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Getting a bank to give you a bank account is quite difficult. These are things people should know. AF: First of all, this is an agricultural commodity, and so the profit margins are going to go to zero really quick.
I mean, unless you have, like, a billion dollars and have literally the largest farm in California or Colorado. But we see two big opportunities, and the first is data. There is something called a seed-to-sale tracking system. Hua is also working on a track-and-trace system on top of that. No other crop is tracked that way, on an individualized level. That kind of data needs to be researched to understand chemically why that is. This industry, frankly, is getting held back a lot in the U. You cannot take too much of the stuff.
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It will not tell your body to stop breathing. SL: I am a lawyer, but all of my cofounders touch the plant. When we started this two years ago, [California governor] Jerry Brown had just passed the Medical Cannabis Regulation and Safety Act, which started the timing for regulating medical use.
With the paperwork that these manufacturers put together at one of our events, they are now distributed in the Bay Area.
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BB: People forget that in this country people are committing federal disobedience and breaking federal law to bring this industry into the foreground. And you know we get over-policed. The California wildfires destroyed an entire season, pre-harvest. So it is a huge loss, and I know that our state government is trying to figure out how to transition. You do see these boutique firms coming to events. But you need paperwork, accountants. Because that check goes straight to the federal government. There are always secondary markets where you can pick up further insurance, [but] the riskier it is, the more you pay.
We will not see a great insurance answer for marijuana until it is legal on a federal level. DH: The wildfires have been a pretty tragic happening. Other farmers donate clones, materials, and have them restart—under one big canopy. This story was adapted from the Fast Company Innovation Festival. Verena von Pfetten is the chief brand officer of Gossamer, a cannabis lifestyle brand co-founded with David Weiner, former chief creative officer of Digg. By Verena von Pfetten long Read. Design Co. Design This startup wants to rebrand acne care by highlighting zits, not hiding them Co.
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