Ascend Wellness Co-Founder Frank Perullo on the Evolution of the Cannabis Industry

Proud To Work In Cannabis

Navigating the Highs and Lows of Cannabis Business with Frank Perullo

Broadcasting live from MJ BizCon in Las Vegas, Karson Humiston had the pleasure of sitting down with Frank Perullo, the co-founder of Ascend Wellness, a name that's become synonymous with success in the cannabis industry.

They dove into a rich conversation about the evolution of the cannabis industry, Ascend's growth, and the challenges and triumphs of being a cannabis entrepreneur. Frank's journey began in 2012 when Massachusetts passed its medical cannabis law. As a political consultant and lobbyist, he saw an opportunity where others hesitated, leading to the creation of a cannabis practice that leveraged his expertise in land use and advocacy.

The pivotal moment for Ascend came in 2018, as adult-use cannabis was on the horizon in Massachusetts. Frank teamed up with his business partner, Abner Curtin, to leverage their combined skills in investing and consulting within the cannabis space. They faced the daunting task of securing their first retail license in downtown Boston without any direct cannabis experience. Through strategic hiring and a relentless work ethic, they not only secured the license but also expanded into Illinois and Michigan, setting the stage for Ascend's presence in seven states.

Frank shared insights on building a team that embodies intellectual curiosity, a high motor, and a customer-centric approach. He emphasized the importance of perseverance and the ability to navigate the industry's unique challenges and barriers.

As Ascend grew, Frank transitioned into a director role, focusing on expanding into new markets and working with government partners to advance the industry. He stressed the significance of founders stepping back at the right time to allow their companies to flourish under new leadership.

Reflecting on the state of the industry, Frank predicted that 2024 could be a monumental year, especially if the government removes the burdensome 280E tax code. He highlighted the importance of focusing on quality and customer service as key differentiators for successful companies.

Frank also shared his perspective on state programs, praising New Jersey's rollout and critiquing New York's over-regulation. He advised politicians to create a regulatory framework that encourages a thriving, legal market.

Looking ahead, Frank is excited about the job creation potential within Ascend and the broader industry. He expressed pride in working in cannabis, citing the plant's power to improve lives and the industry's unique community.

In closing, Frank's passion for cannabis and his commitment to the industry's growth were palpable. His story is a testament to the entrepreneurial spirit that drives the cannabis industry forward, and it's clear that Ascend Wellness is poised to continue making waves in the years to come. https://www.awholdings.com/

TIMESTAMP:

00:00:17 - Introduction to the Podcast
00:00:27 - Frank Perullo and Ascend Wellness
00:01:13 - Evolution of MJ BizCon
00:01:23 - Changes in the Cannabis Industry
00:01:34 - Frank's Background Before Cannabis
00:01:48 - Frank's Entry into the Cannabis Industry
00:02:50 - Formation of Ascend and Licensing
00:03:53 - Pursuing the First Retail License
00:04:52 - Recruitment and Licensing Challenges
00:05:04 - Expansion of Ascend Wellness
00:05:49 - Building a Hardworking Team
00:06:24 - Traits of Successful Cannabis Industry Workers
00:07:22 - Transitioning to a Director Role
00:07:54 - Hiring a New CEO
00:08:05 - Frank's Current Role at Ascend
00:09:01 - Advice for Founders
00:09:12 - Frank's Day-to-Day Activities
00:10:21 - State of the Cannabis Industry in 2024
00:10:57 - Impact of 280E Tax Code on the Industry
00:11:53 - Advice for Politicians on Cannabis Program Rollouts
00:12:55 - Successful State Cannabis Programs
00:13:58 - The Importance of Strategy in Business
00:14:23 - The Future of Ascend Wellness
00:15:30 - Creating Jobs in the Cannabis Industry
00:16:33 - Lessons from Operating in Michigan
00:20:34 - Frank's Excitement for Ascend's Future
00:21:08 - Why Frank is Proud to Work in Cannabis

QUOTES:

"I think that cannabis founders, myself included, have a couple of loose screws, because who would sign up for this? It's a little crazy." - 00:01:34-00:01:44

"And I thought the opportunity was right to sort of step into a place where those white shoe lobbyists, the more formal folks who wear the suit and ties every day, would not wait." - 00:02:10-00:02:20

"And I remember calling you and saying, we need someone with real great retail and cannabis retail experience." - 00:04:04-00:04:15

"It was hard to find talent. It was hard to get construction going. Everything was a challenge." - 00:05:14-00:05:24

"You seem to have been an underdog who ultimately outperformed a ton of people, how did you scale that talent that you have to other people?" - 00:05:49-00:06:09

"Are you intellectually curious? Do you have a high motor? Can you withstand lots of pivots and changes and not drive yourself crazy?" - 00:06:34-00:06:55

"You have to stay level and you have to take the good with the bad and you have to realize that you got to get up the next day whether it was a great day or a terrible day and do it all over again." - 00:11:18-00:11:29

"We walked away from the deal with MedMen in New York. You heard it here first." - 00:15:30-00:15:41

"Strategy is what you don't do. So how you allocate capital and what you focus on really matters." - 00:16:33-00:16:44

"I am most excited about the jobs we're going to create over the next coming years." - 00:21:08-00:21:19

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Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston