It would come as no surprise that the price of marijuana in the US can vary from state to state. As any new industry will show, prices can be high (pun intended) at first and start to decrease over time. In walks Wikileaf, founded by Dan Nelson, serial entrepreneur, who thought of the idea back in 2013. With the help of a generous developer they set the framework for Wikileaf by collecting marijuana prices and dispensary location data then allowing consumers to search based on that criteria. Essentially, Wikileaf will find the closest dispensary in your prices range. Putting that kind of power in the hands of the consumer will spark competitive pricing.
I recently did an Interview with Dan to find out more about how it all came to be.
Getting Attention
CCC: How did you get the media attention?
DAN: I emailed a writer at TechCrunch and Elite daily who agreed to do a story on my company and the day after it was published a wave of press came in. It also lead to being discovered by a company from New York who offered funding.
Funding Wikileaf
CCC: In your interview with Nextshark.com you mentioned being approached about becoming a publicly traded penny stock, can you expand a little more on why you didn't want to go in that direction? wouldn't it have helped you grow faster?
DAN: It wasn't really an official offering to go public it was more of a reverse merger which is another way to become publicly traded without resorting to an initial public offering. I would essentially merge with a company that is already being traded and part of a bigger portfolio. I wasn't interested in that.
CCC: Did you seek out investors?
DAN: Well, after I was mentioned in TechCrunch and Elite daily I was approached by a New York company who offered us funding. After that I received interest from more private investors.
“For now we are allowing dispensaries list for free which is a big deal because there are websites out there at charging $300-$400 to list their menus.”
Obstacles
CCC: What are the obstacles you are you facing currently
DAN: The biggest obstacle is advertising since it’s not allowed. Facebook and Twitter don’t allow for cannabis themed advertising so only organic growth can be done which is way too slow. Even Google ads disappear after it shows up. The second obstacle is the app store which doesn't allow for dispensary pricing to be displayed so instead apps will direct clients to their main site and deteriorates the user experience.
Monetizing
CCC: How are you going to monetize?
DAN: For now we are allowing dispensaries list for free which is a big deal because there are websites out there at charging $300-$400 to list their menus. However in 2016 we will be changing our pricing model in order to monetize. We’ll soon be reaching 3000 visits a day which is more incentive for dispensaries to sign up before year end.
“Marijuana prices will absolutely go down.”
Perspective and Outlook
CCC: What would you have done differently if you had to do it all over again.
DAN: I wouldn't do much differently. Maybe gather the dispensary data faster. I feel like I've made the right choices but that doesn't mean six months from now I could look back and say to myself “that was a mistake”. We are going to be adding more features to the site as it grows so there will be more choices made.
CCC: What are you views on Marijuana prices in the future
DAN: Marijuana prices will absolutely go down. Originally medical marijuana was supplied by a handful of sources at steep prices but over time more suppliers showed up and prices went down. The big obstacle now is recreational marijuana prices because they are so high and it’s only a matter of time for laws to change and more suppliers to show up.
In the next few years we'll see the dominoes fall and states start to relax their laws leading up to federal legalization of marijuana. One thing is for sure, Dan is not waiting around to add more features to his arsenal he's already got a head start and is prepared for when the light turns green.
Website: http:/www.wikileaf.com
Contact: http://www.wikileaf.com/contact-us/
DISCLAIMER: The professionals and companies described are not associated or affiliated with Cash Cow Cannabis, and they may not endorse Cash Cow Cannabis or the information provided. The names of other companies, products and services are the property of their respective owners.
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