Peter DeCaro, Founder and CEO of Resinate – Interview Series

Across many state cannabis markets and nearly all sectors of the industry, you will find esteemed professionals whose “origin stories” involve a harrowing medical ordeal—either their own or that of a close family member. Resinate, a Massachusetts-based cannabis brand, was founded on a remarkably similar journey that led from a cancer diagnosis to the opening of a dispensary.

To learn more about this journey and the current state of the Massachusetts market, MyCannabis.com spoke with Peter DeCaro, Founder and CEO of Resinate.

What subjects did you mainly study at Clark University, and how did those studies prepare you for your career in both IT consulting and cannabis?

At Clark University, I was a Communications Major. Those studies helped with articulating the value of the products and services I would present to my clients. In Cannabis, those studies helped with several aspects including preparing and presenting investment opportunities to potential shareholders; interacting with local community leaders; and communicating our business interests with the community itself from neighbors to the media. Most of what I learned in the classroom was also refined in the workplace.

During your years as an IT consultant, how did you assist your clients, and what industries did those clients mainly work in?

During my time as an IT consultant, I worked across several industries from manufacturing, telecommunications, software development, finance, and e-commerce. I focus on understanding current business and technology trends in those sectors. From there, it is a matter of understanding how to properly align technology (ALGN ) with efficient business processes to deliver solutions that make sense.   

Over those years, how did you see the technology and IT systems that you consulted on change and evolve?

Technology changes so fast and I found most companies weren’t truly ready for it. What was most rewarding was seeing the end result of an effective implementation that can truly be business-changing. When that happens, business leaders become better business leaders.  Business decisions are based upon real data, and less qualitative. Conversations change.  

After so many years in IT consulting, what inspired you to create Resinate? Did you have any professional concerns about joining such a young and federally illegal industry?

It wasn’t IT that inspired me to create Resinate. First, I was a supporter of the plant. Grew up enjoying cannabis recreationally as a young adult. Still do. When I read about the industry, I realized that I had many of the skill sets required to execute efficiently. I have always operated in entrepreneurial environments, and I knew it was a matter of finding the right time and industry for me to leave and create my own company. When cannabis was legalized, I knew this was the opportunity for me. I also knew that I didn’t want to be doing what I was doing any longer. Timing is everything.  

How did your experience being diagnosed and surviving cancer inspire you to create Resinate? How did that harrowing experience change your views on cannabis as a whole?

Cancer was the catalyst. When you face your own mortality, things change. During this time, I saw through my own lens the impact opioids have on people and the flaws in the healthcare system that have resulted in dependencies on pharmaceutical drugs. I was recovering from cancer and unfortunately suffered a setback that led to sepsis. I was hospitalized again while doctors tried to clear the infection. I was on so many heavy pain medications and heavy drugs that I couldn’t remain cognizant of what was happening around me. When I had a moment of clarity, I forced them to stop giving me the pain meds and it took me three days to clear the drugs from my system. I was lucky. That moment of clarity may have changed my outcome.  Otherwise, I may have developed other drug seeking behaviors. When I asked them why I was being given so many drugs, they said, “well, aren’t you in pain?” I remember saying that I wasn’t conscience long enough to know!    

What were the largest roadblocks you faced when applying for the necessary cannabis licenses in Massachusetts? How did you eventually overcome those issues, and what were the most effective solutions?

The largest roadblocks were finding the right partners. Without my partners today, Resinate wouldn’t be here. My partners helped me to eliminate all the distractions and focus on the business.  

What are the most notable ways that the Massachusetts cannabis industry has changed over the years that Resinate has been in operation? How has the business had to adapt to those changes, and what were the most difficult changes to adjust to?

The cannabis industry changes constantly. I’ve seen the early market days of high prices and high margins to the realities of a maturing market, price compression, and consolidation. The most difficult part of this evolution is remaining ahead of it. We are in a constant state of process improvement. All changes are difficult, not just the ones that were caused from a single event. The greatest challenge is helping your team, all of them, to understand what we are doing and why we are doing it. It isn’t enough to just understand our challenges. We must all buy in to the vision because we are in this together. Without the team, nothing is possible.  

How does the phrase “Take the High Road” serve as not just a slogan but a guiding principle in how Resinate operates as a vertically integrated cannabis company in Massachusetts? 

Throughout my career, every company talks about the “team”. I’ve heard people say that they work for people, and not companies. There are so many “team” based cliches that exist, yet there is little meaning or execution behind it. It is a marketing claim, and not a guiding light.  “Take the High Road” was a slogan that was created from a focus group of employees who worked for us for several years. We asked the question, why are you still here? There is so much turnover in the cannabis industry and we were generally wanting to know. The feedback was that the people that were still here genuinely cared for people, their co-workers, their customers, and wanted to do the right thing. 

While many believe it is more about getting “high”, it is true that is a bit of a double entendre, but the truth is, this is what we do. Every decision, every act, everything we do, needs to be guided by the light that we do the right thing. We operate with integrity. This will always be our guiding light. The Resinate vision is to do whatever you want/need to do in this world while you are here. Be the best version of you. This is your journey, but do everything the right way, with integrity and without judgement of others. Always Take the High Road.  

What are some useful ways that cannabis businesses can implement the same IT systems that you were consulted about?

Our systems are custom. One day, I would love to consult with other companies to help them to implement these systems. The industry has a way to go. This is a long roadmap!

What are some predictions of the future you have for the Massachusetts cannabis industry? What do you think the next few years will entail and how do you envision a possible federal cannabis rescheduling impacting the Massachusetts industry?

I think the Massachusetts cannabis industry will experience more consolidation. There will be more exits than entrants into the market.  Federal restructuring is interesting, and the idea of it creates a lifeline for many. The removal of Tax Code 280E creates much needed tax relief. There are so many potential impacts, but it is purely speculative at this point as this is still a work in process. Cannabis should be viewed like any other industry, but it is difficult for legislators to see it as such when they can continue to overtax operators and consumers. I believe the industry will require many more years to evolve into a state where we are proud as operators, and that is mainly due to the interests behind federal regulation and the timelines to create real change. The fight is long, but we’re ready for it.  

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