We recently connected with Maxime Kot and have shared our conversation below.
Maxime , appreciate you joining us today. What’s the best advice you ever gave to a client? How did they benefit / what was the result?
Many who are new to cannabis have unrealistic expectations that it’s easy to be successful and make money. But cannabis is one of the most, if not the most highly regulated industries and it takes hard work, expertise, and a strong team. One of the pieces of advice I adhere to is the importance of choosing the right business partner(s). Having partners who you can trust can ultimately determine the success of a cannabis venture. I always ask clients who are just starting out, “Who would you trust to hand over a suitcase with $10 million in it?” That’s the type of person who you want as a business partner. When business goals, vision, and structure are misaligned, trust often disintegrates. From the very beginning, I encourage owners and their partners to agree on the business plan and model, how profits will be split, and where different revenue streams are distributed. When there is more clarity and communication, there is less of a chance of things being misconstrued and leading to litigation.
As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?
I am co-owner and President of the Cannabis Business Advisors, a national consulting firm for the legal cannabis industry. I was born in Malaysia and partially raised in Singapore before moving to the United States.
Based in Phoenix, Arizona, The Cannabis Business Advisors (“CB Advisors”) is a multi-faceted consulting firm providing strategic business guidance for cannabis license applicants and current license holders throughout all stages of growth. CB Advisors is led by a consulting team that brings more than twenty years of combined industry experience, spanning across the U.S. and around the globe. CB Advisors offers a comprehensive suite of services, including application and licensing preparation, operational analysis, merger and acquisition support, policy and procedures development, exit strategy guidance, and business development planning. We are also in the process of launching a digital platform with educational course content to help entrepreneurs learn how to take the first step in opening a dispensary.
How’d you build such a strong reputation within your market?
Winning – literally. In the cannabis licensing world, it used to be a lot harder to secure licenses to operate cannabis businesses (retail, grow, processing, etc.). We became known for securing licenses in markets that awarded only a limited number of licenses. For example, in Pennsylvania, the state only issued 27 dispensary licenses statewide during the first round, and we were able to secure 2 of the 27 licenses for our clients. Also having experience in multiple markets helped since each market has different laws & regulations. Being able to navigate unchartered territories with some foundational experience and foresight provides confidence.
What’s been the most effective strategy for growing your clientele?
Maintaining a good relationship with existing clients. Approximately 70% of our clients are returning clients and/or are referral based. The industry being what it is today, with different regulations in each market, there is always a need for a consultant who understands the landscape and can advise a new entrant, a group looking to expand nationwide, etc.
Contact Info:
- Website: https://thecannabisbusinessadvisors.com
- Instagram: https://www.instagram.com/thecbadvisors/
- Facebook: https://www.facebook.com/TheCBAdvisors/
- Linkedin: https://www.linkedin.com/in/maximekot/
- Twitter: https://twitter.com/thecbadvisors
- Youtube: https://www.youtube.com/channel/UCcAg19h-ZSVdBhKbv-9M3Ug
Image Credits
Carl Schultz