John Jacobs' expertise is deeply rooted in sales and data analytics with an extensive tenure in product forecasting and bulk purchasing with former retail giant, Sports Authority. Combined with an agricultural upbringing and his passion for the cannabis industry, Mr. Jacobs developed a unique perspective on the ins-and-outs of operating a licensed cannabis business. Realizing his background in agriculture, bulk data, and supply-chain analytics were a perfect fit for the emerging industry, Mr. Jacobs conveys that businesses relying on big data will set themselves apart and weather the forthcoming consolidation and expansion the cannabis industry is set to experience.
Since joining BioTrackTHC, Mr. Jacobs has helped hundreds of licensed cannabis businesses implement data-centric software solutions across dozens of jurisdictions within the U.S. and internationally. He has been featured as a subject matter expert giving solo presentations and participating in panel discussions with the NCIA, and has published articles on harnessing data to optimize your cannabis business. Mr. Jacobs received his Bachelor's degree in Business Management with an emphasis in supply-chain management from Colorado State University.
When it comes to operating a legal cannabis business, there’s no shortage of unusual rules, changes, and nuances that are unlike any other industry in the world. A perfect example of those nuances is the upcoming transition that Michigan will make from a medical-only industry to both medical and recreational, or adult-use. As Michigan businesses prep for the transition, there will be some changes you don’t really notice, and others that directly impact how you operate. Your technology and software solutions can help mitigate a lot of that impact and also help you implement processes to make those changes a one-time change. Changes to your day-to-day are only the start as recreational sets the stage for market maturation and growth.
Some of the key examples we’ll discuss are the specific changes to the rules and regs, such as consumer/patient limits, reporting differences, tax changes, and labeling requirements, and how your software solution can help facilitate these changes. While most changes are unique to the rec side, if your business plans on operating both medical and rec, you have two sets of rules to adhere to. Dual businesses will be required to have separate inventories (differing price points, lesser availability), different check-in processes, and sometimes physical separation of the sales areas or inventories.
The operational changes are only the beginning. Prepping for the market growth and maturation that comes with recreational will be what makes or breaks your business in the longer term.
"If you look at the numbers coming out of places like Colorado and California, the transition from medical to recreational, you tend to see a 10 to 15 percent increase in demand when you make it accessible to anybody 21 and older."
Market maturation means increased demand, initial shortages of product, greater need for education to new consumers, optimizing your product offerings, and over the next few years, the inevitable expansion and rapid consolidation that we see in markets like Colorado and Oregon.