A candid conversation with a local cannabis consultant about what's going on in New York.
The race for New York has begun. All types of entrepreneurs looking to enter the state's cannabis marketplace are busy preparing for the soon-to-be-released application process. Hemp farmers are poised to switch to marijuana crops, legacy entrepreneurs are operating in the open, regulators are shaping the laws, and no one is excited about opening the borders.
I spoke to Kalean Castetter, a long-time upstate resident, son of a legacy grower, owner of a hemp-infused wine company, and now cannabis consultant, to get his insights into how things are shaping up in New York.
Please share your background.
I've always had a passion for policy and helping entrepreneurs understand the regulatory frameworks of legislation. Towards the end of last year, I decided to completely step away from the hemp wine business and focus on my consulting practice, The Castetter Cannabis Group. We're a boutique firm. We do government relations lobbying advocacy. We help entrepreneurs understand the legislation, forecast regulations, and develop a business plan around it.
Who are the entrepreneurs you work with who are looking to enter the New York marketplace?
I've developed a reputation for working with small players like social equity applicants, people of color, and legacy operators—New Yorkers who are hungry for an opportunity and have unique and innovative ideas. I have clients in Niagara Falls, and I have clients in Harlem. We hold a summit in December, where our clients come together to meet and share their expertise and experience. Because of prohibition at the federal level, we're going to develop supply chains and relationships from upstate and downstate where people have not been connected for a long time. I think that's going to be a huge cultural change in bringing communities together.
But many private equity-backed entrepreneurs, MSOs, and ROs are all looking at this opportunity from a dollars and cents perspective. And a lot of the money they make will leave the state, and we won't create wealth in this community. So, I think they should move to the back of the line.