Brokering Success with Michael Elkin | Episode 24

In the ever-evolving cannabis industry, adaptability, deep knowledge, and an entrepreneurial mindset remain key ingredients for success. Episode 24 of the Legacies Podcast gathers insightful conversations from industry veterans, shedding light on current challenges and opportunities within the cannabis landscape. Hosts Tom Ritchie and Wesley Bowles dive into discussions with Rick Moriarty from High North Labs and Michael Elkin, famously known as The Cannabroker, unraveling the complexities and potentials of the sector.

Cannabis Testing Standards: Ensuring Quality and Transparency

Rick Moriarty from High North Labs provides critical insights into the world of cannabis testing. The importance of standardized testing procedures cannot be overstated in a market where false claims can mislead consumers. High North Labs prides itself on the integrity and accuracy of its testing methods, but issues persist in the industry. A major concern is the lack of standardized testing across labs, which opens the door to fraudulent potency reports.

Moriarty explains that while there is always a slight variance in test results due to the non-uniform nature of cannabis plants, significant discrepancies should raise red flags. Establishing a proficiency testing system and aiming for ISO accreditation are vital steps toward ensuring transparency. Ultimately, consumers and retailers need to be educated about these standards to make informed decisions and uphold product integrity.

The Role of Experience and Adaptability in Success

Michael Elkin, The Cannabroker, exemplifies the entrepreneurial spirit necessary to thrive in cannabis. His journey from selling advertising to becoming a pivotal figure in cannabis consulting showcases the power of seizing opportunities. By becoming a trusted consultant, Elkin draws on his extensive network and industry knowledge to connect dots others might miss. His approach highlights the importance of adaptability, trust, and relationship-building in navigating complexities, both domestically and internationally.

Navigating the U.S. and Canadian Cannabis Markets

The discussion with Elkin also delves into the contrasting dynamics between the U.S. and Canadian cannabis markets. While the U.S. faces challenges due to federal restrictions, opportunities abound, particularly on the East Coast where demand outpaces supply. In Canada, the focus lies in efficiently managing SKUs and anticipating market needs in a regulated environment.

For Canadian cannabis businesses, achieving success requires a keen awareness of market demands and leveraging international insights. Companies exploring both the U.S. and Canadian markets must remain agile and responsive to shifting landscapes, ready to pivot based on regulatory changes and consumer preferences.

Conclusion

The latest episode of the Legacies Podcast offers valuable lessons for anyone involved in the cannabis industry. Veterans like Moriarty and Elkin emphasize the significance of quality assurance, transparency, and the strategic manoeuvring necessary to succeed. As the industry continues to grow, staying informed and adaptable will be crucial in navigating its future challenges and opportunities.

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