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Sara Gullickson, CEO & Founder of The Cannabis Business Advisors – Interview Series

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Sara Gullickson, is the CEO & Founder of The Cannabis Business Advisors. Sara is an entrepreneur, investor, and corporate dealmaker with more than a decade of experience building and scaling businesses personally and professionally. A high-level strategist, Sara advises stakeholders on corporate structure, financing, and operations to better position their companies for growth and potential exit.

You first got into the cannabis industry when you were 27, could you discuss this stage in your life and how you got involved?

I didn’t look at the cannabis industry as a career opportunity, but I rose to the occasion when the opportunity presented itself. At the time, like most twenty-somethings, I was just trying to make ends meet. Many of us who entered this industry early on got here by accident and became successful out of sheer will and determination.

After selling your first company to a publicly traded company, you return to advising. What made you realize that you wanted to return to advising?

My approach to business has always been intuitive and after leaving the industry I realized I missed it. I still wanted to build and evolve the industry by helping the right talent and leaders execute their business goals. My work isn’t done and I’m excited to be where I am today.

What inspired you to launch your latest venture Cannabis Business Advisors?

After selling my first company, I was able to have my two children and take time off. This allowed me the space to think about what I wanted to do. I decided to refocus my attention to operations and investment versus applications and licensing. This eventually led to the launch of CB Advisors in 2020.

What are some of the aspects of launching a cannabis company that you can assist entrepreneurs with?

Application, acquisition, and operations. This means a lot of different things, from business strategy, marketing, branding and SOPs, to partnerships and business modeling.

The firm specializes in competitive merit-based application processing for acquiring a cannabis operating license. Could you define what this means specifically and how Cannabis Business Advisors is best positioned to assist with this process?

We are business people who have been in this industry for over a decade. Our strategies for acquiring licenses have evolved and adapted to reflect specific market needs that have transformed based on the communities and policies they represent. The last six license applications haven’t been merit-based, but even license lotteries require application strategy. At the end of the day, CB Advisors is known for our strategic approach because we have lived through the last 20-25 state program rollouts.

What are some common mistakes that you’ve observed from people entering the cannabis space?

Most people entering the industry do not realize how much capital needs to be raised. Even small dispensaries are running $1.5-2M in underserved areas. People can overspend because they haven’t accounted for the extra industry regulations, red tape, and specialized legal and consulting fees. The other common pitfall is people expecting they are going to be fast millionaires in this industry.

You’re known for being selective in choosing who you work with, what are some traits that you look for?

My business is a relationship business. I look at my clients as partners, and some even as friends. I work with individuals who have the same moral compass, the same wherewithal, and are positive and fluid people. I also connect with clients who have interesting experiences so that we can learn from each other and build a mutually beneficial partnership.

You’re a serial entrepreneur, what tips would you give to women who are considering entering the space?

I don’t lead with the fact that I’m a woman in the industry, but rather I go into every project to do a great job and execute. This approach speaks for itself. Whether you are a man or a woman entering this industry, you still have to work hard.

Is there anything else that you would like to share about Cannabis Business Advisors?

Taking time off from the day to day of cannabis and becoming a mother has helped me fine tune my business approach. My eyes are more open to some of the business ideas that people present to me, whereas before I might have walked away from. Especially when it comes to working with people who are new in the industry, I’ve got a fresh lens and that’s exciting.

Thank you for the great interview, readers who want to learn more about the advisory services that are offered should visit The Cannabis Business Advisors.