Announcer: Welcome to business life 360 with Kristi K., where we get to know thought leaders and innovators, trends and impact in the world of business and we see firsthand how business and life have evolved.

And now helping us all learn, lead and grow is our host, Kristi K.. Kristi: Welcome to Business Life 360.

I'm your host Kristi K. here in Business Life three 60.

You know, we love to explore trends and innovation at the intersection of business and life.

So on this episode, we're exploring three training in innovative industries, each in its own way has engaged and built an audience grown revenue or membership exponentially and enhanced tech driven opportunities for consumers.

Illustrative of the times we're living in, we're taking you inside the cannabis industry.

The growing world of podcasting, and a strategic and timely joint venture for the senior population.

So kick back, relax and come along with me.

This is business life.

Three 60.

(Music) Announcer: Business life 360 with Kristi K. is made possible by promedica, a locally owned, nationally recognized, not for profit health care network that has a strong commitment to clinical excellence, providing safe, high quality patient care and addressing social issues that impact health.

The John B and Lillian NF College of Business and Innovation at the University of Toledo.

Developing lifelong leaders for the world of business and by the Greater Toledo community.

Foundation, also by viewers like you.

Thank you.

Kristi: By 2025 predictions show the global market value of legal marijuana to be nearly $150 billion with consumer demand including medicinal and recreational use increasing.

Cannabis businesses continue to contribute to the U.S. economy.

Here with us to expand our knowledge on this industry is Dr. Brandon Cohen, a business professor who helped launch a new cannabis management program.

He also was involved in the operations of a cannabis farm in Michigan and is a staunch advocate for entrepreneurial opportunities in the cannabis industry.

Dr. Cohen, welcome.

Dr. Cohen: Thank you for having me, Kristi.

I appreciate the opportunity.

Kristi: Absolutely.

So we hear so much about this multibillion dollar industry but speaking for myself and perhaps for many of our viewers and listeners, I know very little about the intricacies, legalities, financing and operations of a cannabis business.

So let's dove in and get a greater understanding.

My first question for you, basics.

What is cannabis?

What is marijuana?

What is hemp?

Help us understand the difference.

Dr. Cohen: Well, that's a great place to start you because a lot of people don't know the difference and there is some confusion about it.

So cannabis is the plants that we're discussing in general, and hemp and marijuana are both.

They're both cannabis.

They're different being as classified.

And the Controlled Substances Act and the Farm Bill is that hemp is cannabis that has THC concentration of less than 0.3 grams percent THC, and the marijuana is over 3% THC.

So those are the different that's just the difference is the same plant.

One has very little THC and one has, you know, a range of THC.

Kristi: So as you're talking about this, within that realm of cannabis, describe for us THC and CBD.

Dr. Cohen: THC is considered to be a hallucinogenic.

It's Delta nine, THC or it's or THC, A or THC V or other derivatives.

CBD is a substance that's pulled from cannabis that has different properties than THC, and it doesn't technically make you high, if you will.

Kristi: So, Brandon, you're also an attorney.

The federal government has not supported the legalization of cannabis at this time yet.

Some states have, obviously.

So currently, approximately how many states have legalized medicinal marijuana and recreational marijuana?

Dr. Cohen: I'd have to check because it's constantly evolving.

But there's over 35 states right now that have legalized medical marijuana.

And I believe the most recent tally is there's at least 15 states, maybe 14 states that have legalized marijuana.

For adult use or recreational use that would be for people that are 21 and older.

So there's a conflict between the federal law and the state law, but there's a reason why it's still not being challenged at the state level by the federal authorities, because ultimately states have taken over some of this responsibility of regulating the market and they're just not fighting it.

Mm hmm.

Kristi: So stating the obvious, a lot of money has been made in the cannabis industry.

Who is using and buying cannabis, causing this to be $1,000,000,000?

Dr. Cohen: No, I wouldn't put a category I wouldn't say any category.

Is driving the numbers more so than any other age group.

But clearly, a larger population of 21 to 35 year olds is probably using marijuana as their choice of relaxation as opposed to maybe alcohol.

So the largest buyers are younger younger groups, 21 and over.

However, I think it's pretty consistent across the board.

The growth in the industry is driven by the fact that it's going from a black and gray market to a legal market.

So you're seeing all these people that were buying cannabis or marijuana at the local level.

They were buying it underground in a black market framework situation and now they're just choosing to buy it legally.

And the reason why they're choosing to buy it legally is because even though it might cost little more money, is because of testing and they know that the product is going to be safer because of the rigorous testing standards that these states have implemented in order to be in the regulated market.

Mm hmm.

Kristi: So that makes all kinds of sense.

So now let's delve into the business of cannabis.

There are farmers, there are growers cultivators, processors, manufacturers of equipment.

And that is interesting to me, some of the equipment that is used.

You and I were talking earlier about this.

They pre-rolled joints.

They diffuse THC into products like edibles.

That's some of the equipment that's out there for the manufacturers.

Also, there's dispensaries.

There's retail commoditization, of all the products.

So relative to the aforementioned emerging cannabis marketplace, there are some business schools around the country that are really taking charge of this cannabis management opportunity and implementing courses and programs.

And I know you have been really involved in our professor in one such program at the University of Toledo College of Business and Innovation.

And I'm interested in knowing more about what your goal is in this cannabis management program and what kind of students involvement and enthusiasm are you seeing?

Dr. Cohen: I think people want to understand what the cannabis market is, and I think the reason why there is a lot of growth behind people wanting to get cannabis education is because it's a huge market that's untapped.

And I think people look for opportunities, whether it's as and as a worker or someone who is looking for an interesting place to work or as an entrepreneur or people that are looking for growth, growth industries.

I think entrepreneurs would like to be in growth markets, and the cannabis industry is certainly a growth market.

You know, it's not all specifically cannabis related.

I mean, if you're a marketing firm, you're not you're you yourself as a marketing firm aren't selling cannabis, but understanding the cannabis market and how to provide marketing services to the cannabis industry, that's a significant opportunity.

So it's new avenues and verticals of growth for traditional businesses.

It's not just for cannabis growers and and dispensaries and processors.

There's a lot of ancillary businesses around it who can benefit from market because there's a lot of money being made.

Kristi: Dr. Cohen, this is a fascinating look at the cannabis management business, the university program we're offering, as well as the industry back story.

But stick around because we're going to be bringing you back at the end of the show with my Quick Hits, so to speak, about what else?

Cannabis.

We see joint ventures in many industries, from energy to government from finance to manufacturing.

But here now, health care and the commerce industry are combining forces in the unique and innovative venture and offering significant resources to the aging population.

Joining us here in the Business Life Three 60 studio is Kathleen Kruger, the CEO of a truly innovative joint venture for seniors called Triple A Health Connect, powered by pro Medica.

Excited to have you here to tell us more.

Kathleen, welcome.

Cathleen Krueger: Thanks, Kristi, for having me in today.

Kristi: Absolutely.

So tell us more about these two organizations that have come together and kind of how this came to be.

I know we've got a couple of very trusted entities that have really come together for a common goal.

Cathleen Krueger: Yes, sure.

Thanks.

You know, you talk a lot on this program regarding relationships that are developed between businesses.

And that's exactly what health connect, how is originally formed.

So the leadership of Pro Medica and a Club Alliance, which is one of the clubs underneath the Federation banner, we're talking back in 2019 about the fact that they actually had a shared purpose and that is being there in a time of need for either their members or informatics case the patient.

And from that discussion we started talking about healthy aging in America and how we look at the folks 55 and older and what are the gaps in services and products that those generations need.

And that's how it formed back in 19.

And then we came to business this year.

Kristi: Very interesting because I wouldn't have necessarily put those two entities together As you describe it, it makes all kinds of sense.

Now, you started to talk a little bit about some of those gaps as we age.

Obviously, things are not as they were when we were younger.

Resources change needs change.

Tell us more about some of the gaps that you found as you were doing this research.

Cathleen Krueger: Our target market of 55 and older really sits in the baby boomer and seniors generation.

Most of them are taking care of loved ones.

Over 60% are now found themselves in caregiver roles, but also the years from 55 to about 70.

Many people are making new decisions for the first time in their life about what they want their life to be.

They've spent their years taking care of family.

And now it's time for them to look and make some major decisions about the years ahead in order to set themselves up for a healthy, aging journey.

Kristi: It's interesting, Kathleen, to hear some of those gaps that you're finding and now you're being able to fill those with the services.

So tell us more, if you would, about some of the specifics of the services that this new member organization is going to be offering.

Cathleen Krueger: So we went right to the people who would know the best, and that is we went to the market of 55 and older and asked them what are the types of knowledge information to make decisions around health, their personal health, their finances or just enjoying life?

What are the types of products and services they were looking for us to put together in a one stop trusted environment that they could rely on to make decisions?

Kristi: How would they begin to join this member organization?

Cathleen Krueger: They have two options.

So a health connect was built not only on a robust digital platform that's available to anyone as a member We also developed a member navigation center because this segment of our population really want to talk to somebody and talk through their decision making.

So instead of a robot or a chat, we actually put live people to talk to our live members.

And so they can call us and join with a member navigator or go online and join at a health cnet.com.

Kristi: The navigator is really saying, OK., let me help you build a plan.

Is that correct?

Is that kind of how it works?

Cathleen Krueger: That's exactly it.

We have General Navigators who can answer everyday questions or go find you a solution to a problem.

Maybe you're looking for a lawn care service in your area.

Let our navigators go.

Seek that out for you and bring that back.

But in addition to that, we have specialists at the Navigation Center around Medicare, financial planning, caregiving that really can give you and take you on and further journey into those types of services that you might need.

Kristi: And now triple-A has been known in the past as a travel organization.

So help us understand, this is not about travel.

This is really a whole different kind of a an extension of that, if you will.

Cathleen Krueger: That's right.

As anyone might have, an existing travel membership continues on in all of the great benefits that that organization offers to a health connect is available to folks that are members, but also to the larger population.

That is not a triple-A member.

You're not required to have a triple-A membership to join a health connect.

Kristi: So it's a separate membership, as I say, to be able to access that navigator.

That's right.

I so want to have.

Now, you say this is a pilot program.

Has this been launched anywhere else in the country?

Cathleen Krueger: It has not been launched in the country in any other locations.

When we talk about pilot, we want to make sure that we are doing a good job of being a good market fit.

So we chose Toledo, Dayton and Cincinnati as our pilot markets because we want our members to provide feedback to us as we continue to grow into the rest of the United States.

Kristi: Terrific.

And then also, as your marketing then, are you using that database, if you will, of those triple AA members who also may want to access this?

Is that kind of a nice starting point for you there?

Cathleen Krueger: AAA is a trusted brand throughout the country.

And we certainly will bring the same level of trust to triple-A health connect as we grow.

Kristi: And that's what I really like about that.

When you see the growth potential, you have two entities who are very trusted with pro-America health and wellness.

And then you also have triple-A, who many of us have had that card in our wallets for years and years, and we get a driver's license And so I think that this is really one of those those collaborations, if you will, in Joint Ventures that is really going to make a huge difference and provide a great deal of benefit and less stress for the 55 plus population.

Cathleen Krueger: We're very excited to get to market, bring the value to our members here.

Their feedback and ask them to come to a community of like minded folks who are going through the same life journey they are.

Kristi: Thanks so much for being here today, Kathleen Kruger, and for telling us more about this fabulous joint venture.

Cathleen Krueger: Thanks for having me.

Kristi: It is greatly appreciated that your two organizations have come together not only to identify but to address the needs of those 55 plus who are truly need the assistance when it comes to their own healthy aging roadmap.

Thanks so much to Kathleen Krueger for being here and for this innovative collaboration between triple-A and for America.

If you aren't a podcast listener or podcast creator, listen up after this business five 30 60 episode, you might just become one of the two.

It's reported in the last calendar year.

Over 150 million people listened to podcasts.

The podcast industry has exploded in the last two years.

What's increasing?

Well, the amount of advertising money spent.

Audience engagement and diversity the number of listeners, the time people spend on podcasts, the number of topics, etc.. Our guest today is Phyllis Nichols, CEO and founder of Sound Advice Strategies, a podcast production company who is a wealth of information on podcasting.

Everything podcasting.

It's Phyllis Nichols.

Welcome, Phyllis, to Business Life.

36 day.

Phyllis Nichols: Oh, thank you, Kristi.

Thanks for having me.

I am delighted to be here to talk podcasting with you.

Kristi: So, Phyllis, you arrive to the podcast party early.

And for those of us who maybe listening, who are not avid podcasters, define for us what a podcast definitionally is and from where podcasts emulate.

So podcasts are a collection of digital audio files that are either downloaded or streamed via the Internet.

And originally it was on websites.

And then there were apps that were created to make it simpler and easier and podcasts were really created.

They were born out of just years ago, just people who wanted to share information in an audio way instead of in writing and blog posts really just came up with a way to share the three files, which is what an audio is, which is what a podcast is, essentially.

Kristi: So in a days sometime back decades and decades ago, it might have been like the AM radio talk show with a host and a topic, that kind of thing.

Phyllis Nichols: Yeah, early podcasts were likely individuals that were subject matter experts that just wanted to come in and maybe collaborate with other people in their field that were not geographically close to them.

So they would just talk about something, a topic maybe where they were an expert or a topic where they had an interest in learning some things, and they would just record these conversations or sometimes even just a solo episode where they would talk about things in in depth and then share them with other people in their field or other people who had an interest in that same topic.

And it really it's expanded quite a bit, but at its roots, that's still what podcasting is today.

Kristi: How many podcasts bills would you say are out there right now floating around in the in the universe?

Phyllis Nichols: Yeah, well, there are right in that right now, right around 2 million podcasts.

There are obviously new podcasts being created and launched all the time.

There are podcasts, though, that do do end and sort of go away as well, just like maybe an old website might be taken down, that sort of thing.

But it's 2 million and growing for sure.

Kristi: And those of us who are listening, that number keeps going up as well.

So as we talk about sort of the development of a podcast, can anybody launch a podcast?

Phyllis Nichols: Anybody really can start a podcast.

The good news is that it's much easier today than it's ever been when we started, even just five or six years ago when we start helping our clients do their first podcast.

So many things, even things like Zoom weren't available then, so it's become easier and simpler.

And the the nice thing is the barriers to entry are getting started.

It's never been never been easier, more accessible, which is also a good thing.

Kristi: What's really changed so that this has exponentially grown so much?

Phyllis Nichols: It's really been an interesting combination of a couple of things.

Number one is really the ability for all of us to use within our using our phones and the capability that we have.

So streaming on a podcast again, when they very first started, you would have to go to a website and be able to stream or download something right on it on a website or a web page.

You know, now, 89% of people listen to podcasts on their phone using an app like Spotify or Apple Podcasts.

And so that's number one.

We're just really used to using our phones for our information, honestly.

One of the other things that's happened is the ability to access media whenever we're ready to listen and watch on our schedule.

And that's something else that podcasts have always been able to do for people.

Kristi: If some of our listeners and viewers right now are thinking, I'm interested in starting a podcast, but how do I make money on that?

I mean, that's kind of the big question here is how do you make money on a podcast?

Phyllis Nichols: Yeah, well, that is a big question.

So a couple of things.

So does it cost a lot of money to start a podcast?

I think that's important for people to know.

You can have pretty modest equipment.

You don't have to have a lot of you have to spend on lot or invest a lot right up to beginning.

But to be able to monetize that you need to be able to either have ads or sponsorships, which is a really popular way to go.

Or, you know, some people put their podcasts and their audio content behind a paywall sort of like Patreon or those sorts of things.

I think most people start off in the beginning doing ads.

That's relatively easy and there's lots of ways to do that now.

That are really also.

So somebody like me or you, Christi, don't have to go out and shop for our own advertiser or find somebody.

There are companies that will do that for you and they'll they'll help you put ads into your show in a really easy way.

So that's been really nice.

And the other thing obviously is leveraging it.

If you are a small business owner, you know, you might not make money specifically on the show itself.

But if you're driving new interest to your website to purchase a product or service or an appointment, perhaps where maybe somebody in your company can talk to them, you know, that's another sort of dotted line way that a lot of podcasters monetize their show and their content.

Kristi: How does one go about marketing a podcast?

Phyllis Nichols: Well, there are a couple of ways.

I mean, you know, first, obviously, we would recommend that everybody have a little bit of your own personal home base for your podcast or your own website or web page, if you can, so that you have you can put information there and share and really promote.

Again, a little bit on your own home base podcast though, are highly ranked and highly index for search.

So Google and the other search engines, I really pay attention to podcast titles.

So you want to make your title as enticing as you can.

I tell my clients, think about what somebody might type in in a search where if they were looking for that particular podcast and that's a good that's a good note for a title, it's going to help your podcast be found.

And then there are other directories that you can list your podcast in for free and that help promote shows.

And again, this is a great way where they can Kateri.

So they might say, you know, here are shows about shows related to business, for example, or here's shows related to, you know, moms of teens or things that you can get pretty granular where you can have your shows show up as a as part of this really interesting group.

And so when people are looking for really specific topics, it's really easy for them to find you.

Kristi: Every time I talked to you, I learned so much more than I thought I was going to learn.

My goodness.

Thanks so much for joining us today in Business Life three 60.

Thanks for your insights on podcasting and you are just a wealth of information.

So thanks again for being a business live 36 day (Music) OK.. Dr. Brandon Cohen, when you are on business life 36 see we get to do something called Quick Hits, which helps our viewers to get to know you and or your topic a little bit better.

So are you ready for this?

Dr. Cohen: I hope so.

Kristi: OK., let's do it.

Here we go.

The biggest misnomer about marijuana.

Dr. Cohen: I think the biggest misnomer about marijuana is that by legalizing it, you're going to have a lot of significant problems that come because of legalization.

Kristi: What is the cost of one ounce of marijuana?

Dr. Cohen: Price range for an ounce of marijuana, depending on various factors, could be anywhere from 100 to four or $500 an ounce.

Kristi: What did you name your cannabis farm?

Dr. Cohen: Well, the cannabis farm that I'm engaged in is called Grass Nursery and we have a product brand line called Turd Flower.

So that's what that's my involvement in the cannabis industry up in Michigan.

Kristi: Do you think legalize cannabis will ever top cigaret sales ultimately?

Dr. Cohen: Oh, absolutely.

I think Cigaret sales are declining.

There's been a great campaign to reduce smoking, which I think is really beneficial.

I mean, you know, obviously vices, they have their place in society.

People smoke, people drink alcohol, people smoke, marijuana will call those vices.

But ultimately, I think marijuana is going to far outstrip the value of the cigaret market.

Far outstrip.

Kristi: Well, Dr. Brandon Cohen, thank you so much for sharing your business and your industry and all of your expertize in the area of cannabis.

Thanks again.

Dr. Cohen: Thank you very much, Chris.

He's been my pleasure.

I appreciate the time.

Kristi: We've just learned firsthand how three innovative industries continue to grow, push boundaries, diversify by meet constituent needs and build value and relevance in the market.

It's an example of the times in which we live.

That's a wrap on this episode of Business Life.

Three 60 where we meet you at the intersection of business and life.

So glad to join us.

I'm Kristi K., reminding you that there's no small act of kindness.

We'll see you in the next business life.

30.

60.

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To watch previous episodes and more, visit our Web site at WG T Morgan be three 60 Look for Kristi K.'s new podcast, Business Life After Hours.

Coming soon business life three 60 with Kristi K. is made possible by her medica, a locally owned, nationally recognized not for profit health care network that has a strong commitment to clinical excellence providing safe high quality patient care and addressing social issues that impact health.

The John B and Lillian E Neff College of Business and Innovation at the University of Toledo, Developing lifelong leaders for the world of business and by the Greater Toledo Community Foundation, also by viewers like you.

Thank you.

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