The Self Checkout Saga Continues in the Hemp Industry
How "saving money" cost one CBD store everything
👋 Welcome to 🍃 The Budding Entrepreneur, the only newsletter for hemp retailers who want to connect, learn, and achieve their goals together. 📈
Folks,
Welcome to the inaugural issue of the Budding Entrepreneur. We’re honored to have you amongst our community of the hardest working hemp retailers on the planet.
Let's talk about retail in the post-THCA flower world. It's tough out there. Consumer spending is down, margins are tighter than a drum, and every penny counts. The good news is, we’re here to help.
👀 In today’s edition: February 25, 2025
😂 Laughter & lessons: A cautionary tale of a CBD store struggling to survive
📰 Weekly roundup: What’s happening in the hemp industry
📆 Events calendar: Networking opportunities
- Your best bud
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I've seen it all in my 15+ years in business, from boom to bust and back again. And let me tell you, the story of "CBD Emporium" is one for the ages – a cautionary tale wrapped in a layer of irony thicker than a cloud of vape smoke.
CBD Emporium, like many of you, was feeling the pinch. The THCA ban hit hard, and with the economy wobbling, customers weren't exactly lining up to buy CBD gummies like they were going out of style.
Owner Barry, a sharp guy with a Bachelors degree in trying to solve every problem himself, decided drastic action was needed. His logic, bless his heart, was impeccable – on paper.
"Cut costs," he declared, "and we'll weather this storm!"
His masterstroke? Self-checkout.
"No more pesky sales associates," he reasoned. "Just a sleek machine, and we'll be rolling in savings!"
He envisioned a future of reduced payroll, increased profits, and maybe even a yacht. Barry, I admire your optimism, but sometimes, the numbers don't tell the whole story.
Initially, things seemed to be working. Barry fired his last remaining sales associate (who, by the way, was a single mom of three and knew more about terpenes than most PhDs).
The self-checkout machine hummed merrily, and Barry briefly saw his yacht on the horizon.
Then, the trouble started. Remember, folks, we're in the CBD business. These aren't groceries we're talking about. There are questions, consultations, and the occasional bewildered customer who thinks "CBD" stands for "Can't Believe it's Not Butter."
The self-checkout machine, bless its digital heart, couldn't handle that.
But the real kicker? Theft. Turns out, when there's no one watching, some folks have sticky fingers. "Shrinkage," as we call it in the industry, skyrocketed. CBD vape pens vanished like they were Houdini's rabbits.
Gummy bears walked out the door without paying their dues. Even the display jars of CBD-infused honey seemed to mysteriously evaporate.
Barry, bless his heart, tried to ignore it. "Just a few bad apples," he muttered. But the losses kept mounting. Finally, he was forced to make a difficult decision. He hired a security guard.
Yes, you heard that right. The very cost he was trying to eliminate – payroll – came back with a vengeance, this time in the form of a burly gentleman named "Tiny" who looked like he could bench press a small car.
Tiny, while effective at deterring theft, wasn't exactly cheap. His salary promptly negated any savings from firing the sales associate.
The irony, of course, is delicious. Barry, in his quest to cut costs, ended up spending more than he was before. CBD Emporium, sadly, closed its doors last week. I hear Tiny is looking for a new job.
So, what's the moral of the story, folks?
Sometimes, "saving money" isn't just about cutting corners. It's about understanding your business, your customers, and the delicate balance between efficiency and service. In the post-THCA world, we need to be smarter, not just cheaper. And maybe, just maybe, keep a human touch in our businesses.
After all, a friendly face and some expert advice can be more valuable than any self-checkout machine.
Stay tuned for more tales from the trenches. And remember, sometimes the best business strategy is simply good old-fashioned common sense.
Note: While this story is based on actual events, certain characters, characterizations, incidents, locations and dialogue were fictionalized or invented for purposes of dramatization.
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Events Calendar
Vape South America: Powered by The Alternative Products Expo (Get tickets)
🏡 Venue: Plaza Mayor
📍 Location: Cra. 57 # 41-81, La Candelaria, Medellín, Antioquia, Colombia
📅 Date: Mar 1st - 2nd, 2025
⏰ Hours: Weekend long event
🗒️ Description: “Our event is THE ONLY platform connecting your brand and products into North and South American buyers and distributors. A one-of-a-kind business networking event featuring all the innovative products and services that are disrupting traditional markets.”