Ones to Watch 2020: Carol Carpenter
The inaugural Greenway Ones to Watch class were nominated by their peers as those will be some of the most responsible for setting the tone of Missouri’s newest industry. From activists to consultants to operators themselves, the following industry influencers are responsible for determining not only how the industry overcomes the obstacles of 2020, but how the industry will be better for it. The same questions were asked of all; submitted answers and related information edited for grammar and clarity.
NAME: Carol Carpenter
COMPANY: Blue Arrow Botanicals
OPERATING FROM: St. Louis
TITLE: President
BACKGROUND: I have more than 30 years of executive management experience across corporate, non-profit, government and higher education domains with emphasis in areas including, but not limited to, start-up; scaling; franchising; trademark/patent development; multi-site staff management (100+ employees); corporate, media and community relations; public-private partnership; main street and economic redevelopment and historic preservation. I bring deep leadership experience industries that align with the rigor of government compliance; necessary strategic partnerships and double-bottom line philosophy of the MMJ industry.
Why cannabis?
We are proud to be a Missouri family owned and operated vertical company that became involved in the cannabis industry for both personal and business reasons.
My nephew John Wilbers – our founder and CEO – is a personal injury attorney with offices in St. Louis and Jefferson City. Over the years, he has watched his clients endure incredible chronic pain and suffering and turn to traditional medicine for relief. But then the opioid crisis emerged and people began dying, or at the very least, becoming addicted to painkillers often at the cost of everything they held dear. We knew there had to be a better approach. We truly believe that plant-based pharmaceuticals like cannabis represent the future in promoting physical and emotional wellness at affordable prices and without the harmful side effects.
On the business side, the high-reward economic opportunity of this industry was clear. We were also intrigued with being involved in the emergence of a new industry in our home state, and in being on the ground floor in crafting its growth and watching its impact. We took full advantage of the state’s incentive to locate our facilities in underserved areas in St. Louis and Kansas City and look forward to being a catalyst for other investment in these communities.
What is your vision of the industry in Missouri?
We see cannabis as Missouri’s new frontier, catalyzing economic opportunity through high-tech farming and manufacturing and cutting-edge retail. This industry hinges on creativity and innovation, and will challenge experts to constantly improve technology and methods to better deliver effects-based products to consumers.
Public education and outreach will be critical to the ongoing health of the industry. Cannabis as a product is misunderstood and lives under old labels. People also mistakenly liken the cannabis industry to the Gold Rush – that get-rich-quick time in our history where people rode west at all costs for the big payoff. This couldn’t be farther from the truth and is harmful to the industry as a whole. It takes far more than a tin pan and a tent, or in this case, a few seeds and a light. This is a high-tech industry hinging on a volatile commodity with start-up investment often in excess of $20 million. It blends the best of farming, pharmaceutical and food technologies. And cannabis companies are run by highly seasoned business and finance experts; professional horticulturists, and marketing, branding and retail mavens.
While everyone is still early stage, Missouri’s industry appears to be off to a strong start with a handful of verticals, like ours, and hundreds of companies working to open cultivation, manufacturing and dispensing facilities. Qualified patient demand has already far exceeded expectation and is growing daily. We are all still working out the bugs within the regulatory system to make sure we are highly compliant, but can also run a successful business. We are also committed to working with our industry partners to find creative ways to ensure patients in every square mile of the state have access to products. From our perspective, all systems are go and the future is bright.
What opportunity/opportunities does the industry create in Missouri?
This industry will transform Missouri communities in so many ways. First and foremost, it will increase access to innovative alternative medical products that give residents more choice in how they achieve mind-body-spirit wellness. This can’t be underscored. The Centers for Disease Control and Prevention estimates that 20% of U.S. adults have chronic pain. If that percentage follows generally in Missouri, this accounts for almost 1 million people! That doesn’t even include individuals struggling with sleep problems; anxiety; PTSD, etc.
The industry will also stimulate jobs with starting positions that exceed the minimum wage; offer benefits, and provide directed career ladders to move upward. This is especially critical today in the time of COVID when other sectors of the economy are downsizing, especially service, tourism and retail. The skills from these sectors are particularly transferrable to cannabis enterprises.
It will also help revitalize rundown commercial corridors and main streets throughout the State with construction projects, like ours, that are bringing a fresh face to commercial areas and increased foot traffic translating into sales revenue for surrounding businesses.
Finally, it will also increase the tax base, which we sorely need to support public services today and tomorrow.
What is one thing you wish all Missourians knew about cannabis?
The most important general takeaway about cannabis is that it is real medicine. Our body has an endocannabinoid system, which means that the possibilities are almost endless for what it can naturally do to address what ails us physically and mentally. We have barely touched the surface in terms of using this incredible plant. Everyone in this industry must work tirelessly to get this message across, especially for residents whose marijuana reference pre-dates its effective use as medicine.