Episode Details

A typical life was not in the cards for Matt Morgan. Fortunately, he found an atypical career.

Growing up, he was fired from every traditional job he ever had, and when he tried college, he lasted just 10 days before dropping out. Next, Morgan became an electrician apprentice at the age of 19, still hoping to find a career path that he might enjoy. But like his previous ventures, this too was short-lived and he resigned after a year.

Having always possessed an entrepreneurial flair, Morgan did find quick success as a realtor, which would lead him in a roundabout way to the world of legalized marijuana. Finally, it was in the Wild West of the cannabis boom where Morgan found his home.

Within a three-and-a-half year period, Morgan would become one of the most recognizable leaders in the cannabis industry. He is the founder of multiple cannabis companies, such as Bloom Dispensaries and Reef Dispensaries, with the latter becoming the first in the world to hit a $100 million revenue run rate. In 2018, Morgan was named one of the most influential people in cannabis by High Times.

But as we all know, the highs are so often preceded by lows, and had there not been an financial crisis in 2008, he may have never entered the business in the first place.

Growing up in Missoula, Montana, Morgan had a hard time finding his niche in the working world, but he did find one thing that he was quite good at, which ended up being a gateway drug to starting his own business—real estate.

“ really opened up my eyes to entrepreneurship,” Morgan says. “Running your own business. You know, basically, eat what you kill. It’s totally up to you, whether you’re going to survive or not. That’s the type of environment that I thrive in.”

And thrive he did. By the time he hit 22, Morgan became the managing partner of his own real estate company.

By early 2008, he had begun to take notice that prospective homebuyers were reaching out to him with very specific guidelines on the type of home they wanted to purchase. Not only were they asking for roughly the same amount of land, they were all specifically requesting that each home have a shop out back — a detached garage or external structure that could be used as a hobby space.

And if it didn’t have a shop, he didn’t have a deal.

This left Morgan perplexed. He had met most of their demands, and more times than not a deal fell through because of this one caveat. This finally left him to ask himself, “what’s so important about these shops?”

At the time, Montana’s legal cannabis industry had just started to boom, and people wanted in with a place to grow. This was an industry that Morgan was not in tune with at the time, but he started to pay attention to.

Then the financial crisis of 2008 hit and Morgan’s real estate business was dead in its tracks. He needed a new play.

Despite his youth, Morgan was old enough to have seen one tech boom and one housing boom, and had an itch that he may be in the presence of the next gold rush.

“All these crazy people talking about this marijuana stuff, there must be something to it,” Morgan says. “So I started digging into it.”

One day, after months of research, it became clear to him that marijuana was going to be the next big boom.

“That day I went and found a light and a warehouse and I was damned if I wasn’t going to grow some marijuana, “ Morgan says.

With the exception of spending some time on his grandparent’s farm, Morgan wasn’t that experienced in horticulture. He knew the basics of how to grow some crops, but after looking around at the competition, he felt he could succeed in marijuana.

“