Under the Microscope with Jenny

Ep 56: How Cannabis Operators Are Scaling Without Selling to MSOs or Private Equity

🎙In this episode of Under the Microscope with Jenny, host Jenny Germano sits down with Darren Gleeman of MBO Ventures to discuss how cannabis founders can potentially scale and transition ownership without selling to MSOs or private equity. Darren shares his background in hedge funds and explains how ESOP-based ownership structures are being used in cannabis as operators face limited exit opportunities, scarce lending, valuation challenges, and ongoing market pressure. Jenny and Darren break down what an ESOP (Employee Stock Ownership Plan) is, how these structures work, and the potential tax and succession planning advantages they may offer certain cannabis businesses. They also discuss leadership, employee retention benefits, and how operators can potentially use these structures to preserve company culture while positioning themselves for future growth and consolidation. This episode delivers practical insight for cannabis operators exploring alternative paths to scaling, ownership transition, and long-term sustainability in today’s cannabis market.   🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com [https://www.icsconsultingservice.com] 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Darren Gleeman of MBO Ventures 🌎 𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://mboventures.com [https://mboventures.com]   ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:09 Darren Gleeman Introduction 04:43 Cannabis Capital Crunch Setup 09:57 What is an ESOP? 11:07 ESOP Benefits, Taxes and Warrants 15:13 Why Traditional Exits Fail Today 17:45 Capital Markets & Banking Risk 22:35 Valuations & Illiquid Stock Reality 25:19 Co-Ops vs ESOPs for Employees 30:42 Receivership Limits  32:14 Valuing Declining Businesses 32:40 ESOP Fair Market Value 33:41 Buying Distressed Assets 36:08 280E After Rescheduling 38:09 DEA Registration Unknowns 42:49 Open Book Management 44:21 Who ESOPs Fit Best 50:10 Scaling Through Mergers 51:54 Private Equity Reality Check 57:36 Final Takeaways   𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

Ep. 55: Launching Cannabis Operations in a Mature & Saturated Market

🎙In this episode of Under the Microscope with Jenny, host Jenny Germano breaks down what it really takes to launch a cannabis business in a mature and saturated market. Jenny explains why licenses alone are no longer the competitive advantage in established markets and why success now comes down to execution, compliance controls, operational discipline, branding, customer experience, and financial sustainability. She covers the hidden realities of launching, including underestimated build-out costs, permitting delays, pre-revenue burn, and the need for more capital than most operators expect. Jenny also walks through the key challenges facing cultivators, manufacturers, dispensaries, and cannabis hospitality lounges, from branding and staffing to compliance, customer retention, and operational strategy. Throughout the episode, she highlights the traits successful operators share like clear positioning, realistic timelines, conservative financial planning, and the ability to adapt as markets evolve. This episode delivers practical insight for anyone looking to launch, scale, or survive in today’s competitive cannabis industry.   🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com [https://www.icsconsultingservice.com]   ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:15 Why Mature Markets? 04:43 Open Market vs Capped Market 08:10 Pre-Revenue Burn Reality 13:11 Construction Permitting 19:05 Product Shelf Space Battle 21:28 Distribution & SKU Focus 23:43 Dispensary Customer Strategy 29:25 Good Service Wins Customers 30:34 Curating Unique Products 31:16 Mature Market Advantages 31:57 Supply Chain Agreements 32:57 Discounting Pitfalls 35:10 Inventory Planning Reality 36:24 Define Your Customer 38:31 Lounge Models Explained 39:59 Risk, Liability & Compliance 46:38 Revenue Funnels Matter 48:27 Successful Launch Patterns 51:22 Future Market Maturity 53:33 Final Thoughts & Wrap Up    𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

Ep. 54: Cannabis Operator Series | Fireside Chat with Forest Palmer of Kansas City Cannabis

🎙In this episode of Under the Microscope with Jenny, host Jenny Germano continues the Cannabis Operator Series with Forest Palmer, CEO of Kansas City Cannabis. Forest shares his journey from the service industry and the United States Marine Corps into cannabis, including his early work with American Shaman before joining Kansas City Cannabis during the launch of the Missouri medical market. He walks through the early licensing process, the intense application work behind it, and how his team secured four of five dispensary licenses, later winning an appeal for a Kansas City location. Jenny and Forest discuss building a dispensary-first strategy without vertical integration, navigating early supply constraints, and adapting to Missouri’s transition to adult use in 2023. They also cover compliance, vendor relationships, operational lessons learned, and how systems evolved through real-world challenges. A major focus of the conversation is culture. Forest shares how Kansas City Cannabis built a people-first operating model centered on training, internal promotions, community connection, and performance bonuses tied to customer experience. That approach has helped create strong retention, low turnover, and a workplace culture built for long-term growth. This episode offers practical insight for operators on licensing, scaling, compliance, and building a strong team in a competitive and evolving market.   🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com [https://www.icsconsultingservice.com] 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Forest Palmer, CEO of Kansas City Cannabis 🌎 𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://kccannabis.com [https://kccannabis.com]   ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:13 Forest Intro & Early Career Roots 02:29 Breaking into Missouri Cannabis 04:18 Application Grind & Strategy 06:36 Winning Licenses & Team Culture 08:29 Dispensary Strategy Without Being Vertical 10:38 People First Operating Model 16:37 Medical Market Matures 18:13 Adult Use Arrives & Supply Chain Crunch 26:19 Operational Hurdles & Lessons 29:19 Opening Timeline & Growth 31:25 Community First Strategy 35:09 Regulations Compliance Reality 37:56 Pricing Cap Licenses 40:28 Packaging Headaches 41:45 Building The Best Workplace 46:04 Advice For New Operators 50:02 Sweat Equity & Building Generational Wealth 54:58 Final Thoughts & Wrap up   𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

Ep 53: The Hidden Cost of Operating without QMS Systems in Cannabis Facilities

🎙In this episode of Under the Microscope with Jenny, host Jenny Germano, welcomes Alex Hearding, President and Founder of Red Wolf Risk, to discuss the hidden costs of operating a cannabis facility without a Quality Management System (QMS). Alex explains how a QMS creates accountability, consistency, and continuous improvement while helping operators strengthen compliance, training, and traceability. Jenny and Alex break down why cannabis businesses are especially vulnerable to recalls, contamination, financing challenges, and costly inefficiencies when systems are weak or disconnected. The conversation also covers common warning signs operators should look for, including poor document control, weak equipment maintenance programs, lack of input traceability, missing training systems, unresolved customer complaints, and no formal CAPA process to fix root causes. This episode delivers practical insight for operators looking to reduce risk, improve efficiency, and build a stronger cannabis business.   🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com [https://www.icsconsultingservice.com] 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Alex Hearding, President and Founder of Red Wolf Risk 🌎𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://redwolfrisk.com [https://redwolfrisk.com]   ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 00:53 Intro Alex Hearding 03:14 What QMS Really Means 05:54 Self Regulation Mindset 10:33 Why Cannabis Is Vulnerable 16:48 Real Costs Without QMS 31:01 QMS as Compliance Hub 32:12 Culture Built on Systems 39:03 Operational Red Flags 40:32 CAPA & Root Cause Fixes 45:30 GMP Ready Reality Check 49:44 Future Proofing with Compliance 53:01 Consumer Safety & Contamination 54:53 Final Takeaways & Wrap Up   𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

Ep. 52: How Cannabis Operators Can Approach Marketing Differently

🎙In this episode of Under the Microscope with Jenny, host Jenny Germano sits down with Will Read, Founder and CEO of CannaPlanners, to break down how cannabis operators should approach marketing in today’s saturated market. Will shares his journey building CannaPlanners from early hemp and CBD projects into a full-scale agency supporting cannabis brands with websites, SEO and retention marketing. Together, they focus on a key reality that operators are not just selling products, they are selling an experience, and that a brand and digital presence need to be built before launch. They cover what actually moves the needle, including local SEO, a responsive and mobile friendly website, managing reviews, and using email and SMS for measurable retention. The conversation also highlights common pitfalls, including the real risks operators face when cutting corners, like poor website compliance, copyright issues, fragmented marketing efforts, and over reliance on paid ads in restricted channels. This episode delivers practical, no fluff insight on building a compliant, effective marketing strategy that drives traffic and keeps customers coming back.   🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com [https://www.icsconsultingservice.com] 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁:  Will Read, Founder and CEO of CannaPlanners 🌎𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://cannaplanners.com [https://cannaplanners.com]   ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰  01:13 Will Read Intro 05:03 Why Branding Matters 09:20 Market Panic & Survival 13:38 Selling Experience, Not Weed 18:21 Terpenes & Education Shift 21:48 Packaging Meets Compliance 24:31 Website Pitfalls 29:23 ADA Compliance Reality 29:35 SEO Matters Most 36:12 Reviews Drive Rankings 39:25 Retention, Email & Text 41:23 META Shadow Bans Cannabis 46:15 Marketing Spend Mistakes 49:03 New vs Mature Markets 50:58 Final Words & Wrap Up   𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.