Potyque founder Michelle Rust set up the firm in 2019 after using CBD to treat her menopause symptoms.
Cannabis Wealth spoke to her about why chose to put her experience in the pharmaceutical industry into delving into a whole new industry.
Why did you enter this industry?
It was through my husband initially, who, after lots of research, came upon it as a potential solution for the menopause symptoms I was struggling with.
Since we started Potyque, the industry has become quite congested, but I hope that the introduction of the novel food licence legislation will enable all those with the license to trade legally.
That is one of the main reasons why we started Potyque; coming from a pharmaceutical background we are very comfortable with prescription drugs and the regulations that surround the industry, while also remaining totally focused on consumers.
How long have you been part of the industry?
We started our CBD journey back in 2018 and it took until the end of 2019 to create the brand, and finally get Potyque to market.
How has the industry grown since you first started?
The industry has grown exponentially. This makes it very confusing for consumers understanding the differences between what type of CBD to purchase, what strength to start with and how to titrate to get the maximum benefit.
That’s why, as well as selling the product, our website has lots of information on how best to use CBD and where to start – we know from personal experience what a minefield it can be.
What do you feel are the three key developments or updates that have changed the industry?
I think the novel food regulation for CBD companies (which came into effect in March) can only make sure the industry is self-regulated, which will lead to better controls along with higher standards and levels of compliance.
Ultimately, this means consumers will have greater faith and trust in CBD containing products, which can only be a good thing for the market as a whole.
What do you think the future holds for the industry?
It’s a very exciting time for everyone involved in the industry, and it’s set to continue.
The CBD world is still very much in its infancy and our hope remains that there is a place for consumers to have the benefit of the full ‘raw’ plant.
We’ve already identified in excess of 100 cannabinoids in the raw plant, and I’m not sure anyone so far has really found full benefit from isolating each fraction.
At the moment, legislation looks to be heading towards refined, purified, isolated oils, but we’re not so sure that’s for the best for consumers – why mess around with what Mother Nature has given us?
How much of the industry relies on collaboration?
Collaboration is a key part of the industry, especially with it still being relatively small and new.
Any fledgling field relies on collaboration and cooperation amongst those companies that innovate, otherwise it will quickly run out of ideas and options.
Who is your main inspiration in business and why?
My inspiration comes from so many different directions. I read a lot!
I love learning about new start-ups, the customer experience and successful entrepreneurs… there isn’t just one and the list goes on and on – there is always someone to be inspired by.
What is the best piece of advice you’ve ever been given in business?
I find too many people focus on profits or getting to the top, but the piece of advice I always remember is that people will never forget how you made them feel, so try to always be kind and genuine.