Women Leading the Cannabis Industry: “It’s much more competitive than you might think” With Dr. Alex Capano of Ecofibre
By: Carly Martinetti
Tags: Cannabis, Leadership, Business, Startup

Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to the cannabis industry?

I saw the lack of cannabis expertise in the healthcare space, and I decided to take a risk and seize that opportunity. I was motivated by the potential to help patients, yes, but perhaps equally by the potential increase in upward mobility the cannabis industry would allow. This was several years ago, when the cannabis career trajectory was less certain, but it was a risk I felt compelled to take after speaking with my uncle’s friend. This guy is a former pottery major turned software engineer turned hedge-fund manager and philanthropist. He told me that without taking any risks, my return would always be limited. So, I decided to dive in.

Can you share the most interesting story that happened to you since you began leading your company? Can you tell us what lesson you learned from that?

We listed on the Australian Stock Exchange in April of 2019, so flying across the world to ring the bell in Sydney was a very interesting moment. And while going public is exciting and opens many doors, it also means your business decisions and quarterly performance are subject to a much higher level of scrutiny. Mistakes have bigger consequences. But if you believe in your company, get as many shares as you can before listing!

Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?

How about the time when I pitched an edgy sex product over a beer in Vegas to my very buttoned-up boss? The concept of a cannabis product formulated to enhance libido and improve sexual satisfaction was born of science, but the edginess of the product was a major departure from our norm. We were so busy and often on different continents, so it was difficult to find the right time and place. I realized my last chance was over post-conference drinks in Vegas — not exactly the ideal setting for maximizing professionalism. But it all worked out, and from that, Bliss was born. This reinforced the need to take risks, but I also learned the power of storytelling. Our CEO wasn’t bought in to the idea until I shared the saga of Bliss’ Patient Zero (who will remain nameless and very happy with the results). We also went a bit too liberal with peppermint in the first test batch, which lead to some interesting feedback from our beta testers.

Do you have a funny story about how someone you knew reacted when they first heard you were getting into the cannabis industry?

My grandmother, who will celebrate her 95th birthday next month, thought I was “going door to door selling marijuana,” and did not understand why I needed four degrees to do that. But now she uses our CBD product to help her sleep, so I think we’ve come full circle.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story?

There are so many people who have helped me but one story that sticks out involves one of my best friends, Veronica, and ironically, Instagram. I had been studying cannabis for years and was wrapping up my doctoral degree on the topic, but no one really knew what I was doing. (I’m still learning the necessary dark art of self-promotion.) Veronica posted a photo of me and captioned it describing my accomplishments and expertise. Suddenly, my network was aware, interested, and engaged. While she has supported me in countless ways over many years, that one post directly resulted in an avalanche of opportunities and introductions that continue to fuel my career. I’m very grateful she publicly bragged about me.

Are you working on any new or exciting projects now? How do you think that will help people?

We are working with Daily Harvest on a nourishing, CBD-infused latte Chocolate + Peppermint latte, which launched on November 14th and will be available through February 2020 here: https://www.daily-harvest.com/app/blends/chocolate-peppermint-cbd. It’s sweet, rich, and cooling thanks to cacao, peppermint and coconut cream. CBD oil and ancient adaptogen, ashwagandha, work to reduce stress and anxiety.

I’m a big believer in the power of real foods and try to live by Michael Pollan’s advice: “Eat food. Not too much. Mostly plants.” Daily Harvest helps me stick to that mantra, especially when I’m working 16 hour days and can’t spare my last brain cell on figuring out dinner. With their help, I don’t have to sacrifice flavor for nutrition. It’s easy to preach good health habits, but it’s not always easy to practice. Daily Harvest makes taking care of myself pretty effortless. Their values align well with ours, and a partnership was a natural fit.

Ok. Thank you for all that. Let’s now jump to the main core of our interview. Despite great progress that has been made we still have a lot more work to do to achieve gender parity in this industry. According to this report in Entrepreneur, less than 25 percent of cannabis businesses are run by women. In your opinion or experience, what 3 things can be done by a)individuals b)companies and/or c) society to support greater gender parity moving forward?

Companies should have mandatory paid parental leave for all genders. Due to a historical lack of gender parity, investors with deep pockets are often men. These individuals should objectively listen to pitches from new women in the industry and not solely fund ventures from their friends or colleagues, who are likely also male. Hiring practices should provide equal opportunity for a diverse pool of applicants. If companies only hire within their networks, then the workforce will be homogenous and tend to favor men.

You are a “Cannabis Insider”. If you had to advise someone about 5 non intuitive things one should know to succeed in the cannabis industry, what would you say? Can you please give a story or an example for each.

There’s actually a lot of science behind companies succeeding in the industry. It may not sound sexy, but it’s necessary. It’s a more traditional that you would think, which has pros and cons. Not everyone is even a cannabis user. It’s much more competitive than you might think, and most companies will come and go quickly. This is an industry that will certainly grow, but it’s a crowded, noisy space. You need to stand out to succeed. You don’t need to put cannabis into everything, and you shouldn’t. I’ve seen CBD nail polish and cannabis body wax, and those are gimmicky uses. Think past consumables. Cannabis has untapped and unexpected potential. It can help the planet through sustainable textiles and prevent superbugs by combating antimicrobial resistance, just to name a few.

Can you share 3 things that most excite you about the cannabis industry?

New scientific evidence on cannabis is emerging daily and patient success stories are shared every day. It’s reassuring and motivating to know that people are leading better, healthier lives because of your business. There’s so much room for growth in this industry, as we’ve only seen the tip of the iceberg. I no longer feel limited by a ceiling, glass or otherwise. The opportunity for cannabis derived health-foods and sustainable, high-performance textiles provides a fascinating extension of the industry, with potential for widespread commercialization in the global marketplace.

Can you share 3 things that most concern you about the industry? If you had the ability to implement 3 ways to reform or improve the industry, what would you suggest?

There’s a lack of regulation in the marketplace, which puts consumers at risk and delegitimizes the industry as a whole. Many companies slap on all sorts of misleading labels, and those of us who are committed to quality assurance and transparency can get lumped in with the bad apples. Some supporters make outrageous and unfounded claims, like “cannabis cures cancer.” This is completely unethical to me, as it could mislead a person to forego established, effective treatments in favor of cannabis. Also, there’s no better way to discredit cannabis as a promising, novel therapy than to claim it’s a miracle cure for everything. Drug testing policy, particularly in the workplace and the pain management clinic, has not caught up with the industry. All too often, I’ve seen honest and hardworking employees get fired for using legal cannabis products. Many of these people have eliminated opioids in favor of CBD, which is undeniably a safer alternative, but they put their livelihood at risk by improving their health.

Ways to reform/improve:

Regulation is necessary. Hopefully this will come once the FDA issues guidance on CBD products. Until then, consumers must demand transparency and quality assurance from retailers. The market will have no choice but to respond. Expungement for non-violent cannabis crimes should be widespread. Barriers to entry need to be examined and removed, particularly for communities of color, who have long been disproportionately targeted by the war on drugs. Policy change for drug-testing requirements and penalties needs to occur at every level and across industries.

What are your thoughts about federal legalization of cannabis? If you could speak to your Senator, what would be your most persuasive argument regarding why they should or should not pursue federal legalization?

I hope to see federal legalization of cannabis done and, more importantly, done well. I would persuade my Senator to evaluate the opportunity of cannabis to combat the opioid crisis to improve health, cut costs, and save lives.

Today, cigarettes are legal, but they are heavily regulated, highly taxed, and they are somewhat socially marginalized. Would you like cannabis to have a similar status to cigarettes or different? Can you explain?

I’d like to see cannabis regulated on a quality assurance and transparency level. I support taxing cannabis, but insofar as those taxes don’t result in barriers to access for lower income individuals. If someone can get unregulated, illegal cannabis for pennies on the dollar, then we have a problem.

I would not want to see cannabis socially marginalized. Unlike cigarettes, cannabis has therapeutic value and beneficial uses. Smoke of any kind is a health hazard, and smoke-free facilities should persist, but there are plenty of other ways to use cannabis. Instead, I hope cannabis will enjoy less marginalization and stigma. We need insurers to cover cannabis products, including over-the-counter CBD products, instead of incentivizing more dangerous substances, such as opioids. Because right now, cannabis may cost someone $100/month, whereas opioids may carry a copay of $4/month.

Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?

“Speak up!” You are the one and only person who is prioritizing your career and your happiness. Know that are your own best advocate, so don’t be too afraid to speak up. I’ve had to put aside my fears and ask for what I want in my career. Be prepared, be clear, and ask for that raise. Ask for that promotion. Otherwise, you won’t get what you deserve. I think this is good practice for personal relationships and other aspects of life as well.

You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. :-)

My first impulse is that the U.S. implement sensible gun control. But I guess that’s not a new idea.

I think a lot of good to be done if we all just listened more. I want to require every person to shut their mouths and open their ears for at least an hour every day. If we just took time to listen to others, especially those who we see as fundamentally different than us, then I believe we would find unexpected understanding and common ground. That would solve a lot of problems.