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Recorded October 14, 2024

Panel 3 - The Essential Building Blocks of a Profitable Cultivation Business

Ian Justus, SVP of Cultivation and Operations, Connected Cannabis Co
Jeff Lair, Director of Architecture and Engineering. DAG CEA Facilities
Logan Paull, Investment Banker, Growthink Capital
Joshua Hoffman, CEO, JH Ideas

(1) What impact may cannabis rescheduling have on the design of cultivation facilities & operations preparing for regulators like the FDA, DEA, and interstate commerce activity?

(2) From your experience, when is the best time to attract investors and acquire property in the cannabis industry? What key factors should operators consider when choosing the right property?

1. As someone involved in both investment, advisory roles, how do you evaluate whether a business & its planned facility infrastructure is set up for sustainability & long-term success?
2. Given your role in mentorship and guidance within the industry, what trends do you foresee in cultivation facility design that could further optimize operational costs while maintaining high-quality output?
3. As someone who built one of Colorado's first vertical operations in 2009, you've seen significant changes in facility design and operations over the years. With Florida’s vertically integrated seed-to-sale model, how might rescheduling affect not only the state's participation in broader regulations and markets but also the design and operations of cultivation facilities?

1. How should cannabis companies be looking at raising capital and/or launching new operations in today's climate?
o "Green Rush" of investors peaked in 2020-2021, fueled by optimism around federal legalization. Since then, companies have
experienced significant losses. Institutional money is basically on the
sidelines. Founders should be targeting MSO and local PE/RE firms for investment.
2. What other things should founders be thinking about when raising capital?
o Creative finance structures like employee stock options, sale leasebacks, convertible notes, etc. Balance of debt and equity, must not be overbearing while still keeping founders incentivized in the long-term.
o Due diligence - are you organized? Have you turned over every leaf? Can you articulate the business plan effectively? Must give investors confidence.
o Do you have a path to get vertical?
3. How can investment bankers or cannabis financial consultants add value?
o Navigating compliance. Access to capital. Deal structuring. Valuation defense. Strategic partnership introductions. Negotiating and leveraging offers. Optimizing financial strategies.

1. How do you ensure that cultivation facilities are designed with flexibility in mind, to accommodate the rapid changes in cannabis technology and production methods?
2. From your extensive experience in designing over 200 cultivation facilities, what are the most common mistakes companies make in the initial design phase, and how can they avoid them?
3. When working with clients on large-scale cultivation projects, what strategies do you recommend for integrating advanced automation technologies into facility design to improve efficiency and product quality?

1. What key agricultural principles do you apply when designing cannabis cultivation facilities, particularly in controlled environments? How does this change for Florida specifically?
2. As someone leading both R&D and cultivation, how do you balance the need for cutting-edge research facilities with the practicalities of scalable commercial cultivation?
3. What do you think are the highest impact components of a scaled cultivation program?