Barry Vuong39
Chief operating officer
Monko
Barry Vuong, the chief operating officer of Monko, a cannabis dispensary and delivery service in Washington, D.C., was initially drawn to the cannabis industry after learning about the growing trend of CBD and hemp products that were vying for space at his tobacco smoke shops.
“As I began to educate myself about the plant and its medical benefits, I started to reverse the stigma and brainwashing I had carried due to my Asian upbringing and the War on Drugs,” Vuong says. “Seeing how cannabis was helping people medically played a significant role in changing my mindset.”
Vuong was so swayed by the opportunities of the growing industry, he pursued a master’s degree in medical cannabis from the University of Maryland. The formal education, coupled with his business expertise, helped him grow multiple cannabis-related startups to more than $10 million in revenue.
Vuong owns and operates multiple non-cannabis retail stores and a distribution company. His extensive experience in product manufacturing, retail and B2B distribution help Monko avoid the “common pitfalls that early-stage startups often encounter.”
“Having made these mistakes myself in the past, I am well-equipped to guide the company through this growth phase,” he says.
Q&A
What prompted you to join the cannabis industry?
I was initially drawn to the cannabis industry through my experience owning smoke shops and learning about hemp and CBD. As I began to educate myself about the plant and its medical benefits, I started to reverse the stigma and brainwashing I had carried due to my Asian upbringing and the war on drugs. Seeing how cannabis was helping people medically played a significant role in changing my mindset.
This newfound interest led me to pursue a master’s degree in medical cannabis from the University of Maryland. I wanted to ensure that my understanding was accurate and based on reliable sources, rather than relying solely on anecdotal information found online. My goal was to gain a comprehensive education that would allow me to make a meaningful impact in the market.
What would you say is the vital lesson startups need to learn in order to grow?
One crucial lesson for any startup is to nail down cash flow management and cost control from day one. It’s easy to get swept up in the thrill of making sales and seeing those profit margins, but it’s just as important not to overlook how money is being spent on marketing, inventory, and payroll. Mismanagement of expenses can quickly erode the business’ profits that you worked so hard to earn.
While bringing in sales is critical—because, let’s face it, no sales means no business—it’s only part of the bigger financial picture. If you really want your startup to succeed over the long haul, you’ve got to manage your expenses with as much focus and energy as you put into driving those sales.
Another key lesson for startups is not to underestimate the power of systems. Get your systems in place right from the start. In the early days, you might rely on gut instinct to make things work, but setting up clear, structured systems early really pays off. It makes your operations consistent and ready to scale. Think of it like writing down the rules of the game—this becomes your playbook that everyone can follow. Plus, trying to fit these systems into a business that’s already growing can be a real headache. So, it’s much easier and smarter to have this sorted out while you’re still in the startup phase.
How has your prior academic and experience with retail franchises helped your career in cannabis?
Pursuing the master’s degree in medical cannabis science required a deep dive into the medical research aspects of cannabis. This included how to conduct proper medical research and identify all types of research biases in studies and clinical data, a personal goal of mine. My experience in the program provided a robust foundation of knowledge for me to understand the different needs of recreational and medical patients, translating to my understanding of how cannabis businesses can better meet these market demands.
In the cannabis industry, we face a unique set of challenges that traditional businesses don’t encounter, such as banking hurdles and stringent tax laws. My background in finance and business has been crucial in my success in the industry, particularly for navigating the distinctive challenges of operating within the highly regulated cannabis industry, where a keen grasp of taxation, accounting, and operational management is key to survival.
And then there’s my experience with retail franchises. This was where I really learned the ropes of business, grappling with the challenges of a startup firsthand. I discovered the pitfalls to avoid and the power of implementing effective systems and strategies to grow and scale. Looking back, I would say that my time in retail taught me the most about business growth, execution, leadership, and managing individuals from diverse and underprivileged backgrounds.
What has been your biggest milestone in the industry thus far?
Joining the Monko team as COO has been my most significant milestone in the cannabis industry. As we expand from one location to three and add vertical licensing, the leadership recognized how my experience could help Monko operate efficiently while avoiding common pitfalls that early-stage startups often encounter. Having made these mistakes myself in the past, I am well-equipped to guide the company through this growth phase.