Navigating CannaTech – MJstack's Innovative Approach
- Jun 13, 2024
- 4 min read
Written by Tristen Giles, Business Consultant
Creating impactful relationships between businesses and their ideal customers utilizing modern technology.
Dive into the world of MJstack, where cutting-edge solutions meet the complexity of the cannabis industry. See how their pioneering, vendor-agnostic approach is transforming challenges into opportunities for growth in a market that never stands still.
The future is green
As more states join the "green" wave, the U.S. cannabis industry continues to flourish, moving beyond its initial boom into a phase of steady and substantial growth. Amidst this dynamic expansion, MJstack, founded by Brian Mayfield and Adam Benko, stands out as an essential guide for those stepping into the cannabis arena.
With backgrounds in enterprise technology and cannabis start-ups, Mayfield and Benko have tailored their company to address the complex cannabis industry ecosystem where traditional tech solutions often fall short. MJstack specializes in providing tailored tech solutions that ensure compliance and operational efficiency for cannabis businesses, navigating the intricacies inherent to the industry's recent growth.
The roots of innovation at MJstack
"Adam and I saw a gap in the market where businesses were overwhelmed by choices and underwhelmed by information and the often biased, sales-oriented sources it is coming from," co-founder Brian Mayfield reflects on the inception of their company. The combination of his and Adam’s backgrounds in cannabis and enterprise technology uniquely positioned them to fill this gap with a service that ensures technological fits are not only functional but optimally aligned with each client's needs. "In an industry powered by start-up technology, there is no such thing as 'one size fits all," Mayfield adds.
Challenges in the cannabis tech landscape
Navigating the CannaTech landscape is fraught with challenges, particularly due to the industry's highly regulated and ever-changing nature. "Every state has its own rules, which complicates everything from sales to inventory management, and creates major development challenges and pressure for these tech companies who have to incorporate all of this into their offerings state-by-state," explains Mayfield. This complexity makes choosing the right technology more critical than in less regulated industries.
Mayfield notes, "Often, companies can make costly mistakes by locking into long-term agreements with unsuitable tech, only fully understanding the requirements or limitations once it's too late and too difficult to swap out. Due to the start-up nature of our industry, there are no true all-in-one solutions, so operators are having to manage multiple different tech vendors who are all filling a role in their greater 'technology stack'. This means operators are relying heavily on these solutions integrating into one another, making getting things right out of the gates even more important." MJstack's role is crucial in demystifying these complexities, providing clarity and strategic guidance, and helping clients avoid these potentially expensive pitfalls.
MJstack’s role and services
MJstack employs a vendor-agnostic approach, thoroughly evaluating technologies to ensure they meet their clients' specific requirements. "We don't just connect you with tech; we ensure it's the right tech for your journey," emphasizes Mayfield, “We also have the largest managed partner network in the cannabis solutions space, as we take a 'we'll partner with anyone' stance to ensure we are considering all potential avenues for our clients when making recommendations.” This involves detailed assessments of the client's business goals, growth plans, state specific requirements, integrations, and more, ensuring seamless integration and scalability.
Moreover, MJstack offers these consulting services free of charge. "We kind of slotted right in there and tried to create as much of a win-win-win scenario–between the operator, the tech vendor, and MJ Stack–as we could. And that's what we've done," Mayfield explains, highlighting the company's client-centric approach which allows operators to benefit from expert guidance without the financial burden, supporting their success from the outset.
A notable example of MJ Stack’s impact is when they assisted a client who was initially quoted $140,000 for a security system. "A lot of our clients don’t know to ask or bargain. They just go, ‘Oh, well, that’s the price. Bummer,’" says Mayfield. With MJstack's guidance, they were able to secure the necessary equipment and installation for less than half that cost, demonstrating the significant financial savings and operational efficiencies their consulting can achieve. “We've been doing this for a long time,” confides Mayfield, “We live in this world of cannabis technology. We know what things cost, we know the "wiggle room" on contracts, and we love going to bat for our clients, who want to minimize overhead as much as possible as they get started.”
Industry perspectives and insight
“The tech landscape in cannabis changes seemingly every day with a lot of acquisitions, new product offerings from existing companies, a slowdown in investment, and an emphasis on sales over development,” Mayfield observes, “Our clients got into cannabis to provide legal, safe alternatives for their clients, not to keep up with the cannabis tech scene, and to decipher endless sales calls. Leave that to us.” MJstack stays at the forefront of these trends, providing insights that prepare their clients for future developments and ensuring they leverage the best available technologies.
MJstack has become an indispensable resource in the cannabis industry, offering more than just technological solutions. They provide a roadmap for navigating the complex landscape of cannabis technology, with a commitment to transparency, efficiency, and client success that sets them apart as true partners in their clients’ journeys.
To explore how MJstack can transform your approach to cannabis technology, visit here.
Ready to schedule your free consultation? Book here.
Tristen Giles, Business Consultant
Creating impactful relationships between businesses and their ideal customers utilizing modern technology.
