Social media has opened doors for us to connect with people from all over the country and be inspired by their journeys. I’m sure you’ve all come across someone on your feed and thought, “I like that person, or this person inspires me, and I just want to get to know them.”
And that’s exactly how I felt when I first discovered Hope Wiseman. Not only do we share a passion for the cannabis industry, but I’m pretty sure if she lived closer, we’d be friends. In fact, we had the honor of serving as judges together at the National Cannabis Festival.
Hope Wiseman is a true pioneer in the cannabis industry, as she became the youngest Black woman to own a dispensary in the United States at the age of 25. Her dispensary, Mary and Main, is located in Maryland and has since become a model for social equity in the industry. Her passion for advocating for marginalized communities and her dedication to educating the public about the benefits of cannabis makes her a true inspiration. I’m super excited to hear all about her journey and learn about the ups and downs of running a successful cannabis business.
Hope’s Journey in Cannabis Industry
Hope Wiseman’s journey in the cannabis industry began in 2014 after graduating from Spelman College with an economics degree and landing a full-time job at an investment bank in Atlanta. Although entrepreneurship had always interested her, she had not initially considered cannabis. However, as the industry started to take shape on the East Coast, especially in Maryland, where she was born and raised, she saw an opportunity.
Together with her mother, Hope formed a company and applied for a dispensary license in Maryland, eventually winning one in December 2015. However, it took them two years to finally open their doors in September 2018. During that time, Hope gained recognition as the youngest Black woman in the cannabis industry, which gave her a platform to speak about her experiences as a minority, a woman, and a Black woman in the space.
Since then, Hope’s parent company, Wise Co, has expanded beyond its retail location, Mary and Main, in Maryland. They acquired a dispensary in Puerto Rico and obtained a conditional license for a manufacturing center in New Jersey. They are looking forward to bringing their products to market and building a supply chain network across the East Coast. As Maryland moves towards adult use in July, Hope and her team are preparing for the next stage of their business and looking forward to partnering with other retail locations
The Cannabis Market Opportunity in Puerto Rico
Operating a cannabis business in Puerto Rico may present some environmental challenges, but it also has the potential to provide long-term growth and expansion opportunities. Hope saw the potential and seized an opportunity when a local group wanted to exit the business. By partnering with locals, she took over the dispensary and began exploring opportunities for vertical integration and import/export.
Thinking long-term and aiming to position themselves as a global cannabis company, Hope and her team understand that operating in places like Puerto Rico could become a major advantage as the industry moves towards federal legalization and international trade.
The legal landscape in Puerto Rico
The Puerto Rico government currently limits the cannabis market to residents and operates it under a medical program. At this stage, authorities do not cap cultivation and manufacturing, although the number of dispensaries is limited. However, due to financial hurdles and barriers to entry, there aren’t as many opportunities in Puerto Rico compared to other places.
The US Virgin Islands have recently announced plans for an adult-use program, and other companies are building software and focusing on the Caribbean market. By planting seeds for the future and exploring potential partnerships, companies like Wise Co are positioning themselves for long-term growth and success.
As the cannabis industry continues to evolve, expanding into new markets may prove to be a smart move for those willing to take risks. With a strategic vision and a willingness to adapt and evolve, the potential for success in the cannabis industry is limitless.
In non-US dispensaries, do they have a wide range of products or are there gaps in the market?
According to Hope, there are definitely gaps in the market in non-US dispensaries. While they may not have the same range of products, branding, and packaging as those in the US, there’s plenty of room for innovation. For instance, in Hope’s dispensary, they use deli-style packaging for their flower. US-based brands aren’t prevalent, and this is likely due to a desire for more local participation. However, as adult use and tourism become more common, there’s an opportunity to build brands and fill those gaps in the market.
What is Hope’s aspiration?
Hope plans to invest in other founders who look like her and leave a positive impact on the world. In the next decade, she hopes to step back from day-to-day operations and stay on the board of her company, while investing in other founders in the cannabis industry, tech, and real estate.
As she continues to grow in success, she feels a sense of responsibility to give back and be a resource and mentor for black women in general. Hope is setting an example for future generations and paving the way for a more diverse and inclusive industry.
What excites Hope the most as a judge in The National Cannabis Festival?
As someone who primarily uses dispensary cannabis, Hope was eager to reconnect with the grassroots community and see what people were working with. She believed that all of the cannabis was grown with love and so much intention, making it even more exciting to judge.
But it wasn’t just about the cannabis. As someone who was born and raised in the DMV (DC, Maryland, Virginia), Hope was looking forward to connecting with her city on a deeper level. NCF provided a unique opportunity to engage with the cannabis community in her hometown and strengthen those connections.
For Hope, judging at NCF was more than just evaluating the quality of cannabis. It was a chance to reconnect with her roots, support local growers, and connect with her community. The experience left her feeling inspired and grateful for the opportunity to be a part of the festival.
Advice for those considering entering the cannabis industry now
Her first piece of advice is to be well-studied in the industry and understand its different facets of it. While owning a dispensary or cultivating may seem like the obvious choice, it may not be the best option for everyone. It’s essential to fully understand the regulatory landscape and the opportunities available before diving in.
Hope believes that it’s important to have a clear understanding of what can and cannot be done in the industry. This includes being aware of legislative restrictions and potential opportunities for innovation in the future. She encourages everyone to read and study before entering the space.
Her second piece of advice is not to let someone else’s idea of what you should do be your only option. Many people in the industry may try to deter others from following their dreams or making an impact. While regulatory restrictions may make certain things difficult, there are always opportunities for innovation and growth.
Hope’s advice to all women in the Cannabis industry
Hope and I discussed the challenges that women face in the cannabis industry, particularly with the male-dominated dynamic. I shared my experience of being told not to pursue certain goals. I mentioned how it can be discouraging to hear such rhetoric, but fortunately, my personality type makes me want to prove those individuals wrong. However, I also realized that not everyone is wired like that and that many women must hear these same words and believe them. Unfortunately, the male-female dynamics in the industry are not always supportive of women leaders.
Hope also highlighted that some men are not even aware that they are contributing to this issue. She mentioned being on calls with all men and having to work twice as hard to prove her worth and be respected in the same way as everyone else. While it can be frustrating to constantly stand out, she’s learned to use it to her advantage by ensuring she has something meaningful to contribute to the conversation.
What to say to people questioning your ability?
Hope shared that she struggled to respond at the moment when confronted with discouraging comments about her goals. She reflected on how the past few years have required a lot of self-work, particularly as a woman pursuing a high-level career in a male-dominated, heavily regulated industry with few minority owners.
In the past, she may have responded politely or avoided confrontation, but now she feels more confident in her abilities and would respond more assertively. She emphasized the importance of learning to balance masculine and feminine traits in her journey as an entrepreneur, a process that has taught her a lot about herself.
While experiences like these can be difficult, they also offer an opportunity for growth and reflection. Ultimately, Hope believes that her inner voice, or “inner goddess,” can help guide her in situations where she needs to stand up for herself and her goals.
The Importance of Feminine Traits in Leadership
Hope expressed that she is still in the beginning stages of her career and desires to maintain a balance between the intensity of her work and the femininity in her personal life. She wishes to get married, have a family, and still build a thriving company.
According to her, feminine traits are necessary to give back to others and have a positive impact on society. She believes that leaders, including men, who operate solely in the masculine state tend to be selfish and less concerned about the impact they have on others. Women-led companies, on the other hand, tend to outperform the S&P because of their thoughtful and nurturing nature.
The Licenses and the Opportunities
The cannabis industry has been rapidly evolving, and one of the recent trends is the focus on social equity, which aims to create generational wealth for minority families and their companies. However, there seems to be a lack of emphasis on using the industry as a first round of capital generation to diversify and create a larger impact.
Hope shares her thoughts on this matter, emphasizing the importance of allowing individuals to have the opportunity to get into the space and use it as a stepping stone to go off and do other things. While social equity is a great pillar of the industry, she believes that it should not be limited to just creating mom-and-pop opportunities and jobs, but rather to create larger impacts that could potentially benefit more people.
Reflecting on her own experience in the industry, she notes that while it is important to hold on to one’s business, it should not be limited to just creating wealth for oneself or one’s family. Instead, she sees the industry as a platform for creating wealth that can positively impact not just oneself or one’s family, but also the wider community.
While social equity is a crucial component of the cannabis industry, Hope believes that there is still more work to be done to ensure that it is used as a tool to create a larger impact and provide opportunities for more individuals and communities.
How to Compete with Big Companies?
The cannabis industry has been booming in recent years, with many states legalizing it for medicinal and/or recreational use. However, the industry is not without its challenges, particularly when it comes to social equity. Hope, an entrepreneur in the cannabis industry, believes that social equity and capitalization must go hand-in-hand.
Hope did not win her cannabis license through a social equity program, which made it more difficult to compete against companies with more resources. She argues that it’s unrealistic to expect social equity licensees to compete against established companies with fewer resources. To level the playing field, she suggests that states consider using government-owned land for cultivation and create public-private partnerships to get social equity companies up and running.
While some states are creating funds for social equity licensees, Hope believes that more needs to be done. She suggests that incubator programs and government funding allocated to the right people are necessary. However, this is not without its challenges as constitutional restrictions and allocation of resources can be racially motivated or too narrow.
Hope acknowledges that the cannabis industry still has a long way to go when it comes to social equity. Despite the challenges, she celebrates the few social equity companies that have been able to infiltrate the market and recognizes that more needs to be done to support them. The industry must continue to work towards a more equitable future where everyone has an opportunity to thrive.
The challenges that most Cannabis entrepreneurs are facing
As the cannabis industry continues to grow and evolve, there’s always been this fear around it. Fear that Big Pharma, tobacco, and alcohol are coming. Fear that legalization is coming, and businesses need to be ready. As a result, entrepreneurs in the cannabis space are focused on their businesses and not watching what else is happening around them. They’re missing out on important conversations and advocacy efforts.
This dynamic is taking a toll on the mental health of entrepreneurs in the industry. They not only have to be entrepreneurs, which is stressful enough, but they also have to be advocates, lobbyists, educators, and more. It’s exhausting, and maintaining a positive mental health perspective during all of it is difficult.
Hope recognizes that she and others like her have become pioneers for people who look like them. It’s a responsibility she doesn’t take lightly, but it’s also not something she’s running from. Connecting with like-minded people has been a source of comfort and support for her during these trying times.
It’s clear that entrepreneurs in the cannabis industry have a lot on their plate. They’re building businesses while also advocating for the industry as a whole. It’s important for them to take care of their mental health and connect with others who understand the unique challenges they face. By doing so, they can continue to be successful pioneers and help shape the future of the industry.
Amidst all the challenges, what keeps Hope going?
Hope finds a lot of fulfillment in being in retail and having direct contact with consumers. She loves seeing the positive impact that cannabis can have on people’s lives, especially from a medicinal standpoint. Hope remembers feeling inspired by hearing stories about grandparents finding a better quality of life after visiting her store.
Looking to the future, Hope is excited about the ever-changing landscape of the cannabis industry and the endless opportunities it presents. She sees herself as part of building the industry and leaving a legacy for future generations. Hope takes pride in seeing the bill amendments that she proposed being adopted in new legislation, and knows that she is contributing to the legacy of the cannabis industry.
As she looks forward to the future of the cannabis industry, Hope can’t wait to see what it will look like in 10-20 years. She finds it historic to be part of building an industry that is changing so rapidly and is excited to be part of its legacy.
What’s going on on the West Coast and the East Coast markets and the different types of markets?
The West Coast is known for being an early adapter of cannabis with California, Colorado, and Washington being the first states to legalize it. The licensing processes in these states are typically locally run.
On the other hand, the East Coast has a different licensing process that’s state-run with less control from local municipalities. States like Massachusetts, Michigan, and New Jersey are very locally run, and local municipalities have to approve the state process. The East Coast began with a limited but very competitive merit-based application process. But over the years, they’ve faced many lawsuits and programs that were deemed not diverse enough.
Now, as more states go from medical to adult use, social equity is becoming a key component of the licensing process. New York has one of the most radical programs, with the first retail licenses going to justice-impacted individuals. However, most of these markets are still controlled by MSOs (multi-state operators). In Maryland, almost half of the 25 cultivators and processors are MSOs, and they’re not even trying to compete on the West Coast.
The East Coast is trying to be radical and different, but there’s still a long way to go. The West Coast has a more involved culture, with California giving local municipalities control over who they license. People in California tend to be more interested in brands and quality products, while the East Coast is still focused on the lowest price and highest THC. This is a result of a lack of education, but with time and effort, the East Coast can catch up to the West Coast’s cannabis industry.
What does Hope’s day-to-day life look like?
Hope says her day-to-day life is never the same. Some days she spends her time working from home, managing her team over Zoom. On other days, she’s up at 4 a.m. to get ready for a speaking event, with a full glam squad in tow.
Despite the unpredictability of her schedule, Hope is always working on building out systems and processes for her business. Whether it’s managing her team or advocating for the industry, her work is segmented into distinct parts.
Beyond her career, Hope also strives to maintain a personal life. She values her relationships with family and friends and tries to be there for them whenever possible.
While it can be exhausting, Hope loves the challenge of balancing her professional and personal responsibilities. She’s constantly working to streamline her processes and make her life a little bit easier, but she wouldn’t have it any other way.
Hope’s way of building her online presence: Newsletter
For Hope, the newsletter is an authentic representation of who she is. She didn’t want to conform to anyone else’s standards or write in a way that was not true to herself. Instead, she decided to write like she was talking to her journal. That way, her readers would get a glimpse into her thought process and learn more about the industry from her unique perspective.
The newsletter named which is called Cannabiz, is aimed at entrepreneurs who are new to the cannabis space. Hope hopes to share her knowledge and insights with those who are just starting out in the industry. She wants to help them navigate the complex world of cannabis and give them a better understanding of what it takes to be successful in this field.
So far, Hope has been publishing one issue a month. She believes that this is the right frequency for her and her readers. In addition, she also has a podcast called “Getting Into The Weeds” where she interviews other cannabis industry experts to provide even more insight and information.
For those who are interested in learning more about the cannabis industry, Hope’s newsletter and podcast are great places to start. Her authenticity and unique perspective are sure to provide a refreshing take on an industry that is constantly evolving.
Be part of Hope’s email newsletter, visit her Instagram account, or just sign in here!
Want to learn more about Hope? Listen to this episode:
If you’re competing, or you’re thinking about competing for a license, but you don’t know where to start, I went ahead and cleaned up all of my application material, and updated a lot of it and you can get your own copy here: https://highsalwa.com/business-downloads. It is what I use to win licenses in multiple different markets. I have cultivation, production and retail that’s currently available and I’m looking forward to adding more to give you a head start.
