BusinessIamA female entrepreneur in the financial technology industry who just raised $5.5 million. I also have a 1-year-old daughter. AMA!
Nov 7th 2017 by SuneeraMadhani • 21 Questions • 135 Points
We are a team of botanists, chemists and e-commerce veterans who want to make growing marijuana at home easy enough for anyone. We just launched a free guide on how to start your own home grow and a nutrient line that makes it dead-simple to go from starts to harvest. Everything we offer is on our site or on Amazon.
The free guide to home growing cannabis can be found here.
We are a US based company out of Seattle. Our products are made in the US with 100% US sourced ingredients gathered from certified organic plant and aquatic sources so the cannabis you grow and consume is as clean as possible.
As big fans of Reddit and the free flow of information on /r/IAmA we are hoping to give back some value to the community here and get people excited about the possibility of growing their own marijuana. Our team has over 15 years experience in all phases of marijuana cultivation and grow-room system design.
Ask us anything about growing marijuana, plant nutrients, the process of launching this business or anything else you can come up with!
Hey guys, we've had a great time answering your bud growing questions today! If anyone else has questions go ahead and post em throughout the night and we'll come back to answer in the morning. Thanks for hanging out with us today.
We're done answering questions here, thanks again for hanging out with us on /r/IAmA! If anyone has other questions on the topic, feel free to hit us up at our facebook page (https://www.facebook.com/BloomCity/) or on our website (https://www.bloomcityorganics.com/).
Do you feel that you'll be able to keep it so that your business' income is generated primarily on the per transaction fees and the monthly membership fees or do you think that eventually your investors are going to demand you move to a more standard "interchange plus" pricing model?
What are some fruit-bearing (or otherwise commonly eaten) plants that share the closest ideal conditions (and similar cycles) for growing as marijuana?
I was actually working for a large payment processing company when i came up with the idea for Fattmerchant - i was sick of seeing merchants be nickle and dimed and never understanding what fees they were being charged and why . like most people - I am also obsessed with all things subscription - Netflix, Birchbox, you name it i have it. Why couldnt merchant services be a subscription too? I took the idea to my bosses and they laughed in my face. Thats when I knew that i had to take this and do it on my own. I started Fattmerchant on the basis of transparency and with the simplicity of a subscription service. I purposefully chose strategic investment partners that shared by vision - i like to call it “smart money”. It’s not worth the investment if your new partners don’t share your same values and vision.
Great question Cory.
Most annual fruiting plants will have similar growth cycles and enjoy similar conditions. Examples would be tomatoes, peppers, tomatillos, and hops. The ideal growing conditions for these kinds of plants would be slightly above moderate temperatures and moderate humidity.
If you're looking for genetic similarity to marjuana hops are one of the closest genetic corollaries and produce similar aromas and flavors (terpenes). Let us know if you have a more specific question we can help with here regarding plant types you're interested in growing.
I️ am not an attorney—but would talk to one if a newspaper twisted a story like that about me.
Pure. Utter. Garbage.
My philosophy is that there will always be haters and sometimes the bad comes with the good. We are super blessed and fortunate that 99.9% of people out there have been good to us so far so as long as we do continue to do what we are doing good will prevail! I also dont have time to deal with dumb news - our clients, investors, shareholders and those who matter know us best anyways.
Looks interesting. Without knowing too much about it or having used it before I'd say the upsides appear to be potential simplicity. Downsides are price, inflexibility of managing your own grow, and being locked in to what looks like a proprietary system (generally not a good thing).
You don't want your plant to die because your robot broke down!
What does having a child have to do with anything? How is that even remotely relevant?
interesting, thanks for the info! so what would it cost to setup a grow like this, and how much pot would it grow?
Hi! Thanks for your comment and feedback. I am totally obsessed with my daughter Mila and have learned that it is extremely difficult juggling running a scaling company, venture fund raising, and also being a great mom. I try and be an example to many women who want to have an incredible career but also face the same challenges I do in raising a child and being there for the day to day. I write a blog to share things that work for me and some tips and tricks to help all #momboss’s who want to have a career and family too. You can learn more on mombossblog.com or follow me on insta :)
Every grow is different, but at an entry level for a decent quality indoor grow you're probably talking about $500 for your initial setup. This should cover:
3 clones(starter plants): $40-60 pots: $10-20 soil: $20 nutrients: $60 lights: $150 fans and filter: $150 timers: $20
If you want to buy a grow tent, probably another $100. Your 2nd crop will cost about $100 because you're making your own clones and reusing the majority of the tools you bought the first time around.
I've actually been looking for a new credit card processing company. Our current issue is that everything is complex, and nothing is linked together. So we currently get charged by company A for a portal to process cards on, and by company B who actually moves the money around. It's pretty ridiculous.
Questions as follows:
- Do you outsource anything, or is everything in house?
- You say transparency in pricing, but why don't you publish the interchange fees on your site? Is there a prohibition not to from the card companies?
- Why is there a limit on the lower price plan of $1 million/year?
that's all easily attainable from the local hardware store, but where is a good place to get the plants? and would you recommend a grow tent? what benefit does that add?
so happy you found this post !!
something that we do here at fattmerchant is connect all of your solutions into a single login so you can view all the data you need to be successful. plus... we just want everyone to have simple processing - which we believe shouldn't be as rare as it is!
- we have an inhouse technology team that continues to build on and improve our proprietary payment platform. we have a virtual terminal for invoicing and online billing, mobile app, and an omni channel platform. we also sell terminals from our trusted partner dejavoo and offer payment gateways through Authorize.net . this might sound like outsourcing ... but it's absolutely not!! fattmerchant is always your first point of contact no matter what solution you have with us, and we're the one who onboards you and manages your account - always !
- we are 10000% more transparent in pricing simply because we operate on a subscription model instead of a markup. our members always know what they're paying. the reason we don't post interchange is bc it varies from merchant to merchant depending on what types of cards they run that month. rest assured we're not trying to hide anything by not posting - our payment consultants actually run the majority of our members through a statement analysis - showing them line by line what's going on in their monthly statements.
- the limit is because our enterprise members qualify for a different membership once they process over $1M / year. our enterprise program includes a few awesome perks like a one-on-one account manager, risk management, chargeback alerts and more.
if you're interested in learning more please DM me your info!
We have a Get Ready Checklist on our site that can help you find resources for clones and other equipment needed to get going. You can find that here:
Tents are great if you don't have a standalone space you can dedicate as a grow room, but has no inherent advantages to any other growing environment.
Have you read the secret life of plants? Thoughts?
What have your previous marketing efforts been?
Where do you see your business in 6 months?
What are the largest obstacles you're currently dealing with?
Have you read the secret life of plants? Yes, we have, it's an interesting read for sure. There are some thought provoking experiments expressed in the book. While the majority of the results of the experiments in the book have not been duplicated since, we still feel ideas are worth exploring. People who experiment like those who wrote "The Secret Life Of Plants" can be inspiring and can help create new ways to look at old ideas.
What have your previous marketing efforts been? Right now we are focused on educating and building a community of craft growers looking to enter this new world of legal, recreational home growing. So our marketing efforts focus on that, primary through social. We also engage experienced growers with a line of premium supplements designed for specific applications, like CleanKelp & Silica Boost through online advertising channels and tools on the Shopify and Amazon.com platforms.
Where do you see your business in 6 months? In six months we will be entering the first major legal recreational outdoor growing season for cannabis, and we will be focused on supporting the efforts of growers through our Organic Craft Grow Kit and other products to be announced.
What are the largest obstacles you're currently dealing with? We’re working hard to support the fully-legal growing in Washington State, currently under consideration by the legislature, so anyone over 21 years of age can grow without needing a medical card. The majority of states legalizing recreational cannabis are legalizing home growing as well, breaking down the legal barriers this community faces.
What was something difficult about being a CEO and mom at the same time that most people don't realize?
What was something that was surprisingly easy?
The hardest thing was breastfeeding/pumping while I was at work . I was back at work in 3 weeks part time and 6 weeks full time. I was able to pump during work hours while I was away but it was definitely the hardest struggle. Sorry guys for TMI! Whats also never easy is mom guilt. It’s so hard missing day to day with my daughter but I am doing what i LOVE and I want to make her so proud one day.
Something that was easy was becoming a master ninja efficient time manager- I became faster and quicker at work and ensured every meeting and every event was worth my time being away. I was able to cut back tons of bs events I did not get or give value to.
Who is your favorite cousin and why is he so awesome ?! Haha so cool you did the AMA and can’t wait to see y’all soon!
My favorite cousin is not Saif Ali. ;)