Demystifying cannabis dispensaries for Arizonians.
Anticipating Adult-Use coming to Arizona, Copperstate Farms debuted Sol Flower their multi-dimensional dispensary concept in Phoenix. Pankaj Talwar talks to Dan Humiston on the BioTrack Cannabis Dispensary Spotlight Series about how including a cafe and community room creates a non-intimidating way for people to experience a dispensary.
Produced By MJBulls Cannabis Podcasts
Dan Humiston: [00:00:00] The Cannabis Dispensary Spotlight series is brought to you by Helix Biotech, the largest seed to sale tracking and dispensary point of sale software solution in the industry since 2010. Cannabis dispensaries, cultivation facilities and manufacturers have trusted biotech to securely and confidently keep them in compliance while managing their businesses with flexible solutions for both THC and Hemp Industries, customizable workflows built in machine learning and data analytics that deliver actual insights to the right people at the right time. It's clear why cannabis companies in 37 states and nine countries depend on biotech for comprehensive Cannabis software and business solutions that cover the requirements of compliant seed to sale tracking and data reporting in every state. There's really only one choice biotech good a biotech dot com today for secure Cannabis software solutions that you can count on first to have an extremely successful and we exceeded our eyes and our business plan.
Pankaj Talwar: [00:01:12] So we are very much in the process of trying to find other opportunities either to partner with current dispensaries and create almost a joint venture where they join us or simply inquire and buy out any individual on those that are looking to perhaps exit after they've had their run.There's a few paper licenses that have not been put into action that we're open to. Also seeking the right opportunities.
Dan Humiston: [00:01:37] From MJ Bulls Media.It's the Raising Cannabis Capital show.
Dan Humiston: [00:01:45] I'm Dan Humiston.And on today's show, we're continuing the Cannabis Dispensary Spotlight series with another Cannabis retail pioneer. Stay tuned for exciting insight into the techniques that this entrepreneur is using to expand and succeed.
Dan Humiston: [00:02:10] Today in Raising Cannabis Capital, we are continuing this month's Firetrap Cannabis Dispensary Spotlight series with Pankaj Toha, president and CEO of Copper State Farms, Pankaj. Welcome to the show.
Pankaj Talwar: [00:02:23] Thank you very much, Dan. Well,.
Dan Humiston: [00:02:24] I appreciate you taking time out to speak with us today. Copper State Farm's management is an Arizona based, vertically integrated Cannabis company.You started off as a gigantic greenhouse grow with copper state. I mean, we could talk about so many things, but today we're gonna focus on your recent entrance into the dispensary sector with sole flower, which from your Web site is described as a multi-dimensional retail concept. And I think that's probably the best place to start. Tell us what you mean by multi-dimensional.
Pankaj Talwar: [00:02:59] Certainly it harkens back to copper state farms in terms of our values and mission. Our tagline internally is we are a better kind of Cannabis company. And as you mentioned, we are blessed with one of the largest greenhouses in North America. With over 1.7 million square feet of canopy and 40 acres under glass, I thought I read that.
Dan Humiston: [00:03:22] That is enormous.
Pankaj Talwar: [00:03:24] It is. It is. And in Arizona, the licenses are vertically integrated. So each license we have allows us to not only do the cultivation and the processing, but also have a dispensary. In August of 2019, we opened up to dispensaries in Arizona in Phenix under the brand name so far. And as we thought about being a better kind of cannabis company and we thought about the name we created Soul Flower, we really wanted to bring the healing power of cannabis. And how can help people to live their lives with soul? When we say multi-dimensional, we are actually created a multi-use facility that incorporates not just the dispensary which is behind large glass walls. It is including a cafe that allows for people who don't have a patient card today to be able to enjoy great coffee, organic and natural sandwiches, pastries and soups, as well as a multi-use community room that allows for classes to take place when we go rec. We think a lot of the Cannabis curious and those nuti Cannabis want a safe area that they can interact with some a community perspective and learn about Cannabis at their own speed.
Dan Humiston: [00:04:39] Yeah, and I think by them right now enjoying the cafe and taking advantage of the classroom and in the classes while observing how a dispensary works. You're introducing it in a very non-threatening way so people can see what goes on. Be on the other side of the glass and say, you know, it's not scary. It's pretty normal. I like where you're going with this.
Pankaj Talwar: [00:05:03] That's exactly right. In one observation we had as we were preparing for the launch of dispensaries is the typical experience in many is the lobby. A waiting area can be an off putting place. Sometimes it's a bullet proof glass. If to put your I.D. and your patient card through and then you wait till a button, you're a patient advocate and come greet you and then take you through a door. You do not have any visibility dispensary till you get through the door. And that experience for somebody who is new to cannabis can be quite off putting.
Dan Humiston: [00:05:36] Yeah, I feel that way. And I think, you know what? I think it it stops them from even getting to that point. It's baby steps. What you're providing is baby steps. Look, hey, look over here. It's OK. It's OK. This is OK.
Pankaj Talwar: [00:05:48] And as day, maybe enjoy a cup of coffee or they're using the space for Internet and their email or their maybe so decide to take one the classes. They'll see that the people who are entering because everything is class and it's very open format. The lobby is quite large and there's lots of room for non patients that they're seeing people like themselves who are entering.
Dan Humiston: [00:06:12] Oh, that's a good interacting. That's a great point, though.
Pankaj Talwar: [00:06:16] Yeah. And we have senior citizens all the way to the young. We have mothers, fathers and in between. And I think as they observe that they'll feel less worried about maybe asking questions, learning and and then taking the step to get a patient card and then join the community or wait till eventually the state decides it's ready to go recreational, then they can truly come in. But they'll have already had some exposure to it.
Dan Humiston: [00:06:45] And they're already comfortable with your facility. That's right. Yeah, that's exactly right. Yeah.
Pankaj Talwar: [00:06:50] It is a long term investment. Our vision is is where the location and the space allows. We do want to create these flagships in multiple touchpoints around Arizona and particularly the Phenix metropolitan area.
Dan Humiston: [00:07:06] I think a short break to let you listen to a quick preview of our next episode.
Michael Mills: [00:07:12] We're always looking for acquisition opportunities and show growth is a very well-recognized house on the market. They had a number of dispensaries, L.A. and Las Vegas. The franchise was sort of splitting up and we had the opportunity of buying 100 percent of a long, huge dispensary. 60 percent of the San Diego license.
Dan Humiston: [00:07:32] Tune in on Sunday to hear the next episode of the Biotech Cannabis Dispensary Spotlight series with Michael Mills from Body and Mind. And now let's get back to today's show.
Dan Humiston: [00:07:45] Back to the point that you made at the beginning is that as a company, you have a mission. It doesn't necessarily mean that every soul flower has to be exactly the same. But as long as that mission is translated in some way, I think you're on the right track with this as I articulate living life to the fullest, living with soul.
Pankaj Talwar: [00:08:05] It actually starts with our employees and our patient advocates. I want them all to come to work fully rested and pain free and free of anxiety. We just want to make sure that Cannabis can be that gateway for everybody, not just those who happen to be already in the know. And the Cannabis kind of soar, but it starts with the employee.
Dan Humiston: [00:08:23] Well, I think if I know that. Go ahead. No, I was going to say it back to your employees. It's got to be a real benefit for them to have access to the cafe and be to the classes. And this is ongoing learning. We're all learning like I could see how this is just gonna build on itself.
Dan Humiston: [00:08:40] I really could see this thing just morphing into much, much, much more than than a dispensary.
Pankaj Talwar: [00:08:45] Fully agree. And that is absolutely our macro vision. We believe that this will be very synergistic over time, that there may be people who come to the center for their coffee and their pastry. And then over time we'll move the dispensary to meet people who come to the dispensary and then decide that, you know what, I won't actually have lunch here. Well, there may be people who attend the class and after class decide to get a bite, to eat in a coffee or after class go into the dispensary. And we view that all being part of providing that multi-use community across multiple dimensions so that over time this will be able to feed on each other.
Dan Humiston: [00:09:24] Yeah, I love it. I love it. Speaking of growing it, what are your plans for expanding this concept?
Pankaj Talwar: [00:09:30] Yeah. We're very much in the mode of seeking other licenses and other locations that make sense. Our first two have been extremely successful and we've exceeded our Capesize and our business plan. So we are very much in the process of trying to find other opportunities either to partner with current dispensaries and create almost a joint venture where they join us or simply acquire and buy out any individual owners that are looking to perhaps exit after they've had their run. There's a few paper licenses that have not been put into action that we're open to.
Pankaj Talwar: [00:10:04] Also seeking the right opportunities.
Dan Humiston: [00:10:06] In the acquisitions, maybe an opportunity. So if there's a listener out there that, you know, maybe said this is this might be a good opportunity for you, last but not least. Are you raising capital or is there any possibility in the horizon that you may be raising capital?
Pankaj Talwar: [00:10:20] We just closed a private placement round. The current greenhouse was formerly a large tomato cucumber facility and not all of it has been converted to Cannabis. So we're taking now 10 acres and doing a big raise, which we're in the process of finalizing and started construction to retrofit that into Cannabis. But we certainly will be embarking upon future rounds of capital raises as we look to expand.
Dan Humiston: [00:10:48] I'll put all of your information in show notes and we'll have it on the MJ BullsWeb site. Somebody wants to reach out to you about talking you about maybe an acquisition or a partnership or future down the road investment. They'll be able to get all that information right from our show notes. I wish we had more time. I think you're really onto something here, and I'm anxious. You know, maybe circle back in six or eight months and see where you are with this.
Pankaj Talwar: [00:11:13] Thank you so much, Dan. And I'd also looked at a standing invitation that you find yourself. You may be coming to the southwest and able to stop in Phenix. Would love to give you a tour of the facilities as well as our greenhouse at any point in time. Yeah. And if you want to incorporate that into a another segment and a different series, we'd love to have that.
Dan Humiston: [00:11:31] Yeah. I appreciate that. Because you're right. It would be a lot of fun to do an onsite broadcast because we didn't really dig in to the rest of the company. We really haven't explored that and that's could be it. And we can do a whole separate episode on that. I hold you to that one. That'll be definitely something that we should we'll do, you know, within the next six months or so.
Dan Humiston: [00:11:51] But thank you for being on the show today. I appreciate this.
Pankaj Talwar: [00:11:54] You're very welcome. Thank you.
Dan Humiston: [00:11:57] Today's show was made possible by the generous support of our sponsors, like all 36. The country's premiere blockchain payment processing platform that's providing dispensaries and its customers with a safe and secure payment option other than cash. To learn more. Go to all 36 dot com. Today's podcast was produced by MJ Bulls Media, the industry's premier Cannabis podcast network with original music produced in part by Jamie Humiston.
[00:12:24] I'm Dan Humiston and you've been listening to the Raising Cannabis Capital podcast.
THIS IS AN AUTOMATED TRANSCRIPT AND THERE MAY BE INACCURATE AND OR INCORRECT COMPUTER TRANSLATIONS. DO NOT RELY ON THIS OR ANY TRANSCRIPT ON THE MJBULLS MEDIA WEBSITE.