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.