vangst and the Cannabis Business Office aims to fill this gap by creating a program of 50 courses that provide real tactical business help and guidance.
Emma explains the process for accessing the resources provided by the Cannabis Business Office. Clients need to contact the office with their social equity license or finding a suitability letter from the Marijuana Enforcement Division (MED) to access the program.
Tristan shares details about the loan program offered by the Cannabis Business Office. The program takes a unique approach by working with a lending group that specializes in character-based lending, focusing on the business's ability to repay rather than traditional metrics like credit and collateral. This approach reduces the risk for borrowers and allows for more flexible repayment structures.
The conversation then shifts to the potential impact of rescheduling cannabis at the federal level. Emma and Tristan discuss the benefits, such as lessening the tax burden and opening up banking options, but also highlight the potential risks of larger businesses taking advantage and pushing out smaller businesses.
In the final segment, Karson asks Emma and Tristan for their predictions for the cannabis industry in 2024. Emma predicts that federal legalization will be a major topic in the 2024 presidential election, bringing the industry closer to nationwide legalization. Tristan predicts an increase in high-quality, specialized products and a decrease in stigma as the market evolves.
The episode concludes with Karson expressing excitement about the partnership and the opportunity to help entrepreneurs in the Colorado cannabis industry through the technical assistance program.
Timestamp Chapters:
00:00:00 - Introduction and Announcement of Partnership with Cannabis Business Office
00:00:51 - Introduction of Guests and Overview of Cannabis Business Office
00:03:21 - Discussion on the Need for Technical Assistance Programs
00:06:13 - Process of Accessing Resources for Social Equity License Holders
00:08:21 - Influence of Colorado's Social Equity Program on Other States
00:09:29 - Overview of the Cannabis Business Office's Loan Program
00:12:53 - Impact of Potential Rescheduling on the Cannabis Industry
00:15:23 - Potential Benefits and Challenges of Rescheduling
00:18:54 - Instructions for Accessing the Technical Assistance Program
00:19:48 - Predictions for the Cannabis Industry in 2024
00:23:27 - Conclusion and Thanks for Partnership
Quotes:
"Vangst has partnered up with the cannabis business office to launch a program that we're going to talk all about today." - 00:00:00
"We run three different types of programs for our clients. Those include grants, loans, and like I said, technical assistance, so business support, mentorship, training, anything that kind of falls under business development." - 00:01
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