What WILL go wrong in emerging cannabis markets – Part 2
A couple of days ago I wrote about how companies can pick which cannabis market to enter. Once you take the leap, the fun starts. Here are some learnings based on my African and South American client work.
1. Despite your extensive planning, something unexpected will inevitably kibosh things. You can overcome these hiccups by having a flexible mindset, working with strong teams and developing agile operations;
2. Everything takes longer than expected, just like here. Nuff said.
3. Regulations can change without notice. Legalization does not equal concrete rules. Politicians can be fickle and dilly-dally for no apparent reason. There is no substitute for building familiarity and trust with the key players and always reading the ‘tea leaves’
4. Beware the imposters. Vet your local partners to make sure they have the expertise, money and connections they claim to have.
5. Show me the money. There is a good chance someone will approach you looking for a special tax ie bribe. Don’t pay. If you do, they’ll keep coming back.
6. Communication breakdown. Grin fucking, for example, is rife in places (including Canada). A person’s need to save face, avoid embarrassment or obfuscate their true feelings, can jeopardize your negotiations and trouble shooting.
#Thailand #Africa #SouthAmerica #strategy #emergingmarkets #legalization #globalcannabis #regulations