It is no secret that there are enormous sums of money to be made in the legal cannabis business. Not surprisingly, compensation packages for the executives who run profitable cannabis-based business are also likely to be large. That said, because cannabis and its products are illegal in the US, the talent pool is relatively shallow for executives with previous cannabis experience. Consequently, most new cannabis executives are likely to be recruited from other industries including pharmaceuticals, agribusiness, consumer healthcare and tobacco. This is because, like the cannabis industry, these industries are highly regulated and will be under intense scrutiny from state and even federal agencies.
Gilbert J. Carrara Jr, MD, who oversees retain recruiting services at Battalia Winston International, recently described the skills sets and characteristics that he believes will be required for successful cannabis industry executive. They include:
Because of the state-to-state complexity of cannabis legislation and negative perceptions surrounding cannabis use, executives in this industry cannot be thin-skinned or easily discouraged. If a person cannot accept repeatedly being told “no” or “go away” then he/she is not likely to be executive material in the legal cannabis industry.
The legal cannabis industry is in its infancy and it will continue to evolve and grow in wildly unpredictable and unanticipated ways. At present, change is the norm in the cannabis industry executive who are flexible, can pivot on a dime and remain open to sometimes new unconventional ideas on a regular basis will do just fine.
Like executives in other industries, cannabis industry executives must be adaptable because they will be required to communicate with a diverse group of stakeholders. That said, cannabis executives must be comfortable discussing scientific and medical topics with government and healthcare officials and equally as comfortable addressing business concerns with consumers.
Passion & Drive
Unlike other industries, simply having a resume with the requisite college degree and executive skill sets may not be sufficient for success in the cannabis industry. Because cannabis and its products are not legal at the Federal level in the US, the road ahead for cannabis executives is likely to be a long and very rocky one. To that point, the success of the industry will likely depend upon executives who have the desire and passion to continue to push things forward even when the likelihood of success is not certain.
As a former professional recruiter, I can tell you that finding a qualified “right fit” candidate at the technical or executive levels is never an easy task. And a limited talent pool does not make things any easier. But, even though the existing executive talent pool may not be a great one, cannabis industry executives are needed; so choose wisely!