Setting The Gold Standard: Premium & Everyday Cannabis With Standard Wellness

“We're on a standard wellness, not standard recreation,” said Jared Maloof, CEO of Standard Wellness Company, LLC, drawing a distinction between the company’s original focus on medical cannabis and its recent expansion into the recreational market.

Maloof recently joined Sara Silver, director of horticulture solutions at Velosio, at the Benzinga Cannabis Capital Conference in Chicago to discuss the evolution, challenges and future prospects of Standard Wellness.

Are you interested in learning more about operating a cannabis business? Tune in to the Benzinga Cannabis Capital Conference in Chicago. For existing subscribers, you can get direct access through our research platform. For new users, you can get instant access here! 

See Also: Meet Midwest Cannabis Pioneers: Hear From Jared Maloof, CEO Of Ohio's Standard Wellness

Cannabis Industry Growth & Funding Strategies

Founded with an unwavering commitment to providing top-tier medical cannabis, Ohio-based Standard Wellness has managed to carve out a niche in a market fraught with regulatory and operational challenges. The company is strategically positioned in Ohio, Missouri, and Utah, and is paving its way into Maryland.

In the insightful conversation, Maloof recalled the transition journey, “in Missouri, we just transitioned to recreational.”

The conversation steered towards funding, an often intricate aspect of business growth. Maloof shed light on their journey, having raised around “40-45 million of equity capital” primarily through friends, family and associates.

See Also: The Rise Of The Northeastern Cannabis Market, Profitability And Inclusion At Benzinga Cannabis Capital Conference

Challenges Faced In Launching A Cannabis Business

Yet, the journey has been anything but smooth. “I suffered from a fair amount of hubris thinking this wasn’t going to be as hard as it’s been,” Maloof admitted.

From contending with the illicit market and grappling with regulatory hurdles, to the unanticipated complexities arising from the lack of traditional banking for cannabis, Maloof and his team have navigated a labyrinth of challenges.

In the regulatory arena, Maloof discussed a two-year legal battle stemming from misunderstandings around stocking their facility with genetics, a battle they ultimately won.

See Also: Cannabis Stocks Jump As Senate Committee Approves Cannabis Banking Bill

Cannabis Business Operations & Technology

When it came to technology, yield emerged as a cardinal key performance indicator (KPI). The conversation illuminated the ongoing struggle to enhance yield through environmental controls and data analytics amidst the constraints of unreliable data and the pressing need for robust enterprise resource planning (ERP) solutions.

Leadership Team Structure for Multi-state Cannabis Operations

Standard Wellness’ multi-state operation is powered by a diverse leadership team hailing from diverse sectors, united by weekly and monthly meetings designed to foster synergy and operational efficiency. For early-stage cannabis companies, Maloof underscored the importance of seizing the current momentum to raise equity capital, as shifts in legislation present ripe opportunities.

Seeking Growth Amid Challenges

If a do-over were possible, Maloof would have avoided greenhouses and been more careful when choosing construction partners. 

He consistently estimated a liquidity event happening in “24 to 36 months,” embodying a sense of continuous expectation amidst an ever-evolving industry.

The next big step for Standard Wellness “hinges on consolidating its presence in existing markets and potentially extending its footprint into 10 more states."

Are you interested in learning more about operating a cannabis business? Tune in to the Benzinga Cannabis Capital Conference in Chicago. For existing subscribers, you can get direct access through our research platform. For new users, you can get instant access here! 

Read Next: The Keys To Successfully Navigating Debt Financing In The Cannabis Industry – Meet This Equity Compensation Guru

Image by Benzinga