Raising Cannabis Capital 0124: Hemp Market Place - Joheem Loh & Zev Paiss

THE HEMP MARKETPLACE IS BUILDING AND CONNECTING THE HEMP COMMUNITY. JOHEEM LOH & ZEV PAISS TALK TO DAN HUMISTON ABOUT HOW THEY'RE EXPANDING THEIR HEMP MARKETPLACE TO CONNECT NOT JUST BUYERS AND SELLER, BUT ALL PARTIES FROM FARMERS, PROCESSORS TO END-USERS, ENABLING THE PARTIES TO CONNECT, TRADE, AND TRANSACT. THE HEMP COMMUNITY WITHIN THE INTEGRATED HEMP PLATFORM WILL PROVIDE HIGHER VISIBILITY AND TRANSPARENCY TO MAKE THE MARKETPLACE MORE EFFICIENT AND SECURE..

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Dan Humiston:
Today's show is sponsored by a former guest, the fintech group, and their solution for Cannabis online companies and dispensaries to accept cashless payments. If you want a Cannabis dispensary or a Cannabis online business, you know that banking laws make it impossible for you to accept any form of payment other than cash. The fintech group finally provides an option that was previously not available. To learn more, go to fintechMerchantaccounts./marijuana-dispensaries. Listen Raising Cannabis Capital. Episode fifty five.

Joheem Loh:
Up to today we have a combination of self funding and the revenue generated from the marketplace. But with that milestone in our roadmap, we would like to make two million using Y Combinator safe note to a 5 million round.

Dan Humiston:
From MJBulls Media, it's the Raising Cannabis Capital show. I'm Dan Humiston, and on today's show how this Hemp marketplace first mover is morphing into a virtual Hemp mall for the entire Hemp community to shop in.

Dan Humiston:
Today in Raising Cannabis Capital, we are joined by Seth Pace and show him low from Hemp Marketplace. Guys, welcome to the show.

Joheem Loh & Zev Paiss:
Thank you for having us.

Dan Humiston:
This it's exciting. I've been on your Web site and there's so much to talk about. But I think what I'd like to do is Hemp industry is on fire. And like any new industry, there's not a lot of infrastructure for doing safe and confident business. I think Hemp Marketplace is helping to correct this from reading. What I've read on the website is that you bring in buyers and sellers from around the world and you've given them a safe place to do business. It's, you know, it seems so logical. But I guess to start off with, maybe we need to explain some of the challenges that Hemp buyers and sellers face.

Zev Paiss:
As most of your listeners know, Hemp was not able to be grown legally until 2014. So this is an extremely new industry and we're going into its sixth year depending on where you are. So at the very beginning, nobody knew anything and certainly didn't know anyone. So there was no way for people to horse growing Hemp to know who would possibly buy it. And that's what caused us to start this and say, hey, let's provide a place for farmers to be able to put the word out about what they're growing and then let buyers contact them directly. Totally novel idea. It really took off. And now we're two years later and it's way beyond just farmers.

Dan Humiston:
Yeah, I can see. What you're saying is no one knew anyone like you live in Kentucky. And that was one of the early states. And you have a crop and there's a customer that lives in Colorado, but they don't know each other and they don't know how to get in touch with each other. And that's what the Hemp marketplace does. It seems so obvious now.

Joheem Loh:
But it really wasn't obvious at the time, was it, that I kind of draw that analogy like it's the Wild West people or fragmented across not just the US, but the world. The industry was disorganized because it was not regulated for many, many years. So I think the industry needs a best practice, so established process. And I think that the gist of it is that's what we're bringing. We're bringing order to the marketplace.

Dan Humiston:
I like the way you say that. I think you're right. I think you bring order and it makes it more understandable. Well, there are so many things that we could talk about with your business and important aspects that we really should do a deep dive. But because the show is so sure. I guess maybe give our listeners a brief overview of how the Hemp marketplace works and why buyers and sellers feel so confident doing business on the platform.

Joheem Loh:
So the reader at the Hemp marketplace brings order to the Hemp industry. And how we do that is we create an integrated platform. And that platform is not just connecting buyers and sellers, but we created a community that basically allows buy or sell those from farmers, processors to consumers who have one place to exchange to share information and to do that. So our platform starts with a community at its core, but we build extensible architecture to allow services to be added on top. The services that we want to continue to develop is not just to market and to this, but also eventually to transact, to advertise, to find each other, eventually a mall so that you can do all of what you need to do in one platform and be able to find each other in one platform.

Dan Humiston:
You know, I read that the mall PA and I was going to ask you, I have that in my notes to ask you about that, but it makes perfect sense. You go to the mall, you buy a pair of shoes, get an ice cream cone, everything in one place. And that's what this is like.

Joheem Loh:
And when you go to the mall, you need to not just find a product, but you also need to find information and knowledge about the products and the people. When you create your profile, you build your profile. That's when people start to know who you are. And it also keeps the processes safe, like, OK, this is a trust, that person. This is not a trusted person. So in a way, we have the community regulate each other.

Dan Humiston:
Yeah, it's like the community polices itself, which is we do so.

Zev Paiss:
And I certainly I spend a fair amount of time every time there is a listing of going through and vetting them and making sure that they've really gotten everything completely done, that they've got links that are accurate, that are real. I sometimes even go to their Web site and test it out and see how it works. I'll call them. We really try to do our best to see that everyone is totally transparent and that what they're offering does exist and is the way that they say it is. So that's why we have that reviewed. Mark, when someone puts a listing in, it goes into a pending category where they can still be seen, it's still active, but it does give everyone a chance to know that we're still checking them out. And then once we've reviewed them and we think it's good. Then we market reviewed and that goes on to the main part of the site. So we really are building on a level of safety that doesn't exist anywhere else.

Joheem Loh:
We are building the best practices. What is the vetting process? What needs to happen? And we have been learning with the market and putting those safety matches as well. And it will become the vetting process hopefully for the industry and creating a more regulated industry going forward.

Dan Humiston:
I want to take a quick break to think all of our Raising Cannabis Capital listeners and to remind you that you can support the show by subscribing to MJBulls premium. It's only four dollars and ninety nine cents per month, and you gain access to all previous Raising Cannabis Capital episodes as well as all other MJ bills produced podcast and exclusive content, including companies, investor pitch decks, good MJ Bulls, Dot.com and enter promo code raising to get your first month free.

It's difficult to comprehend the size of the global Hemp market right now, today, let alone 18 months from now. But one thing is for certain it's growing like crazy. Which means that you guys have to grow like crazy just to keep up. Give us an idea what the next, say, 12 to 18 months look like.

Joheem Loh:
We've launched early 2000 a king and it went on fire. We have quickly became the largest, most active marketplace in the world today. We have a chip about 2 million page views and one hundred and forty thousand users and with about thousand email. But what we're we have a very robust roadmap and what we want to do is continue to build a strategic B2B business process and services, including better bedding and better regulation, but eventually also moving into a serving the consumers. So we create that these forums and knowledge base to educate the consumers and also other parties that are interested to play within the marketplace. And so the road map will include, you know, allowing people to be just kind of like a trade show, but like an export to a 24/7 expo so that people, vendors, buyers, processors who are interested have one place to tout their wares 24/7 while allowing people to advertise and market is one thing. We need to create a better matching algorithm just like Match.com. Have a good matching algorithm for buyers and sellers. So, you know, people feigning death. We want to connect interested parties together. So we're going to create a better algorithm and we're going to hone this algorithm to match people that are interested parties. I see. Then once we have this process as laid out for business to business, it is right for us to help business go to consumers. So that's where we will be. The roadmap for the mall platform will be rolled into. But with all of this, see it right. If you notice what we are doing is we're doing it across the board from a lot of produce and services. We are and we will have a first Hemp analytics platform that cuts across all aspects of the market, from users to products to services, pricing, communication.

Dan Humiston:
It seems like everything's in place right now, but it's gonna be tricky to do all of that kind of cash flow. So I know you're raising capital of senior pitch deck. Can you give us just give us an overview of investment opportunities that you're offering.

Joheem Loh:
So while currently up to today we have a combination of self funding and the revenue generated from the marketplace. But with the milestones in our roadmap, we would like to make two million using the Y Combinator safe note to a five million round.

Dan Humiston:
Ok, well, we'll also have all of their contact information on the MJBulls Web site, including their pitch deck. Well, guys, I wish we could talk longer. There's so much more to talk about, but I think our listeners got a pretty good overview of what you're doing and it's just really exciting. I appreciate you being on the show.

Joheem Loh:
I want to also stress the point that we became successful and able to establish a strong foothold in the market, not just because we were the first mover. Yes, we leverage being the first mover, but we also bring in a unique, deep, experienced team.

Joheem Loh:
So Zav paiss has been in the industry. He was the founder of National Hemp Association. He has deep knowledge in the Hemp market for many, many years. And myself and our CTO, Randall. We come from a very strong technology background. Our experience from Stanford, PlayStation and Google. So it's a unique combination and also actually.

Dan Humiston:
Yeah. Guys, good luck. Thank you. Good luck with this. Is great having you on the show. Look forward to hearing how this thing plays out. Hopefully I can have you back on again. Yeah. Look forward to coming back and let me know.

Dan Humiston:
Thanks for listening to Raising Cannabis Capital 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 MJBulls Media with original music produced in part by Jamie Humiston. I'm Dan Humiston and you've been listening to the Raising Cannabis Capital podcast.

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