Marie Saloum, Founder and CEO at GreenPharms Dispensary- Interview Series

“Banking has been a challenge as a legal cannabis business operating in Arizona. I have been kicked out of banks because my earnings are from cannabis, which is still not legal at a federal level. There are only four financial institutions in the Valley that I can work with.”

– Marie Saloum

Operating a cannabis businesses is never without its own set of challenges. The industry is largely “underbanked” as most traditional banks do not want to associate with marijuana which is illegal under federal law. Consequently, marijuana businesses have been forced to operate on a cash basis as they struggle to get financing to expand their operations. For most entrepreneurs, it is the hope of finally cashing in on the “greenrush” that keeps them paddling through the storms. Not for Marie Saloum whose passion for the industry was ignited after her husband was involved in a road accident that left him at the mercies of the pain-relieving properties of the cannabis plant. In this interview, she narrates her experience as the founder and CEO of GreenPharms Dispensary.

GreenPharms is a vertically integrated Arizona-based medical cannabis dispensary that offers deli-style services to thousands of patients. The company has won several awards for their top-of-the-range products since they began operations in 2013.

Meet Marie.

As an intro, how did your career path lead you to cannabis retail?

 In 2008, my husband Arvin was badly injured in a car accident, where he subsequently encountered difficulty with traditional pharmaceutical pain relief methods. Eventually, he found relief using cannabis, and the comparison in treatment was staggering.

Seeing the transformative impact cannabis had on my husband made me become a vociferous proponent of the plant. In 2011, I was presented with the opportunity to apply for a license to sell it, and that’s when I started my company. 

What are some of the challenges that a would-be dispensary owner may encounter when applying for a license to operate and how can one go about this? 

You can’t apply for a license to operate a cannabis shop. Instead, you must be rewarded one. There are a limited number of licenses that are released, and you must enter a lottery in the State of Arizona to receive one. There are certain criteria to qualify. To find out more, click here.

What has been the biggest challenge that you have had to work through as a legal cannabis business operating in Arizona?

Banking has been a challenge as a legal cannabis business operating in Arizona. I have been kicked out of banks because my earnings are from cannabis, which is still not legal at a federal level. There are only four financial institutions in the Valley that I can work with.

 The black market; how does this affect legal cannabis dispensaries and is this something that is likely to go away in the near future?

 The black market is just more competition for us. They can sell the product cheaper because they don’t have to pay staff salaries, taxes or rent for a shop, however, they typically do not test products the way that we do. Also, for states where cannabis is illegal, it is the only way for people to purchase it. As long as they are profiting, I don’t think the black market will go away in the future.

 In a nutshell, what does it take to succeed as a cannabis dispensary?

 To succeed in the cannabis industry, you need to succeed as a business owner. Listen to your staff, educate your staff and take care of all patients that come through the door. Like anything, it’s important to foster relationships with your staff and customers and provide that top level of experience to everyone you encounter.

 Any thoughts on the future of cannabis products? Which are likely to be the most popular products in the near future?

 Micro-dosing is a new trend in the cannabis industry that I see as something that will continue to be popular. Even with a small dose, people can feel the benefits of the drug such as increased relaxation, creativity and appetite.

I also see the continuation of creating new strains that provide unique benefits to the consumer. Unique strains are developed when people breed plants together. When two strains are combined, people can feel the benefits of both of them.

 Arizona will be awarding 26 licenses to operate marijuana dispensaries through a “social equity” program. What’s your take on this? Is this an ideal way to support communities that were hardest hit by the war on drugs?

I don’t think that this program will do what they think it will. These individuals need support and training, and if they are just handed licenses, they may not be aware of how to effectively use them. How can they succeed without the proper tools? In addition to awarding these licenses, Arizona should provide resources to educate the recipients, for example teaching them about loan assistance (since getting into this business is expensive), etc.

It was a great pleasure to have this one-on-one with Marie, CEO of GreenPharms Dispensary. Readers who wish to keep up with how GreenPhrms is transforming the industry are welcome to visit their website.