NFTS, Crypto & the Cannabis Industry
Hey guys, so I've had some ideas brewing in the noggin for awhile and I figured 💡 was the perfect place to share them. I am constantly thinking of how I can create tangible value out of my hobbies & passions. Working in the cannabis industry for a large portion of my life & spending my free time as an artist/musician has given me many ideas. One of my long-term goals in this life is to become a registered cultivator within my state, so that I can fully spend my time, doing things I love doing. And if I do become a cultivator the right & proper way, I can sell to large dispensaries in my area, which led me to start thinking, how can I create a loyal customer base of high profile clients seeking my products?
By changing the game.
Offering Wholesale Discounts for Crypto Purchases: Imagine being a retailer in the cannabis industry for a moment, it's a steep market, and finding good pricing is difficult during times of supply/demand stress. Missouri is currently unable to keep up with demand for product due to being the only legal state surrounded by states with no cannabis legislation. The surge in out of state cannabis sales since becoming recreational was nuts, and quite frankly, the market is against anyone buying right now. Imagine that the only seller you can find at the time you run dry is another competing retailer charging you $40 per eighth at a wholesale value. The retailer in this scenario now has to sell this product for $50 -$60 per eighth to see a good net profit after taxes. The issue here is that consumers can go directly to your competing retailer & buy the same product cheaper, meanwhile your struggling to make a profit off of upselling your competitors product. Now me (the independent seller) can approach this retailer & offer him a superior product for 20% less if he is willing to pay me in Bitcoin. Assuming $BTC serves well as a store of value, I can eventually expect major profits from these transactions I normally wouldn't ever see, and the retailer is making a killing because he can lower his price to match his competitors while pulling in more profit. I want to bring crypto adoption to Missouri through the cannabis industry & I see it totally being possible with time & support if I can pitch these goals to the right people.
NFTs & the Cannabis Industry: If I were to pay the $25k necessary to legally operate as a cultivator, then I would like to create benefits for those who enjoy my products. As an independent farmer, I would be seeking high profile customers that operate as retailers in the industry. Now imagine that as a retailer who had grown accustomed to buying with cryptocurrency for wholesale discounts, the prices of crypto rise and you no longer see as much of a potential upside to purchasing with your crypto of choice, how does this cultivator keep your business? By offering you the same deal but with additional perks for purchasing an NFT. These perks could be a number of benefits, from providing samples & innovating on how to bring in new customers & create loyalty, hosting events, providing employees with sick new merch & pizza parties, the possibilities here are endless, and they would be so much fun.
In short, these are just thoughts, but I intend to expand upon these goals and actually build one of the most unique projects in the space someday. Someday, you may just buy an eighth with my logo & a stoned zombie gazing back at you. I'm going to call it a night, but I intend to keep writing about this particular topic and create a roadmap as time goes on, much like with my other projects. Have a good night 💡 fam ✌️