The Cannabis Industry Needs Your Executive Leadership
Your executive leadership skills are invaluable to this evolving and growing industry
Key takeaways:
The cannabis industry appreciates established leadership skills
Some positions require previous cannabis industry experience
A start-up mentality is essential; be prepared to wear many hats
Compensation is on the rise
Regulatory issues must be top of mind
The legal cannabis market, valued at $17.7 billion in 2019, continues to grow, creating executive-level opportunities at cultivators, manufacturers, labs, and concomitant businesses.
While executives working in the cannabis industry share many of the same responsibilities (and headaches) as they would with any other business, the world of cannabis is ever-evolving and requires a start-up mentality.
Cannabis companies are looking for the same traits that made you successful in your current position: effective leadership, specialized knowledge, and commitment.
If you are intrigued by the cannabis industry and looking to find a way to advocate for the space’s healthy growth, a move to Chief Executive Officer (CEO), Chief Operating Officer (COO), Chief Financial Officer C(FO), Chief Technology Officer (CT), Chief Legal Officer (CLO), or Chief Science Officer (CSO) within the industry could be a satisfying shift. Executive compensation has increased in 2020 by as much as 16% in comparison to prior years. How do these positions in cannabis compare to your current responsibilities?
Cannabis CEO
Industry experience counts, but the main focus is on hiring executives who have experience establishing an operational foundation for healthy growth, and are willing to roll their sleeves up and re-create the same success.
In other words, cannabis companies are looking for a nimble CEO regardless of industry who understands what it takes to grow and scale a company to the next level organically and/or through acquisitions.
A CEO who is comfortable with a start-up environment in an ambiguous and evolving space will be equipped to navigate an industry experiencing rapid change.
Experience working within a highly regulated industry is attractive. As an example, consumer packaged goods, spirits, and agriculture have many parallels to cannabis when it comes to compliance, operations, and distribution.
Last but not least, these companies are also looking for a cultural fit – someone who has moved past the old guard stigma and has a real interest in the plant and its potential.
Cannabis COO
In addition to the usual complement of skills to the CEO, a cannabis COO would need to quickly understand the day-to-day processes for a grower, manufacturer, or retailer.
The COO for a cannabis operation would be responsible for keeping up with legal regulations, overseeing human resources, and knowing the technical and scientific fundamentals of the business.
Depending upon the company’s nature, It is possible the COO could partner with the CEO to raise capital for the business and work with the CSO to craft an efficient approach to new product manufacturing.
Cannabis CFO
Cannabis companies are looking for the same things that make a CFO successful in their current position: mad financial skills and plenty of proven experience. The CFO will need to acquire additional knowledge, as the cannabis business has some unique and irregular business expenses.
The CFO for a smaller company within cannabis may wear many hats including bookkeeping, accounting, and reporting. It is important to have or acquire an extensive understanding of 280e and COGS deductions when it comes to taes.
The CFO will likely partner with the CEO and COO to raise capital and analyze opportunities for expansion and acquisition.
Cannabis CTO
For the most part, it is business as usual for the CTO within a cannabis company. If the CTO works for a smaller company, they are likely wearing many hats from making strategic technology-related decisions to ensuring the POS is operating effectively, and each employee is equipped to do their jobs efficiently.
One important aspect of technology in a cannabis setting is adherence to regulatory standards, including HIPAA laws and creating or upholding governance standards.
Cannabis CLO
A CLO or General Counsel for cannabis companies must be advocates as well as attorneys. Prior experience within the spirits or biopharma industries could be good preparation for the challenges faced within cannabis.
The CLO will be involved in lobbying, addressing the company’s exposure from a legal standpoint, and reviewing all advertising, marketing, and promotions for regulatory compliance within this fast-growing ever-adapting industry.
Cannabis CSO
The Chief Science Officer will need to have previous cannabis-related experience in some capacity more so than other leadership roles, whether as a neurologist studying the physiological effects of the plant or as a member of a team at a cannabis-focused science organization.
The CSO is typically responsible for leading research programs, ensuring standard operating procedures, testing, and analyzing. This individual will likely oversee a team of fellow researchers as well as lab management.
Cannabis industry growth means plentiful opportunities
Like the general job landscape, cannabis companies have been challenged to fill open executive positions. As more entrepreneurs enter the cannabis market, many lack the knowledge a seasoned executive can provide.
If you have a passion for cannabis or are looking for your next big career challenge, this is an industry that can capture both your heart and mind. It is your chance to shape an evolving business that appreciates commitment, creativity, and innovation.
Looking for a new career? Struggling to make the transition? Drive Talent can help. We are a woman-owned, Chicago-based, recruitment firm, and specialize in executive-level as well as sales and marketing professionals.
Contact Drive Talent to learn more about our services.