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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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  • 23 episodes
  • weekly
  • Avg 56 min
  • English

Episodes 23

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  • 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.

  • S2 · E55
    May 13 · 55 min

    Ep. 55: Launching Cannabis Operations in a Mature & Saturated Market

    🎙In this episode of Under the Microscope with Jenny, host Jenny Germano breaks down what it really takes to launch a cannabis business in a mature and saturated market. Jenny explains why licenses alone are no longer the competitive advantage in established markets and why success now comes down to execution, compliance controls, operational discipline, branding, customer experience, and financial sustainability. She covers the hidden realities of launching, including underestimated build-out costs, permitting delays, pre-revenue burn, and the need for more capital than most operators expect. Jenny also walks through the key challenges facing cultivators, manufacturers, dispensaries, and cannabis hospitality lounges, from branding and staffing to compliance, customer retention, and operational strategy. Throughout the episode, she highlights the traits successful operators share like clear positioning, realistic timelines, conservative financial planning, and the ability to adapt as markets evolve. This episode delivers practical insight for anyone looking to launch, scale, or survive in today’s competitive cannabis industry. 🌿𝗢𝘂𝗿 𝗛𝗼𝘀𝘁: Jenny Germano, Founder of ICS Consulting 🌎 𝗜𝗖𝗦 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴: https://www.icsconsultingservice.com ⏰𝗧𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀⏰ 01:15 Why Mature Markets? 04:43 Open Market vs Capped Market 08:10 Pre-Revenue Burn Reality 13:11 Construction Permitting 19:05 Product Shelf Space Battle 21:28 Distribution & SKU Focus 23:43 Dispensary Customer Strategy 29:25 Good Service Wins Customers 30:34 Curating Unique Products 31:16 Mature Market Advantages 31:57 Supply Chain Agreements 32:57 Discounting Pitfalls 35:10 Inventory Planning Reality 36:24 Define Your Customer 38:31 Lounge Models Explained 39:59 Risk, Liability & Compliance 46:38 Revenue Funnels Matter 48:27 Successful Launch Patterns 51:22 Future Market Maturity 53:33 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.

Showing 21–23 of 23 episodes