5 essential characteristics for cannabis industry leaders

You are an established executive who has worked for well-known brands and companies. Never in any career plan have you declared, “I want to work in marijuana!” let alone envision a thriving legal cannabis industry. As a “headhunter” recruiting for several emerging sectors, I ignored this burgeoning industry — until early 2021 when our firm was tasked with finding a CFO outside of cannabis.

Some candidates were downright alarmed. The narco-drama “Ozarks” was one of the most popular Netflix series and part of our client’s activities was in Colombia. Others were concerned that CBD was a gateway to something more addictive and harmful to local communities. But surprisingly, the other finance candidates recognized how transferrable their experience was and were intrigued.

According to the Viridian Cannabis Deal Tracker, there are currently 12 lines of business ranging from agrotechnology and advisory services to real estate and software/media (this sector had “436% more transactions and raised 482% more capital in 2021 than in 2020”). )

Photo by SEASTOCK/Getty Images

Who works with cannabis?

A year ago I posed the question to an industry veteran (someone with 3+ years of experience) who was leaving a high profile, lucrative position in New York to join a breeder in Colorado. He replied, “People who like to smoke weed and work with others who smoke weed.” That’s the answer: High Performer!

• highly functional
• Very confident
• Highly empathetic

Here are 5 must-have leadership qualities for successful cannabis employment:

1. They are market tested. In the words of John Lykouretzos, CEO and Co-Founder of FocusGrowth Asset Management, LP: “A proven track record of success in other industries/endeavours BEFORE entering cannabis. Betting on green (no pun intended) lead is risky.”
2. You have a vision and a plan. This is an industry of firsts. “Carving out a path for your company, your team and your investors that has never been walked before takes imagination and courage,” said Luis Merchan, chairman and CEO of Flora Growth Corp. “Having a plan for taking this path in the face of volatile market conditions and being open to your team’s advice are equally important.”
3. You are enterprising. You know how to deal with unexpected setbacks and seize unplanned opportunities.
4. You recruit for greatness. Despite tight budgets and a shortage of workers, they are confidently looking for talent for the future. They know themselves – strengths, weaknesses, etc. – and are not afraid to hire the best to strengthen the team.
5. They work for social justice. They create a powerful algorithm for healthier financial outcomes, employee retention and customer loyalty, and implement powerful social justice, diversity and inclusion strategies to spread compelling brands.

Photo by Headway via Unsplash

“If you love cannabis, whether it’s the products or the potential, it’s a great industry with tremendous potential for disruption,” said Jeff Arbor, CMO of Bridge City Collective, a coast-to-coast community of cannabis operators, educators , activists and innovators.

Industry leaders can secure a tremendous advantage in gaining market share while transforming the practice of wellness and medicine as we know it today.

Kay Cioffi is the Founder and Chief Talent Officer of Kaypartners — Connecting Talent w/ Talent. She is market proven and brings her expertise from over 25 years of talent acquisition experience to meet the unique needs of the burgeoning cannabis industry.