When it comes to the cannabis industry, few have been as forward-thinking and innovative as entrepreneur Basem Hanna. Recognizing the vast potential of the market way before most of its current stakeholders, Basem's foresight, determination, and strategic mindset made him a significant figure in this booming sector.
Basem is a serial entrepreneur with multiple successful exits in both real estate and cannabis. Companies built by Basem include Almega Corp, TerrAscend, and TREC Brands. Basem draws on over 15 years of experience crossing multiple sectors including real estate, cannabis and capital markets.
Why Enter Cannabis Early?
For Basem, the cannabis journey began in 2013. Identifying an early opportunity in an industry that many were still skeptical about wasn't just about potential financial gain, but rather the entrepreneurial spirit of seizing first-mover advantages. Basem's philosophy centers on the idea that those who don't grab opportunities when they present themselves are either too complacent or too wealthy to care about the potential losses. It was this hunger, this desire to stay ahead and innovate, that drove him to dive into the cannabis space when most were still contemplating its future.
The Virtues of Starting Early
From his own experiences, Basem offers timeless advice for the younger generation – "Start early". Whether it's in business, academics, or any field of endeavor, the sooner you begin, the sooner you acquire the skills and experiences necessary for mastery. This doesn't just apply to entrepreneurship; it's a universal truth. The more you expose yourself to failures, challenges, and experiences, the stronger and more refined your skills become.
The Double-Edged Sword of Youthful Entrepreneurship
Entering the business world as a young entrepreneur presents its own set of challenges and advantages. The most apparent disadvantage is credibility. Without a track record or extensive experience, it's challenging to convince stakeholders of your vision. But, as Basem notes, the advantage of this is the lack of fear. Being young often means having less to lose. This can foster a resilience and tenacity that's invaluable in business.
Key Elements to Discard for Success
To rise to the top, it’s not just about what you gather but also what you discard. Basem Hanna emphasizes the need to shed negative influences and habits. Surrounding oneself with supportive and ambitious individuals, discarding the need for control over everything, saying no when necessary, and consistently focusing on self-improvement are all pivotal for success.
Navigating the Evolving Cannabis Landscape
For those aspiring to make a mark in the cannabis industry today, Basem's advice is simple yet profound: Do your homework. Understand the players, the products, and the markets. With industry giants dominating the space, newcomers need to be savvy, innovative, and unique in their offerings. Basem also suggests looking at emerging markets, like the USA, where opportunities are still ripe.
Conclusion
Basem Hanna's journey in the cannabis industry is a testament to the power of vision, timing, and determination. His insights remind us that success often comes to those who are prepared to seize opportunities, face challenges head-on, and continually adapt and evolve in a dynamic market.
To stay connected with Basem’s entrepreneurial journey, be sure to follow him on LinkedIn.
