Building An Iconic Brand for Recreational Cannabis: Q&A With Iconic Wellness and Provisioning’s Richard Ehrlich
May 06, 2020
The legalization of cannabis in some states has unleashed a multibillion dollar industry in just a few years. Now, the race is on to create a recognizable and trustworthy brand in this nascent industry. Iconic Wellness & Provisioning wants to secure an early lead by expanding production and launching its first flagship cannabis dispensary in Sturgis, Michigan this year.
Iconic’s Richard Ehrlich spoke with MarketCurrents WealthNet recently to provide a glimpse of the future for recreational cannabis in America.
None of the existing cannabis brands are household names or mainstream yet. How does Iconic intend to change this? What does the Iconic brand represent?
Iconic Wellness & Provisioning will have its own grow facility that initially has 26,000 square feet of Building space with expectations to expand. Before we brand, it’s all about producing the finest quality of goods. Having our own cultivation and dispensaries gives us full control. Iconic expects to have over 25 unique branded strains of cannabis of sativa, indica and hybrid brands. Although we certainly have a marketing plan in place, informing the public and educating our clients on our products is the first step. With a name like Iconic, branding is expected to be a major force. Iconic will immediately begin marketing its unique strains and high-end branded packaging, building a name that will resonate with consumers throughout Michigan. The Iconic brand of products represents a line of high-quality cannabis and cannabis-infused edibles that will create loyalty amongst consumers as we continue to grow as well as expand our company in becoming a Multi-State Operator (MSO).
Why was Sturgis Michigan selected as the ideal location for a flagship dispensary?
When Michigan voted to allow the sale of recreational adult-use cannabis sales, the State left it to the municipalities on a local level to decide whether to opt-in and allow sales of both medical and recreational cannabis, or to opt-out. At the current time, almost 80% of the municipalities across the State have not opted-in to such sales. Sturgis is a municipality which has opted-in to the sale of both. Our facility is cannabis-compliant, will be one of the first and certainly large-scale operations in Sturgis, and is only 2 miles from the border of Indiana, a State which has not legalized the sale of cannabis. We believe we have an early mover advantage with a large radius that is currently under served. Although Sturgis is where our main Campus is, we have plans to open 15 additional dispensaries throughout Michigan.
Cannabis remains illegal on a federal level in the US. Does this create challenges for firms like Iconic in terms of banking or marketing? How do you see this changing in the near future?
As more States continue to legalize the sale and use of cannabis across the U.S., the Federal government has stayed out of State business and allowed the States to promulgate their own individual regulations. In Michigan specifically, as opposed to most States, the banking industry has embraced the cannabis business and months ago began allowing for traditional banking. Some credit cards and debit cards are now accepted at dispensaries. We are even able to receive an Insurance policy for many facets of our business.
If you could speak directly to potential investors keen on the cannabis sector, what would you tell them about the opportunities and pitfalls?
Let’s start with numbers. In 2018 U.S. Cannabis sales were approximately $9 billion. By 2023 we should see sales triple from 2018. The growth for Cannabis is certainly an underlying factor, which we know exists. Potential investors for Cannabis, just like any industry, need to focus on fundamentals when selecting an investment. Iconic Wellness & Provisioning offers potential investors a unique opportunity. We decided to value the Company close to the value of our licenses and property offering an entry point in the same stratosphere as Management. The three largest shareholders will be working on site. I can speak all day about our model and strategy that separates us from competitors, but it is more important to know the pitfalls. The major obstacle is State and Federal laws. Although a State may legalize Cannabis, it is not legal on the Federal side. Restrictions apply and laws can change. The unknown on legalization, State and Federal is a Caveat and the primary risk factor.
For more information and details on Iconic Wellness & Provisioning please contact email@example.com or call 917-685-5485.