Raising Cannabis Capital 0076: Best In Grow

Andrew Duffy CEO and Co-Founder of Best In Grow joins Dan Humiston on this episode of the "Raising Cannabis Capital" series on the MJBulls Podcast to talk about how Best In Grow helps dispensaries train and retain best in class employees and offers cannabis brands the opportunity to communicate with, pull data from, and market to these critical cannabis influencers.  He discusses the markets they currently service and their plans to expand into California, Massachusetts, and Canada.

Produced By MJBulls Media

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Dan Humiston:
Today's show is brought to you by 3c comprehensive cannabis consulting helps clients design build and optimize their cannabis business from initial assessment and planning through operational and ongoing management. To learn more about how their services are tailored to meet the unique goals and objectives of each of their clients. Go to 3C cannabis.com and for a limited time 3C is giving all MJBulls listeners an additional 10 percent off their fees just for mentioning that you heard it on the show go to 3Ccannabis.com.

Andrew Duffy:
Got there. By far the most important people in the industry in my opinion they really make it right and they're the people who are going to make sure that we see those 40 percent annual growth rates that everybody is predicting that's not going to be the same group of people who are consuming cannabis consuming 40 percent more cannabis every year as new cannabis consumers coming in getting educated by bud tenders at the front lines every single day. And so the industry really relies on those people.

Dan Humiston:
From Buminit media it's the MJBulls Podcast a show about Raising Cannabis Capital.

Dan Humiston:
Come Dan Humiston on today's show how these two Harvard educated entrepreneurs left their career in finance to develop a way to improve the dispensary purchasing experience.

Dan Humiston:
Dan Raising Cannabis Capital series we are joined by Andrew Duffy. He's the CEO and co-founder of best and grow. Andrew welcome to the MJBulls Podcast.

Andrew Duffy:
Thanks so much Dan. I really appreciate it.

Dan Humiston:
Well I have to say Bestin grown has all the right pedigree. Between you and your partner you're both Harvard grads which is unique in itself out of college you worked in finance in New York but then up and moved to Boulder and got involved with canopy Boulder's accelerator program past that.

Dan Humiston:
I mean if you guys are an NFL football team you first round pick I've got to get out of all the industries that you guys could've went out and conquered. If you decide on cannabis.

Andrew Duffy:
Absolutely. So there are a couple different reasons for that. I'd say the first one was we saw cannabis as a place where we could really make an impact as young entrepreneurs who didn't really have the type of experience that necessarily traditional industries respected really need you to have to be someone who makes the impact from day one. So we saw it as a huge open space opportunity where not only could we change something but we could also change something for good. We could do something that would be improving people's lives by not only helping the industry to grow and thrive and create as many jobs as it's created but also helping people get access to the medicine that they so desperately need as well as the fun and recreational activities that they get from cannabis as well. So we really embraced what the cannabis industry means for both the business opportunity and the people who are experiencing it and consumers.

Dan Humiston:
And I think you're you're like everyone else. A lot of other people that are in this industry you see the opportunity in something a green light. Tell us a little bit about best and grow what do you what does it do and how did you where did you get the idea.

Andrew Duffy:
So what we saw in the cannabis market when we were first learning about it starting to get our heads around it was an extreme dearth of tools to help manage the most important people in the entire industry. And that's why tenders the point of sale employee a fact we like to dig up from time to time is that 92 percent of consumers that walk into a dispensary take the exact recommendation of the bartender when they're purchasing their products. It's crazy it's massive it's crazy. There's really no other industry where that type of influence exists in one person's hands. And there are a couple of reasons why cannabis is like that consumer education is not where it is in other industries they need to learn but it's also a very complicated product that a wide range of experiences that can it can elicit in its users. So it's extremely important that that person has a point of sale is able to guide people on those journeys. So those influencers those bartenders are not just the face of these cannabis businesses they are these cannabis businesses. And that matters store to people and that sort of dispensary who has to manage that influence and ensure that their customers have a great experience but also matters where brands who have to get their products into the hands of customers when they don't have the power to advertise in traditional ways that traditional consumer packaged goods can. So when we saw that dislocation and we realized that not only are these people extremely influential but they're not necessarily being managed in a way that maximizes that influence and helps to improve the customer experience as well as the dispensaries Bottom line we thought there's a way we can make tools.

Andrew Duffy:
We went in there we talked to some dispensary owners we figured out that they were doing things like scheduling like tasks management like team communication either manually or by using 10 different software platforms. And so it was really simple sex for us to go in and say hey we're going to digitize some of these processes that you're doing annually. And we're going to consolidate processes that you're doing across a bunch of different software tools. So for the dispensary we really just simplify everything and put it into one web mobile platform that allows them to seamlessly manage every person or organization track their progress track their abilities and improve their performance through time and then because we've done that we're able to create this ecosystem of bug tenders who we can give access to brand materials and information that brands are desperate to have in front of them. So we've really created a way to not only allow dispensaries to manage their people better but connect them with the brands who so desperately want the feedback of these tenders who are recommending their products every day and who need to know a lot about those products to be a factor.

Dan Humiston:
Shepherds of the consumer experience and I suspect the brands really appreciate that feedback that they're getting right from the ground level.

Andrew Duffy:
Absolutely yeah. I think there are kind of two fun facts there. Brands Colorado at least spend about 80 percent of their marketing budgets trying to access blood hemp for all of their efforts are trying to get at this one person who can affect the purchasing choices of 100 people a day a few hundred people a day. So that's a really powerful and leveraging all marketing tool for those brands. But it's also important for R.A. they have to understand who it is that selling their products and what attributes of those products make those people happy and make them likely to recommend them. So being able to push and pull information between those two groups creates so much value for the supply chain because it makes products better and makes products that consumers are more likely to. Enjoy.

Dan Humiston:
Yeah. I mean can you imagine if every customer that walked up to a bartender said What can I have today. Exactly partners. I think you need a different tonic. Either you need a Shirley Temple I think you need a martini like OK that's what I think. That's not how it is. Exactly.

Dan Humiston:
Think about this the only place where more than nine out of ten people would completely rely on the person behind the counter to make that decision for him is that his crazy start caring only.

Andrew Duffy:
And multiply that by the fact that any consumer that walks into a bar is going to have pretty much the same experience and they consume alcohol. But when you walk into a cannabis dispensary you can have a crazy range of experiences from euphoria to anxiety to lethargy to energy. So it's an even more important process for the match.

Dan Humiston:
It is overwhelming. Does your product is it appeal or does this sort of an overlay to the process.

Andrew Duffy:
Yes. So if it's a complementary system the US point of sales really managing those transactions. But what we do is we provide a separate application that can not only help them to manage their teams and communicate across their teams but also can plug into the OS meaning we can pull out sales data from your OS and give you as a manager a much better understanding of which blood tenders are selling what and how does that relate to the ways that I've trained them or how they've been performing in their job in the past. So it gives managers a much better view into the data that they already have with respect to the actual day to day actionable changes they can make better sensors so if they see that their bug tenders are favoring a particular type of product and as a result are missing some of their higher margin products. Maybe that means they need to educate those bartenders about the product mix because they're worried about getting recommendations to customers that they don't understand. Being able to pull out stuff like that and act on it is something that our customers really really love.

Dan Humiston:
I'm sure that they think about all the data that you have with this information being consolidated across the board from all the dispensaries. Gosh it's a whole nother opportunity right here.

Dan Humiston:
I want to take a minute to tell everyone about an exciting free opportunity. One of our former guests good harvest company is offering retail operators in cannabis brand managers in the adult use market. Good Harvest Company is preparing to launch a platform which uses customers buying and shopping behaviors to help brands effectively reach their customers and for a limited time good harvest company will offer participating companies free access to their data in return for their feedback. To learn more. Good a good harvest.CO.

Dan Humiston:
Well you've raised a bunch of money already. I know you were oversubscribed in your first round. Tell me what's going on now. Are you raising money again.

Andrew Duffy:
Yeah absolutely. We always described our first round out of Kennedy accelerator. We won the best pitch prizes to argue Vancouver conference which was really great for us. Got us in visibility and really helped to get the idea out there and the product out there and then ultimately raised yet another round we're actually opening it at the end of February and that's gonna be a growth capital round that we're using to expand the product market fit and the sales process is that we've been honing in Colorado over the past year into a couple of other areas not only East Coast and West Coast expansions into a couple of different states but also added Canada. We're each secured some pretty exciting partners that are going to help us leverage our platform and our tool into a lot a lot a lot of different territories up there and dispensaries up there.

Dan Humiston:
Just listening to I just know that a lot of our listeners right now are thinking how can I get a hold of this guy and talk to you about this before you get oversubscribed again. So what would be the process if somebody wants to talk to you about this.

Andrew Duffy:
You can reach me directly at Andrew at best and grow. I oh I love getting mail. I love talking to people. I find that investors are some of the most intelligent people that I speak to in terms of their ability to see the trends in the market and give us information that matters even more than capital sometimes. So I love having those conversations no matter what. And then you can also find more information on our website best to grow. I owe anybody who's interested please it all.

Dan Humiston:
We'll also have Andrew Duffy's information on the wood Gables Web site and best in grows email address and everything else will be on the MJBulls. Andrew thanks for being on the MJBulls Podcast today. You're really at the beginning of this this is going to explode for you guys.

Andrew Duffy:
It's been so exciting. In just a year we've honestly seen a pretty insane amount of growth and it's happening way faster than we ever could've expected. Part of that is the cannabis industry is booming and part of that is that we feel like we've really found a product that fits the market where it's at and what it needs to have. So we're super excited.

Andrew Duffy:
And of course are so excited you get on the podcast really appreciate you having us on.

Dan Humiston:
Well we're glad to have you and I know bud tenders really appreciate what you're doing this is making their lives a lot easier and finally recognizing them for the value that they bring to this process. So thank you for doing that.

Andrew Duffy:
They're by far the most important people in the industry in my opinion they really make it right and they're the people who are gonna make sure that we see those 40 percent annual growth rates that everybody is predicting that's not going to be the same group of people who are consuming cannabis consuming 40 percent more cannabis every year as new cannabis consumers coming in getting educated by bud tenders at the front lines every single day. So the industry really relies on those people you know the rising tide lifts all boats so we can help bud tenders to be better at their jobs than everybody's going to succeed.

Dan Humiston:
Good luck with this.

Andrew Duffy:
Thanks so much Dan good luck to you as well.

Dan Humiston:
Let me take a second to think Trevett Hill for sponsoring today's show cannabis investors expect big returns from the companies that they invest in. Unfortunately not all cannabis investments succeed. Trevett Hill management team works with investors to help turnaround or in some cases purchased their underperforming portfolio companies to learn more go to Trevett Hill dot com.

Dan Humiston:
Thanks for listening to the MJBulls Podcast. To learn more about today's guests or to become a guest. Visit our Web site at MJBulls.com. Today's show is produced by Buminit media with original music composed by Jamie Humiston. I'm Dan Humiston and you've been listening to the MJBulls Podcast.

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