#045 - Triumphs and Challenges of California Cannabis Retail w/ Lauren Carpenter of Embarc

High Spirits

Prepare to unlock the secrets of California's cannabis retail market with our special guest, Lauren Carpenter, CEO and co-founder of Embarc. Through her unique journey from MedMen to SweetFlower to leading Embarc, Lauren offers unparalleled insights into the bustling hubs of Los Angeles and Oakland, as well as the challenges and opportunities of opening and operating in more restrictive areas. Plus, catch-up with AnnaRae and Ben on recent conversations around Europe, a potential new book club inspired by the book "The Five Dysfunctions of a Team," complete with Ben's new ... workout routine?
We dissect the shifting dynamics in cannabis licensing, comparing specialization and vertical integration, and share the compelling story of opening the first Embarc store in South Lake Tahoe during the pandemic. Expanding to 15 stores across California wasn't easy, and we reveal the strategic decision-making and rapid execution essential for success. Lauren's background in government affairs plays a crucial role in Embarc's approach to competitive licensing and community engagement, underscoring the importance of recognizing cannabis's historical presence in diverse communities.
Explore the industry's complexities, from navigating saturated markets and varying regional policies to building a resilient company culture and selecting the right brands. Lauren and the crew delves into the importance of customer loyalty programs, managing growth, and upskilling team members to maintain a personalized touch amidst expansion. Finally, we reflect on the ongoing investment in culture and personal growth, sharing what it takes to thrive as a first-time CEO in the evolving cannabis landscape. Join us for a masterclass in cannabis retail, packed with actionable insights and real-world experiences.

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Your hosts are Ben Larson and AnnaRae Grabstein.
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Chapters

1. California Cannabis Retail Market Insights (00:00:00)

2. Shifting Dynamics in Cannabis Licensing (00:07:14)

3. Challenges and Opportunities in Cannabis Industry (00:20:29)

4. Managing Growth and Scaling Challenges (00:29:17)

5. Building Company Culture and Brand Selection (00:40:16)

6. Fostering Culture and Personal Growth (00:44:27)