Matt Gray on Revolutionizing Cannabis Perception & Entrepreneurial Success

Added: Jan 8, 2024

Bitmaker

Early in his career, Gray learned to code and co-founded a technology school called Bitmaker, which was later acquired by General Assembly. He then embarked on a journey of travel and self-discovery, realizing his desire to build a business that allowed him the freedom to work from anywhere in the world. This led to the creation of Herb, a platform that focuses on building the largest and most engaged cannabis community in the world.

Building Distribution and Community

Gray's approach with Herb was to focus on building distribution from day one. He believes in the importance of building a strong community and audience, which can lead to long-term success. Herb does not sell cannabis products but instead focuses on creating a platform that connects cannabis brands with consumers. This approach aligns with Gray's belief that the biggest cannabis company in the world will not necessarily own cultivation facilities or dispensaries but will be an online platform that facilitates connections.

Antifragile Business Model

Gray emphasizes that Herb has built an antifragile business model, which means that it can thrive regardless of changes in regulations or legalization. The platform has a 10-year head start and has the ability to adapt as regulations change. Gray focuses on building a great team, a great product, and ensuring customer satisfaction.

Challenges and Opportunities in the Cannabis Industry

Gray discusses the challenges and opportunities in the cannabis industry, particularly in relation to advertising and marketing restrictions. Cannabis brands face limitations in advertising on platforms like Facebook, Instagram, and Google due to the classification of cannabis as a schedule one drug in the US. However, Herb has developed a product called Cass (Cannabis Marketing as a Service) that utilizes SEO, programmatic ad technology, and a tool to convert anonymous website traffic to emails. This allows cannabis brands to grow and track their audience engagement and conversions.

Legalization and Impact

While cannabis is legal in Canada and across 21 states in the US, Gray notes that the approach to cannabis branding and packaging varies. In Canada, cannabis is treated similarly to tobacco, with strict regulations on branding and packaging. In contrast, the US treats cannabis more like alcohol, allowing for more creative branding and packaging. Gray also discusses the potential impact of full legalization in the US and the opportunities it could create for the cannabis industry.

Personal Experience with Cannabis Use

Gray shares his personal experience with cannabis use, stating that he used to smoke four or five joints a day in his early twenties. However, he later learned about the negative effects of cannabis on testosterone levels and decided to stop using it. He emphasizes the importance of understanding the science and effects behind cannabis use and the need for individuals to make informed choices about their health.

Building Successful Businesses

Gray discusses his approach to building successful businesses, emphasizing the importance of finding one's calling in life. He mentions the Japanese concept of "ikigai," which represents one's calling in life and the intersection of what one loves to do, what they can be paid for, what the world needs, and what they are good at. He shares that his calling in life is to help founders, build systems, and automate processes, which led him to create Founder OS, a platform to empower founders and entrepreneurs.

Content Creation and Audience Building

Gray emphasizes the power of content creation and audience building in building successful businesses. He shares his approach to creating a massive bank of written content, including threads on Twitter, newsletters, and a manuscript for a book. He also discusses the importance of repurposing content across different platforms, such as YouTube, LinkedIn, and podcasts, to maximize its reach and impact. He highlights the value of building a loyal audience and leveraging it to attract talented individuals who resonate with the mission and vision of the business.

Challenges in Entrepreneurship

Gray discusses the challenges faced by founders and entrepreneurs, particularly in the areas of hiring, onboarding, and recruiting. He emphasizes the importance of having documented systems and processes in place to ensure a smooth onboarding experience for new team members. He also shares his approach to automating tasks and roles, as well as the need for patience and long-term thinking in building successful businesses.

LinkedIn as a Powerful Platform

Gray highlights LinkedIn as a powerful platform for building a professional network and attracting talented individuals. He shares his approach to growing his audience on LinkedIn, emphasizing the importance of creating high-quality text-based content and leveraging data from other platforms, such as YouTube, to identify content that resonates with the audience. He also discusses the value of having a social manager and content team to help package and distribute content across different platforms.

Setting Ambitious Goals

Gray emphasizes the importance of setting ambitious goals and having a clear vision for the future. He learned from Naval Ravikant the concept of deciding on an hourly rate that seems outrageous, such as $5,000 per hour. This approach helps in determining the value of one's time and focusing on tasks that align with that value. He suggests getting rid of tasks that are below one's ambitious hourly rate and delegating them to others. By doing so, one can elevate themselves and build more leverage in life.

Building a Successful Morning Routine

Gray believes that having a morning routine is essential for personal success, but it is not a one-size-fits-all approach. He shares his own morning routine, which includes reflecting on the previous day, setting clear goals for the day, and avoiding scheduling meetings until after 2 p.m. He also emphasizes the importance of getting enough sleep and creating a cut-off time for work in the evening. Matt's approach to a morning routine is centered around deep work, health, and personal growth.

Relocating to Dubai

Gray discusses his decision to relocate to Dubai and the impact it has had on his life. He explains that he had been nomadic for the past 11-12 years and was looking for a home base. After considering various options, he chose Dubai based on the high caliber of founders, conducive environment for focusing, and accessibility to other countries in the region. He emphasizes the importance of following one's intuition and making decisions that feel right, even if they may seem unconventional to others.

Challenges and Growth

Matt acknowledges the challenges that come with relocating to a new place, such as being away from family and building a new social circle. He shares his experience of moving to Dubai alone and the initial struggle of not knowing anyone. However, he also highlights the growth and learning opportunities that come with living in a different environment. He encourages others to step out of their comfort zones and experience living in a new place for at least a year, as it can be the best education one can get.

Work-life balance and travel

Gray emphasizes the importance of work-life balance and the impact of environment on mindset. He discusses the significance of creating a conducive environment for productivity and well-being. He shares his experience of traveling and the impact it has had on his personal and professional life. He also talks about the importance of taking regular breaks and going on soul trips to disconnect from work and experience new places. He highlights the value of surrounding oneself with healthy and inspiring people, as well as the impact of play, fun, and adventure on overall well-being.

Life philosophy and future plans

Throughout the conversation, Gray shares his life philosophy, emphasizing the importance of living a good life while working hard to achieve one's goals. He discusses the balance between work and personal life, as well as the importance of experiencing life to the fullest. He also shares his future plans, including the release of a book and the expansion of his businesses. He highlights the importance of giving back to the community and building meaningful relationships.