We’re looking forward to welcoming experts and industry leaders from across the country to our Eighth Annual State of the Cannabis Industry Conference next month, where we’ll learn from their unique strategic insights, experiences, and expertise on the cannabis industry.
As the conference draws closer, we are featuring a series of interviews with several of our panelists. These conversations will provide a glimpse into their diverse backgrounds and perspectives, and give our readers and conference attendees a preview of the compelling topics we will be showcasing at the conference.
For our latest interview, we sat down with Jacques Santucci, President of Opus Consulting.
- Please give an introduction to your role in the cannabis industry. What led you to participate in the cannabis industry?
I’m Jacques Santucci, President of Opus Consulting, a full-service business advisory firm in Portland, Maine. I’ve been deeply involved in the cannabis industry for over a decade. I founded Opus Consulting with a vision to leverage my extensive experience and best practices to drive success at the crossroads of finance, operations, and strategy within the cannabis sector. Since our company is based in Maine and it was the first state on the East Coast to have a medical cannabis market, we had a unique opportunity to be pioneers in this nascent and emerging industry. First as an operator, then assisting early investors. Now, our team works with clients around the country, throughout the life cycle of the companies, from licensing to setting up operations to restructuring.
- What are some important lessons you’ve learned as an executive and operator since joining the cannabis industry, and how have these lessons impacted your approach to management, operations, and advisory services?
Throughout my career in the cannabis industry, I’ve learned several crucial lessons, as an operator and advisor. One major insight is the overarching lack of knowledge in the industry: there is a significant need for education at every stage of operations to meet business standards and compliance. Another key learning is that effective planning is essential to navigate the complexities of the industry. These lessons have influenced my approach to management and advisory services, focusing on the importance of accurate reporting and ongoing forecasting.
- What is something that people would find surprising about operating a cannabis business?
One aspect that often surprises people is that the cannabis industry is a legitimate and serious business, not just a niche market. It is growing constantly, through new markets, new products, and new opportunities. The level of professionalism and operational complexity involved is comparable to any other established industry, if not more.
- What important changes or developments have you observed in the cannabis industry since you began participating in the industry?
When I first entered the cannabis industry, it was largely driven by activism. Over the years, I’ve witnessed a significant shift towards a more business-oriented approach. The focus has transitioned from grassroots advocacy to professional, commercially driven operations.
- What would you like to see change in the cannabis industry over the next few years?
Looking ahead, I hope to see substantial reforms in the 280E tax structure, which currently imposes heavy tax burdens on cannabis businesses. It slows down the growth of the legal cannabis industry and does not allow legitimate businesses to compete with the still-existing illicit market. Additionally, I’d like to see efforts to streamline product offerings and enhance consumer education and safety, ensuring that customers have a clearer understanding of the products they are choosing and the environment they are entering.
Register now for Blank Rome’s 8th Annual State of the Cannabis Industry Conference!
Join us in person or via live stream on October 21, 2024. RSVP here: bit.ly/3AJprRA