The Cannabis Business Coach Podcast Episode 57: Penelope Nam-Stephen, The Travel Agency
Michael Zaytsev, aka Professor Z, sits down with Penelope Nam-Stephen, CEO of The Travel Agency’s 5th Avenue and Soho dispensaries, to explore how luxury retail strategies are shaping the future of cannabis. With a background in high-end fashion, Penelope shares insights on normalizing the cannabis shopping experience, keeping the market economically healthy, and the industry's next big trends.
Topics Discussed:
🏬 Retail Evolution – Why cannabis stores should feel like high-end boutiques, not head shops
💰 Keeping the Market Healthy – How smart regulations are supporting stability in New York’s cannabis industry
📊 What Consumers Want – The shifting demographics and expectations of today’s cannabis shoppers
💡 The Future of Cannabis – Why wellness-focused products and microdosing are key to attracting new consumers
🚀 Lessons from Fashion – What cannabis brands can learn from the world of luxury fashion
👥 Building the Next Generation – How mentoring and education can shape the future of cannabis business leaders
Noteworthy Quotes:
1️⃣ "Cannabis is a wellness product. We need to market it like one."
2️⃣ "The biggest mistake cannabis brands make? Assuming customers are all the same."
3️⃣ "Normalization starts with the retail experience. If we want mainstream acceptance, we have to act like a mainstream industry."
About Penelope Nam-Stephen:
Penelope Nam-Stephen is a Cannabis and Consumer Packaged Goods (CPG) executive with over 20 years of experience in luxury retail, merchandising, and brand strategy. She has held senior leadership positions at some of the most recognizable global fashion brands, including Burberry, Juicy Couture, and Cache, where she specialized in curating premium retail experiences and optimizing product strategy.
Penelope made the transition into the cannabis industry in 2018, leveraging her expertise to help bridge the gap between traditional retail and the emerging cannabis market. She was one of the first hires at Ascend Wellness Holdings and later served as a C-suite leader and founding team member at Community Growth Partners (Rebelle), a vertically integrated cannabis operator.
Currently, Penelope is the CEO of The Travel Agency's 5th Avenue and Soho dispensaries, overseeing operations at some of New York City’s most high-profile cannabis retail locations. She is also a faculty member at LIM College, where she teaches courses on cannabis business strategy and retail management, helping to educate and mentor the next generation of cannabis professionals.
Recorded On: 1/31/2025
Additional Resources:
📚 Michael Zaytsev’s "The Cannabis Business Book"
🏫 LIM College: Business of Cannabis Degree Programs
🌿 The Travel Agency – Premium Cannabis Retail in NYC
This episode is a must-listen for anyone in cannabis retail, branding, or product development looking to understand the industry's evolution through a luxury and consumer-focused lens.
The Cannabis Business Coach Podcast Episode 56: Bethany Niebauer, Axial Resolutions
Michael Zaytsev, aka Professor Z of LIM College, sits down with Bethany Niebauer, Founder of Axial Resolutions, to explore the rising need for mediation in the cannabis industry.
With nearly a decade of experience in cannabis law, compliance, and organizational dynamics, Bethany is pioneering alternative dispute resolution (ADR) to help businesses avoid costly litigation and navigate the industry's complex relationships.
Topics Discussed:
🌱 From Compliance to Conflict Resolution: Why Bethany transitioned from cannabis licensing to mediation
🤝 The Cannabis Industry's Business Divorces: Why partnerships fall apart and how to avoid it
💡 Alternative Dispute Resolution (ADR): How mediation offers a cost-effective alternative to litigation
🔗 The Power of Relationships: Why networking is at the heart of cannabis business success
📜 Regulatory Challenges & Mediation: How compliance complexities contribute to industry conflicts
🏛 Social Equity & Mediation: Why ADR is critical for social equity licensees navigating partnerships
🏆 How to Future-Proof Your Business: The importance of contract clarity and preemptive conflict resolution
Noteworthy Quotes:
1️⃣ "The cannabis industry is infamous for business divorces—mediation can prevent costly and painful breakups."
2️⃣ "Litigation has winners and losers. Mediation allows both parties to walk away with a win."
3️⃣ "If you're serious about cannabis, relationships are your most valuable asset."
About Bethany Niebauer:
Bethany Niebauer is the founder of Axial Resolutions, a cannabis-focused mediation firm helping businesses navigate disputes efficiently and effectively. With nearly a decade in cannabis law, compliance, and consulting, Bethany brings a unique expertise to conflict resolution and business negotiations. Prior to launching her mediation practice, she worked with major cannabis retail operations, consulting agencies, and international firms, advising on regulatory frameworks and compliance.
Bethany also teaches Cannabis Regulations at Colorado State University at Pueblo and has served as President of the Industrial Hemp Research Foundation, championing education and research in the field. Passionate about creating sustainable and fair solutions, Bethany helps businesses avoid unnecessary disputes, fostering collaboration and long-term success.
Learn more at MarijuanaMediation.com
Recorded On: January 27 2025
Additional Resources:
Michael Zaytsev’s "The Cannabis Business Book"
LIM College: Business of Cannabis Degree Programs
Watch the Full Episode Below:
The Cannabis Business Coach Podcast Episode 55: Chris Foltz, Responsible.com
Michael Zaytsev, aka Professor Z, returns to The Cannabis Business Coach Podcast after a two-and-a-half-year hiatus, bringing a fresh and inspiring conversation with Chris Foltz. Chris, the Managing Director of Responsible.com and Global Entrepreneur-in-Residence at Founder Institute, shares his insights, passion, and unique journey across industries, including his impactful contributions to the Cannabis space.
Topics Discussed:
Chris’s Multifaceted Career: From politics to startups, and his evolution from passion-driven pursuits to purposeful leadership in Cannabis.
Work with 40 Tons Brand: Supporting a Cannabis company rooted in restorative justice and redefining societal perceptions.
Cannabis Industry Insights: Challenges with scaling, regulatory hurdles, and the need for consistency akin to global brands like Coca-Cola.
The Importance of First Principles: Breaking down complex problems and navigating the intersection of technology, humanity, and innovation.
Destigmatizing Cannabis: Advocating for responsible use while addressing misconceptions.
Investing in Cannabis: Guidance for prospective investors, emphasizing logistics, scalability, and de-risking strategies.
Storytelling for Success: Leveraging personal and brand narratives to differentiate and connect authentically.
Noteworthy Quotes:
"Authenticity is the new disruptive."
"It's amazing what you can accomplish if you don't care who gets credit."
"The cannabis industry is not about doing everything—it’s about doing something better."
About Chris Foltz:
Chris Foltz is a celebrated transformation strategist, startup advisor, and inspirational speaker. As the Managing Director of the Silicon Valley-established strategy firm Responsible Solutions Ltd, Chris leads the company’s three-decade-long Change & Transformation initiatives. His life journey is a testament to resilience; overcoming drug addiction, 119 days in jail, and near homelessness, Chris has redefined success through impactful global collaborations.
In 2021, Chris was honored as a member of the Institute for Real Growth’s ‘IRG100’, a distinguished cohort of the world’s top 100 Chief Marketing Officers and growth leaders, working alongside executives from iconic companies like Google, Unilever, and Ford.
As a Global Entrepreneur-in-Residence for Founder Institute, the world’s leading pre-seed startup accelerator, Chris has mentored startups across five continents and contributed to their global success. His influence extends to esteemed roles, including the International Advisory Board of the Ugwumba Center for Leadership Development in Africa, and as an advisor to LoyalVC.
Chris’s achievements include the President’s Volunteer Service Award and recognition as a “World Peace Ambassador” by Claes Nobel of the Nobel Prize Family. His career exemplifies authenticity, resilience, and a commitment to making a positive impact.
Recorded On:
January 13 2025
Additional Resources:
Michael Zaytsev’s "The Cannabis Business Book"
LIM College: Business of Cannabis Degree Programs
40 Tons Brand
Watch the Full Episode Below:
The Cannabis Business Coach Podcast Episode 54: Erika Tingey, Backbone IQ
The Cannabis Business Coach Michael Zaytsev interviews and coaches Erika Tingey, Head of Product at Backbone IQ, a Cannabis technology company offering Cannabis supply chain management, compliance, and financial management software solutions for Cannabis manufacturers and other Cannabis operators.
In this episode, we discuss:
going from a mainstream corporate career to a Cannabis career
the importance of an "I can learn anything mentality" when working in the constantly evolving Cannabis industry
why relationships mean so much in the Cannabis business
applying design thinking to solve Cannabis problems
meeting and exceeding customer expectations
and more!
Recorded on 9/22/2021
Additional Resources:
The Cannabis Business Coach Podcast Episode 53: Andrew DeAngelo, Last Prisoner Project
The Cannabis Business Coach Michael Zaytsev interviews visionary Cannabis business leader Andrew DeAngelo. As a co-founder and advisor to Harborside, Andrew has pioneered legal cannabis business processes and provided groundbreaking political engagement and thought leadership to the cannabis community. Andrew is co-founder and Chairperson of the Board for the non-profit Last Prisoner Project (LPP) and a founding Board of Directors member of the California Cannabis Industry Association (CCIA) where he served from 2013 to 2020.
Andrew began his political career as an activist while studying for his MFA in acting at the American Conservatory Theatre in San Francisco. He has starred in several films and runs an entertainment production company, DeAngelo Brothers Productions (DAB), with his brother Steve, another iconic Cannabis leader.
On this episode, Andrew shares his deep wisdom and amazing laugh as we discuss:
Pioneering the dispensary with Harborside
Andrew’s tips for transitioning from legacy to legal
How to hire good people and why it’s absolutely critical to avoid hiring bad people (based on Andrew’s experience of making thousands of Cannabis hires)
The investment that Andrew made that still pays dividends for him every day (spoiler: investing in his education)
Our big brothers
The Last Prisoner Project
Mike Z and Andrew share their most fulfilling Cannabis business moments
and more
Recorded on 9/15/2021
Additional Resources: