EXCLUSIVE: From Small Smoke Shop To Vertically-Integrated Cannabis Co., Q&A With 23-Year-Old CEO Of Nirvana Group

Even though Oklahomans did not manage to get a recreational marijuana initiative on the ballot this fall, they've got another chance to revisit the issue in a special election scheduled for March 7, 2023. If State Question 820 becomes law, cannabis for adults over 21 will become legal and cannabis convictions will be overturned, among other moves.

Meanwhile, smaller businesses in the state’s saturated medical marijuana market are struggling to turn a profit. That’s why they are hoping and pushing for further reform, which would expand the market and give them more options to expand their operations. But, what can they do until then, or if the legalization efforts fail again?

Arshad Lasi, a 23-year-old CEO of one of the largest vertically integrated cannabis companies in Oklahoma, Nirvana Group, has an idea.

Quality & Branding 

“It may be difficult for small businesses without access to capital and other resources to scale, differentiate themselves, and thrive in Oklahoma’s crowded medical market,” Lasi told Benzinga. “But one piece of guidance is to focus on quality and brand your business with your target demographic in mind. Think about the audience you want to reach and hone in on that, and do a few things really well, rather than trying to do too much at once.”

According to Lasi, branding lies at the core of a successful cannabis business, and “both big and small should focus on nurturing their brand and their relationship with their consumers.” 

While adult-use legalization would open up a whole new market and embrace a new demographic base, another thing small businesses can do until that happens is to seek out partnerships and expansion opportunities in other legal states, Lasi added. 

More Equity Needed 

Even though very young (23), Lasi is pleased with how the nascent marijuana industry is treating young executives as it provides opportunities for executives of all ages to succeed. There’s one thing though that he would like to see across the sector – “a continued focus on equity for people of color, women, formerly incarcerated individuals and other overlooked communities, as well as for small businesses that may lack access to capital, but do have the ambition and innovative mindsets.” 

The Story Of The Nirvana Group

Tulsa-headquartered, marijuana company The Nirvana Group owns and runs cultivation, manufacturing and distribution centers, as well as medical dispensaries and smoke shops throughout the state. Its distribution arm, “Argent Cannabis Distribution, is the only cannabis cash & carry concept in Oklahoma and is the wholesale distribution company for Nirvana Group’s cannabis brands, which include vapes, pre-rolls, edibles, beverages, and concentrates” Lasi explained.

The Nirvana Group has two Argent locations in Tulsa and Oklahoma City, where they work with more than 30 brands. And it all started with one small tobacco shop that Lasi's father founded in 2011. 

Several years later, Lasi's dad got interested in the licensed marijuana industry after visiting a state with an adult-use market. He received a “cold email” from a brokerage in Michigan that was selling properties for dispensaries, and even though the family didn’t pursue that particular opportunity, they become attracted to the possibility of expansion into cannabis, Lasi said. 

While they were looking around to buy licensed cannabis companies in other states, Oklahoma approved medical marijuana in 2018. Approval of the Medical Marijuana Legalization Initiative or State Question 788 made Oklahoma the 30th state in the nation to legalize medical marijuana. 

“We’re from Oklahoma and are proud to be able to grow our business here...what started as a humble smoke shop has now blossomed into a rapidly growing vertically integrated company,” Lasi said. 

Four years later, The Nirvana Group scored a New Mexico marijuana business license and plans to expand its production and distribution into that state by the end of 2022. The company is also aiming to open retail stores in New Mexico in 2023. 

They've also partnered with the cannabis brand founded by Wayne Coyne, a hometown hero and frontman of The Flaming Lips, the iconic psychedelic rock band formed in 1983 in Oklahoma City. 

“We have a mutually beneficial collaboration, with which The Nirvana Group cultivates and sources the cannabis used in Love Yer Brain’s products, as well as manufactures the finished products,” Lasi explained to Benzinga. “Our wholesale operation Argent Cannabis handles the distribution to retail stores, plus we carry Love Yer Brain products in The Nirvana Group’s network of dispensaries. We’re also excited about the re-formulations we worked on with Love Yer Brain, as we now offer gummies using strain-specific, full-spectrum live resin. And looking ahead, there are plans to expand our partnership into new states.”

Photo: Courtesy of Nirvana Group