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Planet 13, the largest cannabis dispensary, is about to get a whole lot bigger

(BUSINESS NEWS) Larry Scheffler, the co-founder and co-CEO of Planet-13, shares his experience as his baby turns 2 years old.

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Exterior of Planet 13 building with red filter.

“One of our competitors said when we first opened: ‘just give it 6 months and they’ll be a Korean BBQ’.” Larry Scheffler – co-Founder and co-CEO of Planet 13 dispensary— recalled fondly to me last Friday. “We like proving them wrong.”

Planet-13, which turned two years old on November 1st, isn’t your average dispensary. This place has an 80-foot infinity entertainment wall, a Willie Wonka style production-line that utilizes robotic arms to make cannabis products, and a partnership with Mike Tyson! Very Vegas!

And though it’s already the largest dispensary in the world, it’s about to get a whole lot bigger this year.

For Scheffler, who seems to love just about every part of his job, the fun is just beginning.

A little history on Planet 13: As Las Vegas politicians, Scheffler and Bob Groesbeck – the other “co-” – got started in the cannabis industry right from the get-go of legalization. “We decided to get into it. It was more brains than guts, but we did it”, remembered Scheffler.

The two partners opened a small dispensary in 2018 that catered to Vegas’s 2.3 million locals, though the store faced considerable competition. After some thought, they decided to go big: why not make a superstore and entertainment venue for the 50 million tourists that come through the city each year?

By conducting zoning checks (dispensaries aren’t allowed to be within a mile of the Las Vegas Strip), Groesbeck was able to find the perfect location for Planet 13 right on the edge of the Gaming Corridor. Thus, Planet 13 became an inextricable staple on the Strip and has been excelling better than anyone had anticipated ever since – last month with Vegas at a 50% tourism capacity, Planet 13 saw 7.8 million in revenue, which is their second highest month to date.

With Planet 13 being the giant money maker that it is, I was delightfully surprised to learn that the superstore has been supporting Vegas locals during the pandemic.

“Before COVID, we only did about 14% locals but of course with COVID we had to turn around on a dime and do 100% locals, no tourists.” Said Scheffler, who told me that they were offering 20%-50% discounts to Vegas residents, as well extensive delivery options to those who need their medicine but can’t pick it up. “We have 27 vehicles and 100 drivers to make deliveries, and 24 people full-time on the phones to take orders.”

Besides the new expansion, which he anticipates to be finished by the start of Q1, Scheffler is focused on extending the Planet 13 model to new cities. As the more creative mind of the two partners (Scheffler ran a very successful graphics company for 42 years), he loves the challenge of coming up with individualized, innovative ways to bring his brand to different spaces. “I enjoy figuring out what works in a town, what the people like to see.”

At the end of the day, Scheffler is confident that Planet 13 will simply keep growing – he anticipates sales will double the moment tourism picks back up in Vegas, hence the expansion. He hopes every customer has as much fun with the shopping experience as he has in providing it: “I love it, It’s not even a job, it’s fun coming to work and creating something new every time”.

If you find yourself in Vegas and in need of some cannabis, food, or simply wild theatrics (there is no shortage of that on the Strip!), check out the massive, ever growing Disney Land-esque dispensary right at the edge of the Corridor. I sincerely doubt it will disappoint.

Happy 2nd birthday, Planet 13!

Anaïs DerSimonian is a writer, filmmaker, and educator interested in media, culture and the arts. She is Clark University Alumni with a degree in Culture Studies and Screen Studies. She has produced various documentary and narrative projects, including a profile on an NGO in Yerevan, Armenia that provides micro-loans to cottage industries and entrepreneurs based in rural regions to help create jobs, self-sufficiency, and to stimulate the post-Soviet economy. She is currently based in Boston. Besides filmmaking, Anaïs enjoys reading good fiction and watching sketch and stand-up comedy.

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Keep your company’s operations lean by following these proven strategies

(BUSINESS) Keeping your operations lean means more than saving money, it means accomplishing more in less time.

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keeping operations lean

The past two years have been challenging, not just economically, but also politically and socially as well. While it would be nice to think that things are looking up, in reality, the problems never end. Taking a minimalist approach to your business, AKA keeping it lean, can help you weather the future to be more successful.

Here are some tips to help you trim the fat without putting profits above people.

Automate processes

Artificial intelligence frees up human resources. AI can manage many routine elements of your business, giving your team time to focus on important tasks that can’t be delegated to machines. This challenges your top performers to function at higher levels, which can only benefit your business.

Consider remote working

Whether you rent or own your property, it’s expensive to keep an office open. As we learned in the pandemic, many jobs can be done just as effectively from home as the workplace. Going remote can save you money, even if you help your team outfit their home office for safety and efficiency.

In today’s world, many are opting to completely shutter office doors, but you may be able to save money by using less space or renting out some of your office space.

Review your systems to find the fat

As your business grows (or downsizes), your systems need to change to fit how you work. Are there places where you can save money? If you’re ordering more, you may be able to ask vendors for discounts. Look for ways to bring down costs.

Talk to your team about where their workflow suffers and find solutions. An annual review through your budget with an eye on saving money can help you find those wasted dollars.

Find the balance

Operating lean doesn’t mean just saving money. It can also mean that you look at your time when deciding to pay for services. The point is to be as efficient as possible with your resources and systems, while maintaining customer service and safety. When you operate in a lean way, it sets your business up for success.

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How to apply to be on a Board of Directors

(BUSINESS) What do you need to think about and explore if you want to apply for a Board of Directors? Here’s a quick rundown of what, why, and when.

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board of directors

What?
What does a Board of Directors do? Investopedia explains “A board of directors (B of D) is an elected group of individuals that represent shareholders. The board is a governing body that typically meets at regular intervals to set policies for corporate management and oversight. Every public company must have a board of directors. Some private and nonprofit organizations also have a board of directors.”

Why?
It is time to have a diverse representation of thoughts, values and insights from intelligently minded people that can give you the intel you need to move forward – as they don’t have quite the same vested interests as you.

We have become the nation that works like a machine. Day in and day out we are consumed by our work (and have easy access to it with our smartphones). We do volunteer and participate in extra-curricular activities, but it’s possible that many of us have never understood or considered joining a Board of Directors. There’s a new wave of Gen Xers and Millennials that have plenty of years of life and work experience + insights that this might be the time to resurrect (or invigorate) interest.

Harvard Business Review shared a great article about identifying the FIVE key areas you would want to consider growing your knowledge if you want to join a board:

1. Financial – You need to be able to speak in numbers.
2. Strategic – You want to be able to speak to how to be strategic even if you know the numbers.
3. Relational – This is where communication is key – understanding what you want to share with others and what they are sharing with you. This is very different than being on the Operational side of things.
4. Role – You must be able to be clear and add value in your time allotted – and know where you especially add value from your skills, experiences and strengths.
5. Cultural – You must contribute the feeling that Executives can come forward to seek advice even if things aren’t going well and create that culture of collaboration.

As Charlotte Valeur, a Danish-born former investment banker who has chaired three international companies and now leads the UK’s Institute of Directors, says, “We need to help new participants from under-represented groups to develop the confidence of working on boards and to come to know that” – while boardroom capital does take effort to build – “this is not rocket science.

When?
NOW! The time is now for all of us to get involved in helping to create a brighter future for organizations and businesses that we care about (including if they are our own business – you may want to create a Board of Directors).

The Harvard Business Review gave great explanations of the need to diversify those that have been on the Boards to continue to strive to better represent our population as a whole. Are you ready to take on this challenge? We need you.

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Business News

Average age of successful startup founders is 45, but stop stereotyping

(BUSINESS) Our culture glorifies (yet condemns?) startup founders as rich 20-somethings in hoodies, but some are a totally different type.

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startup founders average age is 45

There’s a common misconception that startups are riddled with semi-nerdy, 20-something white dudes who do nothing but sip Nitro Brews and walk around the open office showing off the hoodie they wore yesterday. It turns out that it’s extremely rare that startup offices resemble The Social Network.

However, the academic backdrop for the real social network story (AKA Harvard), produced statistics that will serve to put the aforementioned misconception to rest. According to the Harvard Business Review, the average age of people who founded the highest-growth startups is 45. Say what?! A full-fledged adult?!

In fact, aside from the age category of 60 and over, ages 29 and younger were the smallest group of founders that are responsible for heading the highest-growth startups. I guess you can accomplish a lot when you’re not riding around the office on a scooter all day.

The study also found that older entrepreneurs are more likely to succeed. The probability of extreme startup success rises with age, at least until the late 50s. It was found that work experience plays an important role.

Many will argue, “Well, what about someone like Steve Jobs?” You could easily argue right back that it took Jobs until the age of 52 to create Apple’s most profitable product – the iPhone.

The study continues to answer questions like, why do Venture Capitalist investors bet on young founders? This goes back to the misconception at the start, and there’s a notion that youth is the key for successful entrepreneurship. Wrong.

There is also the idea that younger entrepreneurs are likely working with less financial options, so it may be common for them to take something from a VC at a lower price. As a result, they could be viewed as more of a bargain than older founders.

“The next step for researchers is to explore what exactly explains the advantage of middle-aged founders,” writes Pierre Azoulay, et al. “For example, is it due to greater access to financial resources, deeper social networks, or certain forms of experience? In the meantime, it appears that advancing age is a powerful feature, not a bug, for starting the most successful firms.”

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