Marijuana Business Magazine July 2019

Marijuana Business Magazine | July 2019 120 Following are expert tips on how to choose the right name. They range from knowing your brand and market to getting help from professionals or going it alone. Also, decide whether you want a name that describes your brand, or a name such as Google or Starbucks that has no obvi- ous connection to your product. KNOW YOUR MARKET “If you are an old hippy and your market is stoners, wear it proudly and go for it,” advised Christian Hageseth, founder, chair and CEO of Denver- based One Cannabis Group and author of “Big Weed: An Entrepreneur’s High- Stakes Adventures in the Budding Legal Marijuana Business.” But that is not the message One Cannabis Group wants to present. In fact, because Hageseth plans to trade his company publicly by listing it on the over-the-counter markets, he is in the process of changing his company’s name to rid it of the word cannabis altogether. “We see our market as more of the soccer mom—and I mean that in the most flattering way—and having cannabis as part of your lifestyle,” Hageseth said. If your market is soccer moms or se- niors or white-collar executives—or all the above—don’t choose a name that appeals to stoners or skateboarders, he said. As the cannabis industry matures, Winchester believes businesses will choose names that reflect broad categories, such as recreational or medicinal, high end or discount. In fact, that’s already happening. “The Giving Tree and New Leaf are nice names that make me think medicinal,” Winchester said, referring to dispensaries in Arizona and Oklahoma, respectively. “While Electric Lettuce (in Oregon) makes me think recreational.” GETTING PROFESSIONAL HELP Hageseth believes a name is too important to select without the help of a professional. The name, he notes, is just the first step, as a marketing firm also will advise you on how to promote your brand and target your audience on social media and in news articles. Hageseth hired Rafael De La Cruz, general partner of Los Angeles-based The name Azuca is a derivative of azucar, the Spanish word for sugar. Courtesy Photo Choosing the right name for a marijuana business can be a daunting task. You want a name that will resonate and be remembered. To get the most out of a new name, consider these tips: • Know your market and brand. If your customers are soccer moms and seniors, you’ll want a name that will make them comfortable buying your product. • You can spend as much or as little as you want. A full-blown marketing plan can be costly. But you can buy a name from a company for less than $100. • Hire a marketing firm. It is more expensive than going it alone, but you will have an experienced team brainstorming names. • The name doesn’t have to be canna- bis-related. Some of the world’s big- gest and most established company names—think Apple, Google and Starbucks—don’t provide an obvious clue to their missions. • Make sure the name isn’t taken. As part of its service, a marketing firm will make sure you own the name and the URL. the Game Name