What is the cannabis industry like? Find out how MjCharts.com founders successfully managed. The green rush is here!
I had a moment to sit down with MjCharts.com founder Joseph Slotinand partner Matthew Hudson. I ended up learning quite a bit about what it means to be a part of the green rush, I had no idea what it meant to be an entrepreneur in the cannabis industry until now.MjCharts.com, Slotin’s website, is the cannabis industry’s first ever consumer price index, making it a prize tool for investor’s everywhere.
calvin./CHANCE: Thanks for sitting down with us today MjCharts! For those in our audience that may not be familiar with your company, could you briefly introduce yourself and what you do to our audience?
Joseph Slotin:MjCharts.com My name is Joseph Slotin. I am the CEO and co-founder of Price Index Associates, the holding company for MjCharts.com.
Matthew Hudson: I am Matthew Hudson, CTO. I am the other co-founder of Price Index Associates.
cc: Could you tell us a little bit about what your website MjCharts does specifically? How was it initially founded?
JS: Price Index Associates is a holding company for MjCharts.com and a few other smaller companies. MjCharts is our brain-child! It is the only historical consumer index of legal cannabis sales. We also market-share analysis, and serves as a finder site for Cannabis, as well. The site will continue to expand to include more and more cannabis consumer and investment services.
MH: The reason we created MjCharts.com was simply because we had a lot of questions about the cannabis industry we couldn’t answer. We couldn’t find aggregates on the retail cannabis or hemp markets. All we could find was the aggregates on the black markets. So, we decided to do it ourselves.
cc: So what initially drove you into the cannabis industry? You guys definitely aren’t some average stoners. I was expecting a younger group given your Twitter account, honestly. Did you face any adversities in regards to operating in an emerging industry?
JS: The cannabis industry is arguably one of the largest industries in the world, at least potentially. We look at the cannabis plant as a commodity, just like anything else. Most, if not all, great commodities of today have someone organizing the information; indexing the commodities, and subsequently creating a way to follow it historically. We saw a niche in an industry we already supported. We saw an opening where we could service an industry that we understand, and we saw a way we could potentially make money. As any good entrepreneur would, we pursued our idea.
MH: As far as the grey areas, the businesses we observe are required to be following state’s laws. We are only interested in servicing the professional industry and subsequently base our information on the most reliable sources possible. We try very hard to look at this from the perspective of the retailers that are following the rules, if that makes sense. If you follow the rules, what’s the market going to look like? There has been this open question about what the market is going to look like while abiding to all these rules and we striving to help find that answer. We want to to remove the uncertainty and negative social stigmatism associated with both the cannabis and hemp industries as professionally as possible.
[CONTINUE READING BY CLICKING THE LINK ABOVE]