From the Expert: Building a Cannabis Product
Sarah Odde is the vice president of sales and marketing for BevSource, a St. Paul-based beverage development, sourcing, and production company. When Minnesota’s 2022 law addressing hemp-derived THC edibles went into effect in 2022, BevSource, as a one-stop solutions provider for beverages, was in a unique position to aid in the launch of around a dozen THC and CBD products on the market now. “We have on-staff compliance regulators that understand the challenges of bringing such a highly regulated product to market,” Odde tells TCB.
1. Partner with seasoned experts. “When venturing into the cannabis industry, collaborate with professionals who possess extensive experience within the field, as opposed to those who have only worked on a few projects. Working with individuals well-versed in the nuances of cannabis operations can prevent costly mistakes and delays, and ensure that you’re not paying for their learning curve but benefiting from their deep understanding of the industry’s intricate compliance landscape.”
2. Master state regulations. “Invest time in comprehending the intricacies of state regulations. Understanding the legal framework governing cannabis is essential to anticipate compliance challenges, operational complexities, and potential financial implications.”
3. Embrace grit and agility. “The cannabis industry is ever-evolving. To succeed, you must exhibit a high degree of resilience, determination, and adaptability. Rapid changes in laws and market trends require businesses to stay informed and pivot swiftly. Quickly responding to shifting dynamics will position you ahead of competitors.”
