This article was originally written by Budsfeed. Click HERE to see the original article.
As part of our “How It Started” interview series, we had the pleasure of chatting with Scott Prisco, CEO of Priscotty, a technology company that enables cannabis dispensaries to provide customers with streamlined access to delivery.
Thanks for joining us! What was it about cannabis that first piqued your interest, and when did that happen?
I kind of just fell into things. I always enjoyed consuming cannabis. After college, CBD was becoming a thing and I was looking to start a business. I linked up with a chemist who was making water-soluble ingredients for a world-renowned beverage company. We teamed up and applied that same nano-emulsification technology to cannabis to create a game-changing water-soluble-based solution that was great for functional foods and beverages. We made products for people domestically and internationally. I also created a CPG brand that was predominantly e-commerce-based.
From there, new states were launching their adult-use program. I saw a big hole in the market for delivery. It's something easy in theory but to execute it profitably, especially in the cannabis space, is very difficult.
How did your Priscotty come to life?
I spent a few months going to various cannabis events networking and doing customer discovery in different states. New Mexico, a state in which I formerly lived, was launching its adult-use program. East Coast states like New Jersey and New York were slow to roll out. We decided New Mexico was the perfect place to gain traction, prove the concept, and get tangible unit economics for funding.
What is it about the company that makes it stand out?
First and foremost our team. We are building the greatest team in Cannabis hands down. I'm a big believer in only going as far as the people around you. Along these same lines, another big thing that separates us is the relationships we have built in the industry.
Second, our business model and the way we leverage custom-built technology to implement delivery.
Last, and probably the most important, the way we execute. An idea is worth nothing, it's 100% the execution. A lot of people talk a big game but are fearful to carry through and don't want to put the work in to succeed. Our persistence is outstanding. We came into the industry at a time when investors were pulling back on new investments making it hard to get funding to launch. The Priscotty team is resilient. No matter what adversity we face, we will overcome it.
What does your typical day look like and what do you enjoy most about your work?
On a typical day, I wake up at around 7am. I go through my morning routine which consists of prayer and affirmations, coffee, and some light breakfast. While eating I go over what needs to be done for the day and answer some emails/check in with the team. I hit the gym, get a smoothie. I come home to shower and start my day. I work until around 10-11pm. I usually take some time off midday to get out and move around. I like to work from home or my hotel.
What has been the highlight of your cannabis career to date?
It would be all the great friendships and lifelong connections I have made through the industry. Whether that be through our dispensary partners or strategic partners. Lots of cool people doing cool things.
Can you give us one cannabis trend that excites you?
I would say new markets opening up and learning from the mistakes of some of the western states that pioneered adult use. We are seeing a new wave of regulations that are more friendly to cannabis businesses up and down the supply chain vertical.
Is there a product or service you hope someone creates to serve the cannabis community?
The Priscotty team is building what I felt was needed to serve the cannabis community.
What is the biggest change you want to see in the sector?
Investor confidence increasing within the industry. More money flowing into entrepreneurs who have seen what hasn't worked over the last 7 years and have viable business models (solutions to these problems).
Any advice you would give to someone looking to enter the cannabis industry?
Spend time studying the market. Don't jump in until you have a good grasp on what you are trying to get into. A lot of people think it's a get-rich-quick opportunity. It's not the case at all. It's a tough market. You have to love the industry and be in it for the long haul to see the return you are looking for.
What’s next for you? What should we be on the lookout for?
We are looking to expand outside of Albuquerque and Santa Fe New Mexico. We are in the process of expanding to markets like New Jersey, New York, Florida, Arizona, Ohio, Illinois, etc.
.png)
