How 2 Engineers Are Dominating the Cannabis Industry l Nabis Jun and Vince

TL;DR

Two engineers transform cannabis distribution with Nabis, dominating California's market.

Transcript

You don't have to be from a particular background to solve a problem in a particular subject area. I did not grow up thinking that I was going to be building the largest cannabis distributor. I was always excited by the scale and the complexity of the problem. When you open up your comfort zone, what it is that you want to or you can work on, I thi... Read More

Key Insights

• Nabis, founded by Jun and Vince, is the world's largest cannabis wholesale platform, handling 20% of California's cannabis products.
• Jun's journey from Seoul to Harvard and then to Facebook highlights his diverse background and adaptability in tackling new challenges.
• The founding of Nabis was driven by the need to solve logistical issues in cannabis distribution, leading to the creation of a reliable delivery service.
• Nabis' growth was fueled by the legalization of cannabis in California, allowing the company to capture significant market share and raise $45 million in funding.
• The founders faced numerous challenges, including regulatory hurdles and initial investor skepticism, but persistence led to eventual success.
• Jun and Vince leveraged their engineering backgrounds to develop proprietary software that streamlined cannabis distribution, creating significant value for operators.
• Nabis' approach to controlling the physical movement of goods mirrors Amazon's strategy, ensuring reliability and efficiency in deliveries.
• The story of Nabis underscores the importance of stepping out of comfort zones to solve complex problems and make a substantial impact.

Questions & Answers

Q: What motivated Jun to enter the cannabis industry?

Jun was motivated to enter the cannabis industry after observing its legalization in California and recognizing the market's potential. Despite initial misconceptions about cannabis, he saw its ability to bring people together and provide unique experiences, prompting him to address the logistical challenges in its distribution.

Q: How did Nabis differentiate itself in the cannabis market?

Nabis differentiated itself by providing reliable and professional delivery services, solving logistical issues in cannabis distribution. By controlling the physical movement of goods and developing proprietary software, Nabis ensured timely deliveries, creating significant value for cannabis brands and retailers in California.

Q: What challenges did Nabis face in its early stages?

In its early stages, Nabis faced challenges such as regulatory hurdles, skepticism from investors, and finding trustworthy logistics partners. Despite these obstacles, Jun and Vince's persistence and innovative approach allowed them to build a successful cannabis distribution platform, eventually attracting significant funding and market share.

Q: How did Jun's background influence his entrepreneurial journey?

Jun's background, from growing up in Seoul to studying at Harvard and working at Facebook, provided him with diverse experiences and skills. His adaptability, problem-solving abilities, and willingness to step out of his comfort zone were crucial in founding Nabis and addressing the complex challenges in cannabis distribution.

Q: What role did technology play in Nabis' success?

Technology played a pivotal role in Nabis' success by enabling the development of proprietary software that streamlined cannabis distribution. This software allowed for efficient order processing and delivery, creating significant value for operators and helping Nabis capture a substantial share of the California cannabis market.

Q: How did Nabis secure funding despite initial investor skepticism?

Nabis secured funding by demonstrating significant market traction and the potential of the cannabis industry. Despite initial skepticism due to regulatory risks, Jun and Vince's persistence, innovative approach, and the support of early tech investors helped them raise $45 million, fueling Nabis' growth and success.

Q: What impact has Nabis made on the cannabis industry?

Nabis has made a significant impact on the cannabis industry by addressing logistical challenges and providing reliable distribution services. By capturing 20% of California's market and creating value for operators, Nabis has set a new standard for cannabis distribution, influencing the industry's growth and development.

Q: What future aspirations does Jun have as an entrepreneur?

As an entrepreneur, Jun aspires to be a career entrepreneur, solving complex and large problems across various industries. He views Nabis as the first chapter of his journey and is committed to continuing his entrepreneurial endeavors, leveraging his problem-solving skills and adaptability to make a substantial impact.

Summary & Key Takeaways

• Jun and Vince, engineers by training, founded Nabis, the largest cannabis distributor in California, leveraging their problem-solving skills to address logistical challenges in the industry. Their journey highlights the importance of adaptability and innovation in entrepreneurship.

• Nabis' growth was accelerated by the legalization of cannabis in California, allowing the company to capture 20% of the market. Despite initial skepticism from investors, Jun and Vince's persistence and innovative approach led to significant success and funding.

• By developing proprietary software and controlling the physical movement of goods, Nabis has created a reliable and efficient cannabis distribution system. The founders' journey emphasizes the value of stepping out of comfort zones and tackling complex problems to drive impact.