Raising Cannabis Capital 0090: ThingBlu Inc

To stay in compliance and remain profitable cannabis growers must manage, understand & utilize their data.  On average, the typical facility wastes 30 to 40 hours per week consolidating and reentering data.  Kevin Gorman the CEO of ThingBlu speaks with Dan Humiston about how their cannabis growing data management platform helps eliminate the time wasted by automating data consolidation.  Kevin also discusses ThingBlu's growth plan and the overview of their capital raise.

Produced By MJBulls Media

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Dan Humiston:
Today Show and the following message are brought to you by Trevett Hill cannabis investors expect big returns from the companies that they invest in. Unfortunately not all cannabis investments succeed. Trevett Hill's management team works with investors to help turnaround or in some cases purchased their underperforming portfolio companies to learn more. Go to Trevetthill.com.

KEVIN GORMAN:
Trying to drill down on what are your grams per hour in total contact when it was your cost per gram. What is your cost per hour. What is the KPI that are interesting to our clients to help them become more competitive in the marketplace and certainly manage their operations more efficiently.

Dan Humiston:
It's the MJBulls podcast show about Raising Cannabis Capital.

Dan Humiston:
I'm Dan Humiston and on today's show how this veteran from the technology industry has created a program to help cannabis grow facilities manage all the complexities of their organization.

Dan Humiston:
Today in the Raising Cannabis Capital series we are joined by Kevin Gorman who is the CEO of thing blue. Kevin welcome to the MJBulls podcast.

KEVIN GORMAN:
Thanks Dan. Great to be here.

Dan Humiston:
If you have a license to grow cannabis your life is pretty complicated and we just staying in compliance staying on top of all the things you need to stay on top of. It's not even dimensional things that you have to manage just to stay profitable. It's really really complicated and I know Kevin you did a ton of research before you launched the thing blue. How much time or owners or were owners in key management wasting because of inadequate management tools.

KEVIN GORMAN:
Well interesting A recent survey as recent being a year ago came out that showed they were spending on an average 25 to 30 hours a week just on data. I think data cutting pasting reconciling data data entry errors and then all of this time trickles to the whole company in general is the organization. So you look at compliance and how this impacts compliance by not having a proper records available to just running your company and having a visibility that you need to see what's happening and how much is that costing you.

Dan Humiston:
I mean that information seems like it's stored in so many different places trying to consolidate it all like you said it's just such a time waster will tell us how being blue helps management be more efficient.

KEVIN GORMAN:
Well to your point Dan we're still seeing today as well I refer to as old school tools. Lots and lots of spreadsheets whiteboards post it notes and then a lot of disparate databases and they take some seem to harvest tracking systems to human resources and financial. What thing Glu has done is brought a platform of technology services to the industry to help consolidate these disparate databases as well as provide a workflow engine that helps our clients pull these costs together as the tasks are being completed. So it's a task management system. What has been a completed one is it being completed by Google. And how much did it cost. And we take these costs assimilate with other costs to start giving our clients a more accurate picture of their margins.

Dan Humiston:
Yeah like on your website I'm just reading through some of the things that you can drill down for these people. Grams per hour. I mean you can really really get it right down to the key indicators that they need to run their company.

KEVIN GORMAN:
Exactly. And so like with our processors similar statistic in terms of what's your cost per order what are your margins. So how much are you making by this stream by this order this retailer. The whole goal here is mentioned our website and looking at some of dashboards that we've presented reports we've been focusing on visibility and understanding and an easily digestible information presented in these dashboards and reports that enable our clients to make data driven decisions all geared towards operational efficiencies and cost reductions.

Dan Humiston:
Like we said in the beginning leading an appliance is one thing but also to be profitable. You need all these key indicators to make sure that your payroll is efficient and you're not wasting money on a lot of money slipping through the cracks.

KEVIN GORMAN:
And so each client we can create their own set of KPI. Now there will be some overlap obviously which Instagram's corollary what you were talking about for the last four years with clients trying to drill down on what are your grams per hour in total context when it was your cost per gram. What is your cost per hour. What does the KPI is that are interesting to our clients to help them become more competitive in the marketplace and certainly manage their operations more efficiently.

Dan Humiston:
I want to take a minute to remind all of our listeners about a new podcast produced by MJBulls Media Hemp Barons is a weekly show about the company's products and entrepreneurs who are using this amazing plant to create and improve the products we use every day. You can listen to Hemp Barons every Tuesday on Apple iTunes Stitcher Spotify wherever you get your podcast from.

Dan Humiston:
So you're up and running and I think blue is being used. But we're moving into phase two right now and that's really your next phase right. No net is penetrating the market. Tell us what your plan is for expanding growing your company.

KEVIN GORMAN:
So right now it's word of mouth. But our. our long term. vision for thing blow is literally lighting up the entire supply chain. It could start at the source. So in terms of you know where do we go from here we need capital for growth. We need more developers more salespeople more marketing but also recently we've been approached by a consortium of companies consist of multiple retailers distributor processor and multiple growers and they've asked us to take our capabilities and serve as a foundation across all of their organizations and also an online marketplace so that at the end of the day a retailer and their online presence will have a form what's called omni channel perspective omni channel is if you have an online presence and brick and mortar that's a 360 and the tsunami channel approach to the marketplace that the problem in that scenario which Target and Wal-Mart and all the others discovered when they moved in that direction was an order for that to be a factor. You've got to have clarity and visibility of inventory so you look at just not all the retailers that I've talked to are using handhelds scanners to do inventory management at the end of the week.

KEVIN GORMAN:
And then you have your online presence which are saying OK I believe we have this much left in inventory. And then as well as stock in order First In First Out Out of stock capabilities just that whole inventory visibility that is you're looking at depleting certain strains as an example of certain products being able to look backwards and say to your distributor or to your suppliers how are we doing here because I'm running low on that. The next step obviously would be predictive analytics which is one of the things that we'd be providing as well. In terms of as the inventory levels reach a certain threshold then those raised alerts as well. OK. So a company like seeing blue we provide that kind of perspective from our point of sale back and then you have the headsets and new frontier and VDI analytics I take it from the point of sale outward. So there is potential synergies for working with companies like that as well.

Dan Humiston:
Wow you've a lot on your plate a lot on your plate we do care. So tell us a little bit about you mentioned in that that you're raising capital. Tell us a little bit about your raise.

KEVIN GORMAN:
raised 240000 which has gone just completely towards development and a little bit of sales and marketing. Our next raise in this is based upon the proof of concept project that has now landed on our desk. So we're looking at raising 750000 to a million dollars which are directly allocated towards grows more sales and marketing some development. And then this omni channel project that we have on our desk.

Dan Humiston:
So 750000 to a million is where the raise is right now and everything's going to be on the MJBulls website. Well Kevin this is pretty ambitious project. I think it's complex but it seems like I can't believe somebody hasn't done this it's like it needs to be done.

KEVIN GORMAN:
It is complex and we take the complexity and we like in our process as an example. The workers there have a very simple interface to use. They love it. By the way it's actually in addition to all the efficiencies and cost reductions are experiencing kind of created another value add because they're looking at okay like I'm doing 200 grams an hour I know I can do it you can tell they're starting to said Berkshire themself as well.

Dan Humiston:
Well that's neat. Yeah. They're kind of pushing themselves based on the information that you're providing they're saying we can do better than this. That would be really helpful.

KEVIN GORMAN:
It has been. And like I said they're loving the system right now.

Dan Humiston:
Well Kevin thanks for being on the show today. Let's stay in touch maybe do a follow up a little bit down the road after you get the race finished.

KEVIN GORMAN:
It sounds great. Dan thanks so much.

Dan Humiston:
You're welcome. Good luck.

KEVIN GORMAN:
Just a quick reminder that you can become an MJbulls member for just four dollars and ninety nine cents per month and enjoy exclusive access to companies pitch decks and the MJbulls cannabis capital directory joined today at MJBulls.com.

Dan Humiston:
Thanks for listening to the MJBulls podcast. To learn more about today's guest or to become a guest. Visit our website at MJbull.com.

Dan Humiston:
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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