Executive Spotlight: Derek Smith – Resource Innovation Institute

What does the future of the regulated cannabis industry look like to you and your company?

Well events such as the current Covid-19 virus have changed things in many ways. Luckily for most, dispensaries have been allowed to stay open along with many delivery services. Financially the dramatic drain on State & Local economies will help to push many States to try to get their Legislators & electorate via Ballot Questions to try to legalize both Medicinal & Recreational Cannabis usage.

How should entrepreneurs best position themselves for success in the regulated cannabis industry?

Well obviously Networking events are not really an option. I think the most effective ways are various forms of Social Media, a great Website with SEO Optimization, Podcasts, Instagram and staying involved in the industry by keeping your brand, product or service relevant.

What are you hoping to gain from your partnership with MJClick?

I have been a Trusted Advisor to many families & business owners from 1 employee to 100’s & a Certified Financial Planner for over 30 years. I have been one of the first financial advisors to enter the Cannabis space over 5 years ago with my PlantYourFinancialSeed.Com & LLC.

What are the key issues your company is currently facing related to medical cannabis in the workplace?

None really, my firm follows all State & Federal guidelines. As in any business, medicinal use like any legal use of medication is fine as long as it does not affect their abilities to perform their jobs.

What are the most significant hurdles you see the cannabis industry facing in the coming year?

Continued Federal declassification of Cannabis as a Class 1 Narcotic like Heroine?

Both Cocaine & Fentanyl are considered more medicinal and less dangerous, which is ridiculous. The extent and length of the Covid-19 virus and our economy as a whole are very worrisome to me.

How do you see your company adapting to the ongoing compliance issues related to a growing industry such as legal cannabis?

Having many years of experience and many relationships in the industry, I know that I have been and will continue to be a go-to advisor as this industry grows.

Where do you see the biggest profit centers coming from in the regulated cannabis industry?

I am able to provide insurances like Life Insurance for business purposes for Cannabis specific business owners where most others cannot. I also enjoy doing group financial planning workshops to those both in Cannabis and those that are not. An a money manager specializing in Employee Benefits & Retirement planning, as my clients grow so has my practice.

Do you intend to educate your employees and make them aware of the medical benefits of cannabis?

I have and will always be a proponent of the medicinal & other great benefits of Cannabis & Hemp.

What do you see the role of technology playing in the cannabis industry moving forward?

It will play a significant role just as it does in all of today’s businesses. Banking, payroll, logistics, production and Government requirements will require the best and most efficient technology to be used.

As an executive, how do you feel about the possibility of your employees taking a THC infused medical cannabis product during work hours?

As long as they are able to provide proof of a medical card under the supervision of a physician and it does not affect their own safety and their ability to perform their job, I see no problem with its use.

Norman has been helping families and business owners reach their financial goals for over 24 years. He focuses on establishing lasting relationships with his clients by providing the highest level of client service in the areas of business and personal insurance products and services. These areas include devising strategies to help minimize the impact of taxes and inflation on current and future financial goals, saving for college tuition and retirement, long-term care insurance and developing estate planning and business planning for business owners. He is a frequent speaker at educational workshops on these topics as well. Norman is also proficient in the LGBT community and the Special Needs Planning community.

Norman holds a BS in computer science from Rider University and an MS in Management System Analysis from Kean University. Norman is a CERTIFIED FINANCIAL PLANNER™ certificant from the Certified Financial Planning Board of Standards. He is a member of the Million Dollar Roundtable and a member of the Institute of Certified Financial Planners. To arrange an individual consultation for yourself or your business, or to discuss an educational workshop for your employees or other organizations contact him at the above number or email.

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