157: Overcoming Life's Obstacles to Start a Growing (pun intended) CBD Business | Craig Henderson of Extract Labs

157: Overcoming Life's Obstacles to Start a Growing (pun intended) CBD Business | Craig Henderson of Extract Labs

Background on Craig Henderson of Extract Labs:

Craig Henderson is the CEO of Extract Labs, a Boulder, Colorado-based full-service hemp extraction laboratory offering a proprietary line of boutique CBD-infused products. Craig started the company in his garage in 2016. Prior to founding Extract Labs, he was the Senior Sales Engineer for Apeks Supercritical, based out of Denver Colorado. He performed technical sales, and managed all national and international training and service on Apeks extraction systems. He also performed cannabis related research and development, and taught classes specifically on advanced CO2 extraction techniques along with pre and post processing techniques.

Craig received both a Bachelor and a Master of Science degree in Mechanical Engineering from the University of Louisville with a concentration in thermal sciences and renewable energy. Prior to his undergraduate and graduate studies, he served as an infantryman and Team Leader in the US Army during Operation Iraqi Freedom from 2002 to 2006.

Time-Stamped Show Notes:

[3:45] Craig Henderson is the CEO and founder of Extract Labs, which focuses on industrial hemp processing for CBD oils.
[5:45] The current size of the company is 40 employees with a projected $13 million in revenue this year. Their products are in about 200 to 300 stores nationwide.
[8:07] Coming out of college with an engineering degree, Craig already wanted to enter the cannabis industry.
[10:33] Craig’s first experience with cannabis was when he was still in the military.
[11:58] Craig worked in Apeks Supercritical, where he teaches people how to extract cannabis using CO2.
[17:22] The job at Apeks took a toll on Craig’s marriage. He and his wife filed for a divorce one day before Craig was fired at Apeks.
[22:09] At the very beginning of the business, Craig experienced more frustrations and losses. It was a challenging time for him.
[28:02] An ex-girlfriend helped Craig pull through his most difficult period.
[30:26] Craig figured out how to create his own products, which jump started his business.
[32:32] Figuring it out one day at a time, and a lot of trial and errors were done during the early months of the business.
[37:56] Hiring and finding passionate people who wanted to enter this industry was a big success for Craig.
[41:08] In the last 6 months, sales started dropping because their wholesale pricing was a bit high for the stores to buy.
[47:07] Working out and eating healthy really helped Craig to stay focused on his business.
[52:47] Craig shares the story of how hard it is to fire someone in his company.
[57:47] Craig’s leadership and management style was greatly influenced by Apeks Supercritical and his military background.

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Fabulous 4 Questions:

📖 📚 Favorite Book(s)? How to change your mind by Michael Pollan
🙌😎 Favorite Amazon.com purchase? Listerine, toilet paper, and paper towels
🌱💸 Favorite Tool that's GROWN your Business? Microsoft Excel
💭💡 BIGGEST Challenge keeping your Business from GROWING? Capital

Key Point from the Interview:

“Stay focused, don’t get too comfortable, don’t celebrate too much, things can always turn out at a moment’s notice for the worst.”

Resources Mentioned:

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