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Cannabis Entrepreneurship: A Conversation with Faye Coleman

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We recently sat down with Faye Coleman, a prominent cannabis entrepreneur, founder, and CEO, to discuss the future of cannabis policy and how it will affect companies in the near and distant future. Read the transcript below or watch the video. Qredible: Welcome to the Qredible Live Broadcast! I’m speaking with Faye Coleman, founder and CEO of Pure Genesis, a leading provider of cannabis products, services, and education. Faye, can you start by telling us about your background and the founding of Pure Genesis? Faye: I have over 25 years of experience leading multi-site operations, primarily in food and retail, with companies like Campbell’s Soup and Target. I entered cannabis in 2018 after seeing its benefits helping my mother through cancer treatment. Along with my business partner Priscilla, we founded Pure Genesis in 2019 as a minority women-owned business. Our mission is focused on education, access, and advocacy as we work to open our first dispensary and consumption lounge in New Jersey this fall.

The Industry Needs Funding to Grow

Qredible: As a black woman cannabis entrepreneur, what unique challenges have you faced starting a cannabis business? Faye: The industry is still overcoming its transition from the legacy to legal market, so the stigma and failed war on drugs have disproportionately affected opportunities for minorities. While programs exist to assist social equity applicants, significant work and funding are still needed to provide the tools for long-term success. Collaboration models engaging large MSOs and legacy operators can help bridge knowledge gaps. There is progress, but we need grants, loans, and other backing to set businesses up for growth. Qredible: Access to capital is so crucial yet difficult in this industry. How have you approached financing your startup? Faye: Preparation is key before seeking capital. Investors want to see you have the right team, realistic plans, benchmarks against leaders, and credible support systems. Understand expectations and tailor your raise to the project stage. Surround yourself with experts to credibly answer questions. Network to find solutions and advisors who will guide your cannabis journey. Do the homework so you can demonstrate readiness for the capital and growth ahead. Qredible: Your retail executive experience differentiates you. How does your corporate background assist in cannabis? Faye: My team’s retail expertise lets us excel in cannabis operations. We know how to successfully run multi-site organizations and dispensaries while ensuring quality, customer service, and integrity. Investors appreciate executives entering cannabis versus an inexperienced “stoner” stereotype. Our community focus also builds on my corporate social responsibility experience. Blending corporate skills with cannabis passion shapes our model.

How AI Can Shape the Cannabis Industry

Qredible: You’re a true advocate for social equity, education, and community. What’s your vision for the industry’s continued evolution? Faye: Artificial intelligence will revolutionize processes like decision-making and productivity across cannabis sectors. As leaders adopt AI, it stands to significantly benefit bottom lines. This technology overlay will propel the industry’s trajectory. I’m also committed to building teams that can execute on our mission. At Pure Genesis, we’ve curated experts in operations, medicine, research, and government relations to drive impact. Qredible: Faye, thank you for sharing your wisdom and experience! How can our audience connect with you? Faye: I appreciate you having me. Please reach out on our website, LinkedIn, or Instagram to learn more and follow our upcoming New Jersey dispensary launch!
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