Empower others to take ownership in their role in the business.
In 2012, Dr. Taylor, a North Carolina board-certified anesthesiologist and proceduralist, formed Integrated Pain Solutions to treat patients with chronic pain conditions. Encouraged by hemp research in regards to chronic pain management, he saw an opportunity to pioneer the knowledge base and culture behind the infantile CBD industry.
In 2017, after growing hemp became legal in North Carolina, Dr. Taylor began evaluating research on the impact of cannabis in states that already had established medical cannabis programs. From this research, he discovered many patients were able to reduce their prescription opioid use by 40-64% after participating in medical cannabis programs. He also found that hemp has no lethal dose and states with medical cannabis laws had 25% lower opioid overdose mortality rates compared to states without medical cannabis laws.
With this information in mind, Dr. Taylor realized the potential health benefits hemp could offer, especially in regards to the opioid crisis. This inspired him to create Integrated Hemp Solutions in 2017, a company that produces full-spectrum CBD oil derived from hemp.
Soon after its launch, this CBD oil was introduced to the local community and to the patients of Integrated Pain Solutions.
Immediately, Dr. Taylor noticed significant results among his chronic pain patients. To prove this occurrence, he surveyed 100 patients who consumed the CBD oil. While the initial data did not seem to show pain improvement among patients, it did indicate noticeable improvement in sleep, anxiety and well being.
Overtime, patients using CBD oil stopped utilizing drugs or alcohol as coping mechanisms. It seemed like they finally had hope for the first time in years.
Where did the idea for your company come from?
Integrated Pain Solutions (IPS) is on the front line of the opioid crisis. It was out of necessity that I explored the use of CBD in pain patients to reduce their risk profile. Over the last 2 years, I found that CBD oil can reduce pain, inflammation and the need for opioids among chronic pain patients. CBD oil alleviates pain by reducing both the inflammation that often causes pain and the perception of that pain.
Through patients reports, I also discovered that CBD oil can reduce the symptoms of depression and drug dependency by elevating serotonin and dopamine levels.
I also noticed an improvement in neuroplasticity and thinking patterns in my pain patients. Neuroplasticity allows the neurons in the brain to compensate for injuries and disease and adjusts activities in response to new situations. Because chronic pain changes the brain, CBD oil can actually enhance the brain’s ability to form neural connections.
What does your typical day look like and how do you make it productive?
It begins with a daily ritual of working out. Then I meet with my personal assistant to plan the day. Most days are filled with meetings, both in person and phone, as well as interviews. Usually, 1 to 2 hours of the day are set aside for reading and ongoing research into Endocannabinoid Medicine.
How do you bring ideas to life?
Ideas are discussed at our weekly meetings and the team decides which ideas are worth further evaluation. These ideas are then run by others not directly involved in IHS, like upper management and legal, for final approval. We usually trial all ideas in one location or in a limited way before rolling them out.
What’s one trend that excites you?
Cannabinoid Medicine. I enjoy learning how our Internal Doctor (the endocannabinoid system) can positively affect health and ultimately prevent disease.
What is one habit of yours that makes you more productive as an entrepreneur?
Empowering others around me to take ownership of their role in the business. Allowing them to succeed and fail on their own without micromanaging them.
What advice would you give your younger self?
Read more. Learn more about business and economics early on as you set up your business. Find business models that do not require a lot of human capital is a key to success.
Tell us something that’s true that almost nobody agrees with you on.
Our fiat currency and monetary policy in the US is flawed. Returning to a gold standard is a fiscally conservative move that would rein in big government and their welfare/warfare spending.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
I make sure to develop daily rituals. Of course, exercising and eating well are important, but understanding financial numbers is equally important. Review every account payable and receivable for accuracy and to better appreciate how your money is working or not working for you. Know your numbers better than anyone else on your team.
What is one strategy that has helped you grow your business?
Don’t make decisions out of fear. Whenever there is a crisis, immediately figure out how you can use the crisis/chaos and turn it into a positive. I like to say “Don’t let a good crisis go to waste.”
What is one failure you had as an entrepreneur, and how did you overcome it?
I have had more failures than I can count. The key is to not let your failures define you. Failures are opportunities to grow and learn. After you digest them and learn from them, forget them quickly and everyone else will as well.
What is one business idea that you’re willing to give away to our readers?
Hire people that are smarter than you. Having a solid team around you that you can rely on is a key to short and long term success.
What is the best $100 you recently spent? What and why?
I just bought a new pair of glasses. The new frames radically changed my appearance and how I was perceived by folks that meet me for the first time.
What is one piece of software or a web service that helps you be productive?
I don’t use my computer much for business. I use paper and pen to problem solve
What is the one book that you recommend our community should read and why?
Scrum, The Art of Doing Twice the Work in Half the Time. Great book to teach your team how to sprint toward the finish line.
What is your favorite quote?
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
- Empowering others around me to take ownership of their role in the business. Allowing them to succeed and fail on their own without micromanaging them.
- Don’t make decisions out of fear
- Do not let failures define you
- Hire people that are smarter than you
- Empower others to take ownership in their role in the business
Steve (Stefan) Junge hails from Germany and helps with the day-to-day publishing of interviews on IdeaMensch. While he and Mario don’t share a favorite soccer club, their enthusiasm to help entrepreneurs is a shared passion.