Texas Hemp Coalition Q&A Column

BY ILISSA NOLAN

Meet Colt Power, Co-Founder & CEO of Power Biopharms and Secretary/Treasurer of the Texas Hemp Coalition

Why did you get into the hemp industry?

I got into the hemp industry for multiple reasons. First, I had seen through my own personal experience how significantly the cannabinoids produced by the plant could help people. Before personally finding hemp, I had really struggled to keep up working out due to some lingering sports injuries, but I found that CBD really kept the inflammation down and helped get me moving again. I knew there were a lot of people out there that could also benefit from the plant and help improve their health and fitness. I also knew how much the plant stood to benefit people with more serious conditions, like my father with chronic pain from nearly two dozen orthopedic surgeries or my mother with multiple sclerosis. It is extremely motivating and inspiring to me to be able to help improve the condition of people’s lives in those types of ways.

Second, as an entrepreneurial person, I had been looking for the right industry and right time to launch a business, and the hemp industry presented the perfect opportunity. When I was younger, I was very into learning about science, medicine and engineering, and then I developed a love for general business after my undergraduate studies in business, career in commercial real estate, and Master of Business Administration. The hemp industry presented the perfect crossover between all my interests and passions, all while being a newly legalized industry with a lot of opportunity.

Tell me about your company? What does it specialize in?

Power Biopharms is a hemp cultivator, extraction lab and product manufacturer located right in the middle of the Dallas-Fort Worth metroplex. We specialize in indoor farming, solventless extraction, and rosin infused products. Our product lineup includes gummies, tinctures, topicals, bath bombs and pet products.

What is something unique that your business does?

In our indoor farm, we grow vertically on pallet racking with multiple tiers, so that we can double or even triple the canopy space per square foot of floor area. It makes a really efficient cultivation system that we operate yearround, producing harvests every 2-4 weeks.

What do you think are the main challenges within this industry?

There are challenges with the clarity and completeness of rules and oversight, which has really caused a great deal of confusion between both consumers and businesses. The overall uncertainty of what is allowable now and what is about to be allowable is extremely challenging for developing and sustaining a healthy business. I think there are a lot of great people who are very passionate about the plant and the industry that don’t understand all the time, cost, and expertise it takes to produce a healthy crop that can be sold at a profit, and it is very easy to get overextended and underfunded very quickly.

What is the most important advice that you would give individuals who are looking to get involved in this industry?

Have a plan for exactly how you are going to sell your harvest or products, and don’t assume that just because you have it that it is going to sell. Don’t overlook crucial details like packaging and labeling, as these things can really make the difference between a product that will sell and a product that won’t. Take the time to really learn and understand all the current laws that apply to the industry and make a budget for all of the associated licenses, permits, lab tests and other costs, as they can really add up quickly.

What do you hope to see for the future of the hemp industry in Texas?

I hope to see more clearly defined and understood laws and regulations, as well as more solidified supply chains and paths to market. I think we honestly are doing great for how new we are as an industry, but there are many aspects of the business that are just now taking shape within our state. I am hopeful that the mix of popular products and the general market pricing will stabilize a bit more so that producers, manufacturers, and retailers can have a bit more predictable landscape to navigate.

How to find Colt Power with Power Biopharms: www.powerbiopharms.com

Instagram: @powerbiopharms

Facebook: https://www.facebook.com/PowerBiopharms

The Texas Hemp Coalition’s goal is to provide industry specific information to growers, processors and entities that are involved in the Texas Hemp Industry. We will serve as an advocacy, educational and networking liaison to reputable entities within the hemp industry. Visit www.texashempcoalition.org for more information and membership availabilities.