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Under the Microscope with Jenny

Jenny Germano

I am your host, Jenny Germano - the founder of ICS Consulting. With over 17 years of hands-on experience in the regulated cannabis Industry, I spent 6 years operating vertically integrated licensed facilities in Colorado and the last 11 years consulting nationally across the U.S.

This podcast is dedicated to new and existing cannabis operators and those looking to launch a licensed cannabis business in one state or across multiple. Expect candid conversations on compliance, market-specific insights, startup pitfalls, operational strategies, and tips to manage the overwhelm that comes with launching and scaling in this complex industry.

Join Jenny Germano every Wednesday at 12pm EST in navigating cannabis compliance and launching successful regulated cannabis operations. Whether you’re just entering the industry or scaling up, this is your go-to resource for real talk, real truths, expert insights, and actionable strategies. I've got a great line up of interviews, expert breakdowns and host insights.

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Avg 57 min
English

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S2 · E75
Yesterday · 58 min
Ep. 75: Cannabis Operators Series & Fireside Chat with Fadi Boumitri CEO of Ascension
🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano continues the Cannabis Operator Series with Fadi Boumitri, CEO of Ascension in Ohio, to explore the realities of building and scaling a cannabis business. Fadi shares his path into the cannabis industry and his experience navigating Ohio's competitive licensing process, including real estate challenges, strict application deadlines, and the pressure of getting licensed and operational. Jenny and Fadi discuss building Ascension's cultivation operation, pivoting from a processing-focused model to craft flower, sourcing genetics, facility design, cultivation strategy, and a $16 million expansion. They also examine the lessons learned from building a cannabis facility under aggressive timelines and evolving supply-chain conditions. The conversation covers dispensary site selection, fundraising, processing, pricing strategy, and the realities of competing in Ohio's cannabis market. Fadi also shares his experience navigating Ohio compliance requirements, changing rules, inspections, DEA registration, and the challenges of operating as federal and state requirements continue to evolve. Jenny and Fadi discuss market dynamics, consumer safety, and cross-border enforcement. Fadi also shares lessons for cannabis operators on building correctly, starting small, managing growth, and balancing the business and operational sides of the industry. This episode delivers practical insight for cannabis operators navigating licensing, compliance, cultivation, expansion, dispensary operations, and scaling a regulated cannabis business. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Fadi Boumitri, CEO, Ascension BioMedical LLC 🌎𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://ascensioncann.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:12 Fadi Boumitri Introduction 03:20 Ohio Cannabis License Application 06:47 Racing to Get Operational 10:55 Facility Pivot & Expansion 12:49 Genetics & Cultivation Strategy 13:58 Cannabis Facility Design Mistakes & Lessons 17:55 Craft Cannabis Vision 20:37 Dispensary Launch & Site Selection 23:34 Funding, Processing & Pricing 28:58 Dispensary Pricing Strategy 30:16 Drive-Through Convenience 31:25 Ohio Cannabis Compliance Learning Curve 35:25 Rule Changes & Inspections 39:12 DEA Registration Reality 44:34 Ohio Cannabis Market Surprises 46:50 Ohio Hemp Ban & Consumer Safety 49:54 Cross-Border Enforcement 53:44 Industry Advice & Wrap-Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E74
September 30 · 56 min
Ep. 74: Cannabis Rescheduling & 280E: Does It Really Mean Tax Relief?
🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano sits down with Rachel Gillette, Partner, Cannabis Industry Group at Holland & Hart, to discuss whether federal cannabis rescheduling really means tax relief for cannabis operators. Rachel explains the April 2026 federal action placing qualifying state-licensed medical marijuana in Schedule III and how that differs from the broader proposal to reschedule marijuana. She breaks down 280E and how Schedule III treatment can affect the deduction of ordinary business expenses for qualifying medical cannabis operations. The conversation covers questions surrounding retrospective 280E relief, expense apportionment for co-located medical and adult-use operations, IRS audits, refund claims, and the New Mexico Top Organics/Ultra Health case. They also discuss an IRS action involving TerrAscend and what operators should understand before assuming rescheduling automatically eliminates their tax exposure. Jenny and Rachel discuss DEA registration, evolving federal compliance expectations, inspections, and the potential compliance costs. The episode also explores the uncertainty surrounding adult-use cannabis, interstate commerce, international treaty requirements, and how operators can begin preparing for changing federal expectations. This episode delivers practical insight for cannabis operators, business owners navigating cannabis rescheduling, 280E, DEA registration, federal compliance, tax planning, and the evolving relationship between state-licensed cannabis businesses and federal regulation. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Rachel Gillette, Partner, Cannabis Industry Group at Holland & Hart LLP 🌎𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://www.hollandhart.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 00:40 Rachel Gillette Introduction 04:18 Rescheduling Explained 07:30 Ultra Health Test Case 11:34 How 280E Works 16:18 DEA Registration Basics 22:18 Compliance Costs and Risks 25:23 Unknowns & Future Shifts 29:01 Preparing for Inspections 31:51 280E Retroactive Relief 33:10 State vs Federal Compliance 37:01 Planning for Tax Relief 38:13 Refund Claims & Audits 41:31 Why 280E Fuels Black Market 44:33 Rescheduling Confusion 50:22 Common Misconceptions 55:04 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E73
September 23 · 58 min
Ep. 73: 7 Training Gaps Putting Cannabis Dispensaries at Compliance Risk
🎙️In this episode of Under The Microscope with Jenny, host and ICS Consulting founder Jenny Germano breaks down seven common training gaps that can put cannabis dispensaries at compliance risk and provides practical strategies for strengthening employee training and competency. Jenny explains why employees are the ones executing compliance every day and why training must be treated as a system, not simply a signed policy acknowledgment or completed video. She breaks down a training framework built around policy, training, demonstration, supervision, documentation, and retraining. The conversation examines seven common training gaps, including compliance-first onboarding, diversion and loss prevention, de-escalation and security awareness, seed-to-sale errors, training documentation, and a structured 90-day ramp to competency. Jenny also discusses the importance of hands-on competency, ongoing training, reconciliation, root-cause analysis, and documenting employee training. She explains why dispensaries need to identify and address training gaps before they contribute to an inspection issue, compliance violation, inventory discrepancy, or other operational incident.This episode delivers practical insight for cannabis dispensary owners, managers, and compliance professionals looking to strengthen employee training, reduce compliance risk, and build more consistent operations. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:25 Why Cannabis Dispensary Training Matters 03:04 Employees Drive Compliance 05:04 Building an Effective Training System 07:01 Compliance-First Onboarding 16:43 Medical Claims & Customer Communication 26:03 Diversion & Loss Prevention 29:58 Spotting Diversion Risks 30:16 De-Escalation & Security Awareness 33:43 Practice, Not Paperwork 36:10 Seed-to-Sale Mistakes 45:53 Reconciliation & Root Causes 47:41 Training Documentation 50:44 90-day Ramp to Competency 54:03 Final Thoughts & Wrap-Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E72
September 16 · 59 min
Ep. 72: DEA Inspections & What Cannabis Operators Can Learn from Mississippi
🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano sits down with Henry Crisler, Executive Director of the Mississippi Medical Marijuana Association to discuss Mississippi's medical cannabis program, DEA inspections, and what cannabis operators can learn from the state's experience. The conversation examines the challenges Mississippi cannabis operators are facing as federal requirements evolve, including DEA inspections and what inspectors are looking at, such as documentation, security plans, ownership records, inventory controls, felony disqualification standards, and questions surrounding Schedule III compliance. Jenny and Henry also discuss what operators should be thinking about as federal oversight develops, including SOPs, inventory controls, documentation, ownership records, and preparing for increased federal scrutiny. They explore potential implications of international treaty requirements, DEA registration, distribution models, fees, production limits, and interstate commerce, along with questions operators are asking about the future of medical cannabis under federal rescheduling. This episode delivers practical insight for cannabis operators navigating DEA inspections, cannabis compliance, federal rescheduling, medical cannabis regulations, inventory controls, SOPs, and changing federal requirements. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Henry Crisler, Executive Director of the Mississippi Medical Marijuana Association 🌎𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://www.3mams.org ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 00:45 Henry Crisler Introduction 06:11 Mississippi Cannabis Market Snapshot 09:50 Market Saturation & Operator Pain Points 16:21 DEA Inspections Begin 21:26 Schedule III Compliance Questions 27:48 What DEA Looks For 29:07 DEA Security Plan Scrutiny 30:19 Felony Lookback Requirements 34:54 Will DEA Rewrite Cannabis Rules? 37:06 UN Treaty & Cannabis Distribution 39:58 Why Register With DEA? 42:25 Interstate Cannabis Commerce Questions 45:09 October Deadline Reality 47:36 Pharmaceutical Framework 50:36 Cannabis Operator Tips 55:18 Compliance & Market Consolidation 56:40 3MA Resources and Wrap-Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E71
September 9 · 59 min
Ep. 71: Ohio Cannabis - How the Market Has Evolved and Where It’s Going
🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano sits down with Lenny Berry, founder and CEO of the Ohio Cannabis Health & Business Summit, to explore the evolution of Ohio's cannabis market and the challenges and opportunities shaping the industry. Lenny shares his journey from more than 30 years in music, radio, and marketing into Ohio cannabis in 2017. He opened medical cannabis clinics, gaining firsthand insight into patient needs, cannabis stigma, dosing challenges, and gaps in dispensary education. Those experiences led Lenny to create an education and networking-focused cannabis summit. Jenny and Lenny discuss how the event grew from its launch in 2019 to attract more than a thousand attendees and bring together cannabis professionals from Ohio and beyond. The conversation examines Ohio cannabis regulations, the expansion of adult-use cannabis, competition, mergers and acquisitions, Michigan market pressure, social equity setbacks, and the future of Ohio's regulated cannabis market. They also discuss the role of budtenders and brand ambassadors, responsible consumption education, ancillary cannabis businesses, and why education and community remain important as the market evolves. This episode delivers practical insight into Ohio cannabis, cannabis business opportunities, market evolution, regulations, M&A, education, and building stronger industry connections. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Lenny Berry, Founder and CEO of the Ohio Cannabis Health & Business Summit 🌎𝗟𝗲𝗻𝗻𝘆 𝗕𝗲𝗿𝗿𝘆 𝗟𝗜: https://www.linkedin.com/in/lenny-berry-7959176 🌎𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://ochbs.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 00:45 Lenny Berry Introduction 01:11 From Music to Cannabis 03:16 Starting a Cannabis Recommendation Clinic 05:08 Lessons From Cannabis Patients 08:55 Cannabis Stigma & Family 13:02 Creating the Ohio Cannabis Summit 16:49 Growing the Cannabis Business Event 23:10 Building Cannabis Industry Community 25:18 Ohio Cannabis Market Realities 27:51 Cannabis Ancillary Opportunities 29:19 Ohio Cannabis Social Equity Setbacks 30:13 The Future of Ohio Cannabis Regulations 31:44 Challenges Facing Cannabis Operators 33:14 Cannabis M&A & Market Shakeup 34:00 Michigan Border Ban 35:58 Medical vs. Adult-Use Cannabis 43:08 Budtenders on the Front Line 46:29 What Makes Cannabis Conferences Valuable 54:26 Cannabis Networking Tips 58:04 Ohio Cannabis Summit Dates & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E70
September 2 · 1 hr
Ep. 70: Cannabis Operator Series with Matt Kennicott of High Maintenance
🎙️In this episode of Under The Microscope with Jenny, host Jenny Germano sits down with Matt Kennicott, co-owner of High Maintenance and Executive Director and Co-Founder of the Cannabis Association of New Mexico, to explore the realities of operating a cannabis business in New Mexico. Matt shares his political, legislative, and public relations background, including his involvement in writing portions of New Mexico's Cannabis Regulation Act and his experience working with cannabis licensing and compliance. Matt shares High Maintenance's micro outdoor cultivation, living-soil model along with manufacturing and the challenges of building a cannabis business in a developing market. The conversation examines licensing and operational hurdles, including municipal and state coordination, water rights, regulator turnover, and compliance requirements. Matt explains track-and-trace challenges affecting New Mexico cannabis operators, including the transition between systems, regulatory uncertainty, testing backlogs, cash-flow concerns, and increased operating costs. Jenny and Matt discuss why the Cannabis Association of New Mexico was formed, advocacy for cannabis operators, town halls, lobbying, and efforts to address issues affecting micro farms and independent cannabis businesses. They also explore market consolidation, price compression, independent brands, testing challenges, and DEA site visits. This episode delivers practical insight for cannabis operators navigating licensing, compliance, track-and-trace, cultivation challenges, and changing regulations. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Matt Kennicott - co-owner of High Maintenance and Executive Director and Co-Founder of the Cannabis Association of New Mexico 🌎Matt Kennicott: https://www.linkedin.com/in/mkennicott31 🌎𝗪𝗲𝗯𝘀𝗶𝘁𝗲: Cannabis Association of New Mexico https://nmcannabis.org ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:21 Matt Kennicott Introduction 03:08 Starting a Cannabis Farm 06:28 High Desert Water Challenges 07:36 Cannabis Products & Pre-Rolls 08:27 New Mexico Cannabis Licensing Roadblocks 15:11 New Mexico Track-and-Trace Crisis 20:49 Bootstrapping the Business 22:05 Launching the Cannabis Association 25:53 Operator Advocacy & Town Halls 28:38 Lobbying for Cannabis Operators 29:51 Regulators vs. Day-to-Day Operations Reality 34:02 New Mexico Market Consolidation & M&A 36:17 Independent Brands & Market Opportunities 37:37 Lessons for Cannabis Operators 41:57 Cannabis Price Compression & Rebound 51:28 Modernizing the Cannabis Industry 56:02 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E69
August 26 · 58 min
Ep. 69: Cannabis Operators: Stop Guessing & Start Using Your Data
🎙️ In this episode of Under The Microscope with Jenny, host Jenny Germano sits down with Tyler Works, Chief Growth Officer of Canna Spyglass and Colorado Chair of the Cannabis Chamber of Commerce, to explore how cannabis operators can better use the data they already collect. Cannabis businesses generate enormous amounts of data, but many operators struggle to turn that information into useful business decisions. Tyler explains how low data literacy, staffing challenges, software costs, and relying on a single data source can prevent operators from seeing the full picture. Jenny and Tyler discuss how operators can use data to improve inventory decisions, understand sell-through, align production with sales, identify market opportunities, and make more informed operational decisions. The conversation also explores how AI, POS integrations, and MCPs can help operators interpret multiple data sources, identify market white space, understand customer and demographic trends, target the right stores, and reduce errors. Tyler also explains why AI still requires context, oversight, and good underlying data to produce useful results. The conversation examines cannabis market maturity, consolidation, sustainable growth, small brand strategy, and the importance of understanding where a product fits within a specific market. This episode delivers practical insight for cannabis operators looking to use data and AI more effectively, improve decision-making, strengthen operations, and build sustainable cannabis businesses. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Tyler Works, Chief Growth Officer of Canna Spyglass & Colorado Chair of the Cannabis Chamber of Commerce. 🌎𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://cannaspyglass.com 🌎𝗖𝗮𝗻𝗻𝗮𝗯𝗶𝘀 𝗖𝗵𝗮𝗺𝗯𝗲𝗿 𝗼𝗳 𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗲: https://www.thecannabischamber.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 00:51 Tyler Works Introduction 02:33 Do Cannabis Operators Use Data? 04:19 Common Cannabis Data Mistakes 08:04 Cannabis Software Costs 10:14 Why Data Sources Aren't Always the Truth 12:18 How AI Makes Cannabis Data Actionable 19:20 Why AI Needs Context 25:05 Finding Your Cannabis Market 28:06 Where AI Gets Its Data 33:20 Data for Cannabis Grows & Manufacturers 37:34 Mature Cannabis Market Reality 42:22 Cannabis Consolidation & Acquisitions 44:26 Sustainable Small Cannabis Brands 48:35 Three Priorities for Cannabis Operators 56:29 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E68
August 19 · 59 min
Ep. 68: Cannabis M&A: Different Markets, Different Opportunities
🎙️ In this episode of Under The Microscope with Jenny, host Jenny Germano sits down with Ellis Smith, CEO of Greensmith Consulting, to explore cannabis mergers and acquisitions and what it takes to build a business that is prepared for a future exit. Ellis shares his experience moving from legacy cultivation into regulated Colorado cannabis operations, global cultivation design, and the sale of American Cannabis Company before launching Greensmith Consulting. Jenny and Ellis discuss the forces shaping cannabis M&A, including regulatory change, rescheduling uncertainty, market consolidation, price compression, and the differences between emerging limited-license markets and mature markets such as Colorado. The conversation goes beyond valuation to examine what buyers actually look for during due diligence, including clean financials, EBITDA, SOPs, compliance systems, tax hygiene, operational documentation, inventory controls, and organized business records. They also discuss letters of intent, deal structures, cash versus stock, debt relief, licensing assets, property considerations, and why cannabis M&A transactions can fail when operators lack transparency or organized records. This episode delivers practical insight for cannabis business owners and operators who want to understand cannabis M&A, improve business valuation, prepare for due diligence, and build a more scalable and sellable cannabis operation. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Ellis Smith, CEO of Greensmith Consulting 🌎 𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://greensmithconsulting.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:07 Ellis Smith Introduction 07:06 Why Cannabis M&A Is Surging 09:54 How Cannabis M&A Deals Differ 10:56 Exit Planning & Systems 12:16 Emerging Markets 15:28 Mature Markets 17:17 Colorado Lessons for Operators 24:16 Build to Sell From Day One 29:20 What Buyers Evaluate First 31:56 SOPs, Cannabis Compliance & EBITDA 34:02 Fixer Upper vs Turnkey 35:43 Valuation: Who Sets the Tone? 36:40 Cannabis License Assets & EBITDA 40:22 Due Diligence After the LOI 43:38 Deal Structures: Cash vs Stock 45:24 Why Cannabis M&A Deals Fail 50:53 Misconceptions & Emotional Value 57:09 Build to Sell: Systems First 57:52 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E67
August 12 · 48 min
Ep. 67: The Real Cost of Seed-to-Sale Errors & How Small Tracking Mistakes Destroy Cannabis Margins
🎙In this episode of Under the Microscope with Jenny, host Jenny Germano breaks down the real financial impact of seed-to-sale tracking errors and why small discrepancies can quickly become a major drain on cannabis business margins. Jenny explains how inventory adjustments, POS and integration issues, physical count variances, and accounting mismatches can create hidden costs through additional labor, investigations, corrections, and operational disruption. She introduces the “2% problem” and explains how seemingly small inventory discrepancies can reveal larger process failures and lost revenue. The episode also explores the margin trap created by frequent discrepancies, training gaps, data entry burnout, and the importance of tracking discrepancy correction hours as a business KPI. Jenny discusses daily reconciliation, frequent physical counts, workflow improvements, accountability, and using CAPA to identify and correct the root causes of recurring errors. This episode delivers practical insight for cannabis operators looking to reduce inventory errors, recover lost margins, strengthen compliance, and build more efficient seed to sale processes. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:01 Compliance Meets Profit 04:54 The 2% Variance Problem 06:54 Margin Trap & Inventory Theft 09:14 Discrepancy & Seed-to-Sale 14:06 Hidden Labor Drain 18:41 Data Entry Burnout & Training Gaps 25:59 CAPA & Solving Problems 30:13 Accounting Gap & API Integrations 34:02 AI Discrepancy Detection & KPI Shift 38:41 Margin Recovery 44:15 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E66
August 5 · 55 min
Ep. 66: What Medical Cannabis Operators Need to Know & How to Prepare for DEA Readiness
🎙In this episode of Under the Microscope with Jenny, host Jenny Germano sits down with Alex Hearding, Founder of Red Wolf Risk, to discuss DEA readiness as the first wave of inspections takes place at registered medical cannabis operations. Jenny and Alex break down the current rescheduling landscape and why operators should be preparing now rather than waiting for federal requirements to become finalized. They discuss the DEA registration portal, early inspection activity, and the compliance areas operators should be strengthening, including inventory control, reconciliation, security, document control, supplier qualification, and regulator communications. They review an inspection readiness checklist and practical preparation for initial DEA inspections, including building a DEA compliance file, organizing corporate and facility records, mapping product flow, and conducting mock inspections. The conversation also explores how QMS, GMP, and GACP can help create a stronger compliance foundation as the industry prepares for increased federal oversight and potential future opportunities in the regulated market. This episode delivers practical insight for medical cannabis operators preparing for their initial DEA inspection and looking to build inspection-ready systems that can support future growth and regulatory opportunities. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Alex Hearding, Founder of Red Wolf Risk 🌎 𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://redwolfrisk.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 00:53 Alex Hearding Intro 02:09 Rescheduling Status Update 07:44 DEA Is Already Here 09:03 What DEA Registration Means 12:27 Compliance Priorities & Inventory 16:54 Supply Chain & Closed Systems 20:30 QMS GMP & GACP Standards 24:35 DEA Inspection Readiness Checklist 27:55 Building a DEA Compliance File 28:16 Master Document Index 32:21 Corporate Ownership Files 33:02 Facility Access Controls 33:43 Product Flow Mapping 37:10 Inventory Reconciliation 38:05 Security & Staff Training 41:32 Mock DEA Walkthrough 44:59 Day of Inspection Playbook 49:33 Post Visit Gap Corrections 53:19 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E65
July 29 · 55 min
Ep. 65: Practical Strategies For Running a Smarter Cannabis Business
🎙In this episode of Under the Microscope with Jenny, host Jenny Germano sits down with Gail Rand, CPA and Founder of Grand Consulting, to discuss what it takes to run a smarter, more financially disciplined cannabis business. Gail shares her journey from cannabis advocacy and launching the first licensed medical cannabis cultivation operation in Maryland to helping operators better understand their finances, cash flow, and true costs. Jenny and Gail break down common financial mistakes, including failing to document agreements, underestimating costs by SKU, and overlooking the impact of 280E taxes, thin margins, slow inventory turns, and high professional fees. They discuss practical strategies for improving cash flow, including cash forecasting, inventory discipline, monitoring retail and wholesale accounts and identifying hidden costs and operational inefficiencies. The conversation also explores what investors look for during due diligence processes, including accurate reporting, realistic financial forecasts, transparency, manageable debt, and tax exposure. This episode delivers practical insight for cannabis operators looking to improve financial performance, strengthen internal systems, and build a business that is better prepared for investors, regulatory changes, and long-term growth. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Gail Rand, CPA & Founder of Grand Consulting 🌎 𝗟𝗜: https://www.linkedin.com/in/gailrand ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 00:41 Gail Rand Introduction 01:12 Cannabis Advocacy Journey 06:44 Top Money Mistakes 08:05 Cash Flow Basics 09:35 Forecasting Cash 10:44 Warning Signs & Red Flags 14:48 Boost Cash Without Sales 19:05 Profitability & Hidden Costs 21:56 Efficiency Matters 27:56 Wasted Money Areas 30:16 Tech Stack & Data 32:56 Compliance Reality Check 34:25 First Mover Challenges 35:01 Gross Margin Benchmarks 37:01 When to Hire CFO 38:33 Fractional Systems Setup 40:24 Investor Due Diligence 42:38 Deal Breakers for Investors 45:11 Rescheduling 53:02 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E64
July 22 · 53 min
Ep. 64: Cannabis Waste & The Hidden Compliance Risk Costing Operators Time & Money
🎙In this episode of Under the Microscope with Jenny, host Jenny Germano sits down with Annie Macheca, COO and Co-Founder of Monarch Waste Company in Missouri. Annie shares her journey from sustainable agriculture into the cannabis industry and building a specialized cannabis waste destruction company. Jenny and Annie break down common cannabis waste compliance mistakes, including improper waste destruction, mixing requirements, camera placement, recordkeeping, and transporting waste. They also discuss the challenges of handling vape pens, lithium batteries, hazardous waste, and butane laden manufacturing waste safely and compliantly. The conversation explores waste management by license type, emergency destruction and recalls, diversion risks, and how outsourcing waste disposal can help operators improve efficiency and reduce compliance risk. Annie also shares Monarch's sustainability efforts, including a vape pen take-back program they launched in the state. This episode delivers practical insight for cannabis operators looking to strengthen their waste management practices, protect their operations, improve compliance, and safely handle one of the industry's most overlooked operational risks. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Annie Macheca, COO and Co Founder of Monarch Waste Company 🌎 𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://www.monarchwaste.co ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:14 Annie Macheca Introduction 04:00 Pivoting & Plan B 07:53 Why Cannabis Waste Is Special 10:09 Common Compliance Mistakes 13:55 Shredding Liquids & Recycling 15:29 Camera Angles & Compliance 17:53 Manifests & Waste Tracking 20:03 Hazardous & Universal Waste 22:35 Butane Waste Safety Solutions 25:16 Diversion & Dumpster Break Ins 28:17 Waste by License Type 28:54 Waste Streams Breakdown 30:25 Emergency Disposal Recalls 32:08 State Oversight & Waste 32:59 Outsourcing Efficiency Costs 35:57 Vape Pen Take Back Program 46:15 Police Evidence Destruction 48:04 Top Compliance Tips 50:41 Weirdest Waste Items 52:02 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E63
July 15 · 57 min
Ep. 63: Building a Cannabis Brand Customers Can Trust
🎙In this episode of Under the Microscope with Jenny, host Jenny Germano sits down with Nicole Kennebeck, Marketing Director at Michigan-based cannabis processor and manufacturer Lion Labs. Nicole began her career in Colorado's emerging medical cannabis market, giving her firsthand experience with the industry's rapid growth, evolving regulations, and changing consumer landscape. Drawing on that experience and her transition into cannabis brand marketing, Nicole explains why successful brands are built on authenticity, consistency, and understanding the customer, not simply competing on THC percentages or price. Together, Jenny and Nicole discuss how operators can create meaningful customer experiences that build long-term loyalty. They also cover common branding mistakes, deciding when to launch a new brand, maintaining consistency across multiple markets, and why budtenders remain one of the most valuable marketing investments for cannabis companies. The conversation explores today's most effective marketing strategies, including email and SMS campaigns, experiential marketing, micro-influencers, and maintaining your brand's authentic voice. They also discuss how compliance, product consistency, and transparency play a critical role in building consumer confidence and protecting brand reputation. This episode delivers practical insight for cannabis operators looking to strengthen their brand, connect with consumers, and stand out in an increasingly competitive market. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Nicole Kennebeck, Marketing Director at Lion Labs 🌎 𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://lionlabsmi.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 00:49 Nicole Kennebeck Introduction 01:28 Early Industry Days 03:58 Facility Badges & Barriers 05:29 Community Roots 07:47 What Makes a Brand 10:25 Listening to Consumers 13:02 Beyond THC & Price 14:56 Handling Price Compression 18:27 Hemp vs THC Silos 20:57 Marketing Limits & Storytelling 26:38 Biggest Branding Mistakes 27:47 Low Dose Branding 28:42 Consistency Across States 32:44 Budtenders & Hoddie Economics 34:50 Measuring Brand Strength 35:52 Recalls & Reputational Risk 40:36 Marketing That Still Works 45:19 AI vs Human Voice 53:32 Compliance Builds Loyalty 55:28 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E62
July 8 · 58 min
Ep. 62: Building a Compliance Culture That Increases the Value of Your Cannabis Business
🎙In this episode of Under the Microscope with Jenny, host Jenny Germano explains why building a compliance-first culture is one of the most valuable investments a cannabis business can make. Drawing on her experience in cannabis operations since 2009 and consulting operators nationwide, Jenny discusses why compliance has evolved beyond simply passing inspections. Today, it serves as a competitive advantage that strengthens operations, reduces risk, builds investor confidence, and increases business value. She shares practical strategies for embedding compliance into daily operations through documentation, employee training, inventory reconciliation, internal audits, corrective actions, and compliance accountability. Jenny also explains what potential buyers and investors look for during due diligence and why organized records, well-managed compliance systems, and preparation for federal standards can significantly impact business valuation. The episode also explores how technology and Quality Management Systems (QMS) can improve traceability while preparing operators for future federal regulations, GMP standards, OSHA requirements, and the modernization of the cannabis industry. This episode delivers practical insight for cannabis operators looking to build stronger businesses, reduce their circle of risk, and position themselves for long-term growth. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:51 Compliance is an Advantage 03:47 Beyond Inspections 05:46 Reputational Risk 08:23 Operational Discipline 16:45 Proving Compliance 19:46 Modernization of the Cannabis Industry 22:44 Why Due Diligence Matters 28:31 Daily Inspection Readiness 29:09 Building Compliance Culture 31:11 Accountability and Logs 33:27 Training and Refreshers 37:25 Tech Stack to Reduce Risk 41:34 Investor or Buyer Lens 48:24 Preparing for Federal Standards 52:30 Industry Shift and Trust 55:40 Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E61
June 24 · 59 min
Ep. 61: Cannabis Operator Series | Fireside Chat with Jarell Wall of Gentleman Quinns
🎙In this episode of Under the Microscope with Jenny, host Jenny Germano continues the Cannabis Operator Series with Jarell Wall, CEO and Creative Director of Gentleman Quinns, a Retail Product Manufacturer in Denver, Colorado. Jarell shares his journey from television production in Atlanta and Colorado into cannabis, ultimately co-founding Gentleman Quinns with former dispensary coworkers. He discusses building the brand from the ground up, securing investment, and navigating a challenging licensing process that included zoning issues, consultant missteps, regulatory delays, and costly setbacks before the team ultimately took control of the process themselves. Jenny and Jarell explore the realities of building a cannabis brand in a mature market, including wholesale sales challenges, market expansion beyond Denver, price compression, and the importance of maintaining quality in an increasingly competitive environment. They dive into how the company continues to differentiate itself through hand-rolled products, premium packaging, and a craft-focused approach. The conversation also covers supply chain challenges, testing requirements, advocacy efforts with regulators, banking limitations, capital constraints, and the future of cannabis as operators prepare for potential rescheduling and interstate commerce. This episode delivers practical insight for cannabis operators on licensing, branding, product differentiation, and building a sustainable cannabis business in a rapidly evolving market. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Jarell Wall, CEO and Creative Director of Gentleman Quinns 🌎 𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://www.gentlemanquinns.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 00:39 Jarell Wall Intro 01:33 From TV to Cannabis 02:39 Employee Owned 03:42 Licensing Reality Check 07:16 Zoning & Inspections 08:33 Beyond the Fantasy of Cannabis 23:23 Early Sales & Gatekeepers 26:42 Finding the Right Markets 28:51 Holding The Price Line & Quality 30:32 Craft Over Convenience 31:55 Sourcing & Testing Reality 33:23 Supply Chain & Relationship Building 35:28 Work Groups & Advocacy 49:01 Interstate Commerce Possibilities 50:56 Lessons Learned & Capital 56:01 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E60
June 17 · 54 min
Ep. 60: Cannabis Operator Series | Fireside Chat with Tucker Holland of Entourage Cannabis
🎙In this episode of Under the Microscope with Jenny, host Jenny Germano continues the Cannabis Operator Series with Tucker Holland, Partner and CFO of Entourage Cannabis in Eugene, Oregon. Tucker shares his journey from being a high school chemistry teacher and football coach to cannabis entrepreneur, detailing how they started with a small medical caregiver grow before expanding into extraction and processing. He discusses the challenges of building and licensing a cultivation and extraction facility in the early days of Oregon's regulated market, self-funding growth, and surviving the market crash that forced many operators out of business. Jenny and Tucker explore the evolution of Oregon's cannabis industry, the company's shift from cultivation to concentrates, and the importance of maintaining a quality-first approach in an increasingly price-driven market. They also discuss the science behind the entourage effect, the limitations of traditional indica, hybrid and sativa labels, and Entourage Cannabis's development of the Entourage Effect Score using cannabinoid and terpene data to help consumers make more informed product choices. This episode delivers practical insight on extraction, product differentiation, market resilience, and building a sustainable cannabis business in a mature market. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Tucker Holland, Partner and CFO of Entourage Cannabis 🌎 𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://entouragecannabis.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 00:40 Tucker Holland Intro 01:19 From Teacher to Extractor 03:09 Starting Small in Oregon 09:41 Buildout & Fire Code Hurdles 14:54 Funding & Licensing Costs 20:21 Rebrand & Market Crash Win 24:05 Shift to Processing Focus 24:49 Sativas & Terpene Diversity 26:36 Saving Rare Terpenes 29:19 Resin vs Rosin 30:05 Consumer Learning Curve 31:31 Quality Over Price 34:07 Price Compression Fight 34:54 Holding the Line 41:09 Future Expansion Plans 43:00 Entourage Effect Score 46:27 Fixing THC Marketing 50:46 Advice for Operators 52:21 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E59
June 10 · 54 min
Ep. 59: Why Every Cannabis Operator Needs an Audit Program
🎙In this episode of Under the Microscope with Jenny, host Jenny Germano takes a deep dive into why every cannabis operator should have a compliance audit program and how an important tool like proactive auditing can help reduce risk, improve operations, and strengthen overall compliance. Drawing on her hands-on experience in cannabis operations since 2009 and consulting operators nationwide, Jenny breaks down what a compliance audit is, how it differs from a regulatory inspection, and why audits should be viewed as a preventative tool rather than a reaction to enforcement. She covers the different types of cannabis audits, including internal reviews and third-party assessments, and discusses key focus areas such as Metrc and inventory reconciliation, SOPs, employee training records, security systems, recordkeeping, labeling, and OSHA compliance. Jenny also explains how regular audits can identify operational gaps before they become violations, recalls, or costly fines, and why CAPA (Corrective and Preventive Action) programs are essential for addressing root causes and driving continuous improvement. This episode delivers practical guidance for cannabis operators looking to build a stronger compliance culture, reduce their circle of risk, and stay prepared for evolving regulations and enforcement trends. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 02:10 What Compliance Audits Are 04:02 Audits vs Inspections 07:17 Risk Reduction & The Benefits 09:08 Enforcement Trends & Costs 12:28 Inspections Differ by State 15:49 Why Audits Matter in Practice 19:28 What Operational Gaps Audits Reveal 22:20 Types of Cannabis Audits 26:04 Regulatory Inspections 27:29 Metrc Inventory Audits 28:27 SOPs & Material Changes 29:44 Employee Training 35:32 OSHA Safety Compliance 38:33 Recordkeeping Systems 39:30 Common Audit Findings 40:17 Audit Frequency Schedule 42:37 Build Audit Program 43:50 CAPA - Corrective and Preventive Action 46:28 Audits as a Strategy 47:34 Taking Responsibility 51:27 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S6 · E58
June 3 · 58 min
Ep. 58: Scaling Cannabis Operations Through Building Better Employee Workplaces
🎙In this episode of Under the Microscope with Jenny, host Jenny Germano sits down with Scott Newman, a business consultant at Adaptive HR and OneDigital. Scott shares his journey into the cannabis industry in 2019 after attending NECANN in Boston and becoming Adaptive HR’s first full-time employee, and scaling nationally through acquisitions by Resourcing Edge and then OneDigital. Jenny and Scott explore how strong HR processes help reduce miscommunication, improve accountability, and create a more sustainable operation. The conversation also covers workers' compensation, OSHA resources, the risks of relying on AI for HR decisions, and the growing complexity operators face as they expand across multiple locations and states. They discuss the benefits employees value most beyond pay, including healthcare, retirement plans, mental health resources, pet insurance, and financial wellness programs. They also share practical strategies for building a strong workplace culture without breaking the budget, benchmarking against competitors, and leveraging PEOs to access better employee benefits. This episode delivers practical insight for cannabis operators looking to improve employee retention, strengthen compliance, and build a workplace that supports long-term growth. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Scott Newman, a business consultant at Adaptive HR and OneDigital 🌎 𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://www.adaptivehr.net ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:21 Introduction Scott Newman 03:50 Why HR Still Matters 04:49 Early HR Must Haves 07:14 Job Clarity & Training 11:04 Don’t DIY HR with AI 14:17 Overwhelmed Operators 19:29 Workers Comp 23:39 Scaling & System Breakpoints 28:46 Expansion to New Markets 30:29 Build Strong Foundations 31:42 Benefits Beyond Pay 33:09 Healthcare & Retirement Basics 35:56 Mental Health & EAPs 37:36 Pet Perks & Pay Access 39:13 Loans & Payroll Deductions 42:44 Low Cost Culture Wins 45:50 PEOs & Leveling Up 52:50 Rescheduling & Benefits Outlook 56:06 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E57
May 27 · 56 min
Ep. 57: Cannabis Operator Series | Fireside Chat with Amanda Terpstra & Laura Trujillo of BestBüds
🎙In this episode of Under the Microscope with Jenny, host Jenny Germano continues the Cannabis Operator Series with Amanda Terpstra, CEO, and Laura Trujillo, COO and co-founders of BestBüds Dispensary, a women-owned dispensary in New Jersey. Laura shares her journey from graphic design and corporate work at Samsung to launching a community-focused cannabis retail business with Amanda, whose background includes finance, HR, wealth management, and real estate. Together, they discuss the realities of launching in New Jersey, including fundraising while applying for licenses, lobbying local officials to opt into cannabis, navigating inspections and delays, and managing the operational challenges that come with opening a regulated cannabis business. Amanda and Laura also talk about the importance of owning the property, building the right team, and creating a welcoming, educational environment centered around customer experience and community connection. The conversation also covers cannabis marketing restrictions, trademarking, social media limitations, delivery operations, and future plans for vertical integration opportunities. They also share what they are most proud of, including building an all-women team and celebrating their upcoming two-year anniversary this fall. This episode delivers practical insight for cannabis operators on launching a compliant, community-driven dispensary while building a strong brand and long-term business foundation. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Amanda Terpstra, CEO, & Laura Trujillo, COO & Co-Founders of BestBüds Dispensary 🌎 𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://bestbudsnj.com Timestamps: 01:34 Laura Trujillo Intro 03:15 Amanda Terpstra Intro 07:07 Our BestBüds Vision 10:23 The New Jersey Market 12:36 Pounding the Pavement 17:15 Fundraising & Compliance 24:45 Buildout & Inspections 26:34 Conditional Approval 30:34 Contracts & Costly Timelines 33:32 The Launch & Grand Opening 34:03 Branding, Marketing & Trademarks 37:59 Community & Education 41:09 Hiring Reset & Team Building 45:26 Customer Delivery & Future Expansion 51:33 Our Wins & Core Values 55:06 Final Thoughts & Wrap Up 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.
S2 · E56
May 20 · 59 min
Ep 56: How Cannabis Operators Are Scaling Without Selling to MSOs or Private Equity
🎙In this episode of Under the Microscope with Jenny, host Jenny Germano sits down with Darren Gleeman of MBO Ventures to discuss how cannabis founders can potentially scale and transition ownership without selling to MSOs or private equity. Darren shares his background in hedge funds and explains how ESOP-based ownership structures are being used in cannabis as operators face limited exit opportunities, scarce lending, valuation challenges, and ongoing market pressure. Jenny and Darren break down what an ESOP (Employee Stock Ownership Plan) is, how these structures work, and the potential tax and succession planning advantages they may offer certain cannabis businesses. They also discuss leadership, employee retention benefits, and how operators can potentially use these structures to preserve company culture while positioning themselves for future growth and consolidation. This episode delivers practical insight for cannabis operators exploring alternative paths to scaling, ownership transition, and long-term sustainability in today’s cannabis market. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com 🌿𝗢𝘂𝗿 𝗚𝘂𝗲𝘀𝘁: Darren Gleeman of MBO Ventures 🌎 𝗪𝗲𝗯𝘀𝗶𝘁𝗲: https://mboventures.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:09 Darren Gleeman Introduction 04:43 Cannabis Capital Crunch Setup 09:57 What is an ESOP? 11:07 ESOP Benefits, Taxes and Warrants 15:13 Why Traditional Exits Fail Today 17:45 Capital Markets & Banking Risk 22:35 Valuations & Illiquid Stock Reality 25:19 Co-Ops vs ESOPs for Employees 30:42 Receivership Limits 32:14 Valuing Declining Businesses 32:40 ESOP Fair Market Value 33:41 Buying Distressed Assets 36:08 280E After Rescheduling 38:09 DEA Registration Unknowns 42:49 Open Book Management 44:21 Who ESOPs Fit Best 50:10 Scaling Through Mergers 51:54 Private Equity Reality Check 57:36 Final Takeaways 𝗟𝗲𝗴𝗮𝗹 𝗗𝗶𝘀𝗰𝗹𝗮𝗶𝗺𝗲𝗿: The content shared on this channel - including all videos, podcasts, interviews, and discussions is provided for educational and informational purposes only. It is not intended as legal, compliance, or business consulting advice, and should not be relied upon as such. Laws and regulations surrounding cannabis and related industries vary by jurisdiction and are subject to change. Always consult with a qualified attorney or licensed professional before making decisions that could have legal or regulatory consequences for your business. Listening to or viewing this content does not create a client relationship between you and ICS Consulting, Under the Microscope with Jenny, Jenny Germano, or any of the podcast’s guests. Any opinions expressed are those of the individual speakers and do not necessarily reflect the views of ICS Consulting or its affiliates.

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