Corey Elliott, Owner/CEO of Bonanza Cannabis Company – Interview Series

Despite being pioneers when it comes to cannabis legalization and sales in America given their status as one of the first two states to do so, the Colorado cannabis industry still isn’t without its issues. Even for Colorado-located cannabis businesses that formed well after Amendment 64 was signed into law and completed every licensing and regulatory-related requirement, the problems during the licensing process and the first months of operations can still be numerous. An astounding $1.3 billion worth of cannabis products were sold by Colorado dispensaries in 2025 and The Centennial State still holds the geographic advantage of sharing borders with 4 notoriously anti-cannabis states. Still though, several ongoing issues still persist.

For a greater look into the most valuable business management skills when it comes to running a Colorado cannabis business and successful ways to stand out in an already established market, mycannabis.com spoke with Corey Elliott, Owner/CEO of Bonanza Cannabis Company.

What subjects did you study at the University of Colorado? How have your studies been useful across the multiple industries you’ve worked in?

I studied integrative psychology at the University of Colorado Boulder and graduated in 2009. Understanding people is useful in just about any business. Whether you’re working with employees, negotiating with a vendor or trying to understand what a customer wants, communication and relationships play a huge role.

My career has taken me from residential real estate development into cannabis, but both involve bringing together people with different perspectives and getting them working toward the same goal. My education gave me a foundation for that and running a business continues to teach me every day.

While at E5X Management, what development projects in Denver did you either oversee or help with in another capacity? What was so ambitious about those developments?

After college, I joined E5x Management, which focuses on residential real estate development in the Denver metro area. I was involved in various projects throughout the area, helping with everything from negotiating with land sellers and navigating municipal entitlements to selling lots to builders.

Every day brought a different challenge, often involving something I initially knew very little about. I learned to ask questions, find the right people, and figure out how to move things forward. There was always more to learn, whether I had planned on learning it that day or not.

Development requires patience because you’re working toward something that can take years to become a reality. That experience taught me to pay attention to the details while keeping the larger goal in view.

From a business standpoint, what first interested you about working in the Colorado cannabis industry? What opportunities in the cannabis industry caught your attention most?

The opportunity to help build a brand in an emerging industry was exciting to me. There was room for creativity and an opportunity to earn customer loyalty by offering a product people enjoyed at a price they felt good about.

What caught my attention most was the potential to create something that could grow beyond one location or one market. With Bonanza, I wanted to help build a recognizable brand that people would come back to. That still drives me today: finding ways to make the products, the customer experience and the business better.

I believe there’s so much potential in the industry and we still have an opportunity to help shape its future. I’m a creative person, so having room to explore ideas and bring them to life is especially exciting to me.

What difficulties did you at first when applying for the license and then starting up the cannabis business that would become Bonanza? Even a few years after the Colorado cannabis industry opened up, what issues in the licensing and start-up process were still present?

Starting Bonanza meant figuring out how to build a business while also learning the requirements of a highly regulated industry. The license was one part of that process. We also had to get the facility, equipment, suppliers, staffing and operating procedures working together.

Even though Colorado’s industry was already established when we started in 2018, there wasn’t a simple playbook for building a successful cannabis company. We had to be prepared for delays, unexpected expenses and adjustments along the way.

One of the biggest lessons was the importance of flexibility in both our budget and our plans. We’ve faced many challenges, but through teamwork, we’ve been able to navigate them.

How have your duties changed throughout Bonanza’s operation? As the brand’s popularity and reach have expanded, how have those job duties evolved?

I’ve been involved with Bonanza since its beginning in 2018. Early on, my responsibilities were primarily administrative, supporting the business behind the scenes while continuing my work in real estate.

More recently, I transitioned into running the day-to-day operations. Today, I’m much more involved with our employees, sales, product development, vendor relationships and the overall direction of the company.

I’m particularly excited about the creative side of this role. I enjoy developing new ideas, improving our branding, and giving our retail partners and customers more reasons to be excited about Bonanza.

A big part of my responsibility is making sure our employees have the support and direction they need to succeed. Bonanza is built by the people who work day in and day out to make it happen. It’s truly a team effort, and I feel lucky to work with people who care deeply about the company and are passionate about its future.

Even though it may seem different on paper, what are some transferable skills from working in residential real estate that you’ve utilized in your roles with Bonanza?

Budgeting, negotiation, project coordination, problem-solving and especially creativity all transfer directly. In real estate development, one delay can affect several other parts of a project. The same is true in manufacturing. A packaging issue or a delayed hardware shipment can affect production, sales and customer relationships.

Real estate also taught me to ask questions and rely on people who know more than I do in their areas of expertise. You don’t have to personally have every answer, but you do need to understand the problem, bring the right people together, and follow through.

I’ve gotten comfortable saying, “I don’t know,” as long as it’s followed by, “Let’s figure it out.” Recognizing where I need help and drawing on the experience of our team makes me a better leader. That’s why I keep emphasizing how much a good team matters. I am very thankful for our team.

What do you feel like have been the most momentous milestones or other accomplishments that Bonanza has celebrated? What were the most successful product launches?

One of the biggest milestones has been seeing a business we started in Colorado reach customers in additional states. There’s something rewarding about seeing a product on a dispensary shelf and knowing how much work went into getting it there.

I’m also proud of the team we’ve built. Growth creates opportunities for employees to take on more responsibility and contribute ideas, and those accomplishments matter to me alongside sales and expansion.

On the product side, our 1-gram cartridge has been one of our most successful launches. It has remained a strong seller since the very beginning. We’re proud of that staying power and we continue listening to our customers and retail partners to find ways to improve.

Even well after a decade of operation and sales, what are some widespread issues that business owners such as yourself still in the Colorado cannabis industry? How do you think those issues could be remedied?

From my perspective, one of the biggest challenges is balancing affordability for customers with the cost of operating responsibly. Customers want value, retail partners need room to make money and manufacturers need enough margin to support employees, maintain quality and invest in the business.

I’d like to see more collaboration between businesses and regulators, particularly around clear guidance and practical implementation timelines when requirements change. Businesses need to be able to plan, budget and make informed decisions.

Within the industry, we also have a responsibility to operate professionally, communicate honestly and compete in ways that strengthen customer confidence. A healthier industry depends on both good oversight and responsible business owners.

Looking ahead to 2027 and beyond, what new state markets is Bonanza interested in expanding into? Why those markets in particular?

We’re interested in Illinois, New Jersey, Ohio and possibly Oregon, but I want our expansion to be deliberate. Before entering a market, we need to understand the customers, the economics and whether we have the right people and partners to support the brand.

My priority is to strengthen our existing operations while pursuing opportunities where we can build a lasting business. I’m excited about expansion and I want every new market to receive the attention and support it deserves.

A key part of our expansion strategy is securing our own licenses in each state. That allows us to control our own destiny and maintain direct oversight of our operations. We currently own the licenses under which we operate in our other states. With the right partner, we’re also open to pursuing manufacturing agreements. Lastly, at the end of the day, I would like to thank my team for making all of this possible.

Thank you for joining us, Corey! For more information on Bonanza, please visit its website.