#3: Who Do You Need on Your Team?
August 10, 2021
August 10, 2021
5 Things to Consider Before Applying for a Cannabis License
#3: Who Do You Need on Your Team Right Away?
A good team is essential to a thriving business and there are certain team members that are essential from the start. For any cannabis business type — cultivation, dispensary, processing — you will need someone to manage the day to day operations and drive company objectives. Two of these are familiar roles: CEO and CFO, while the CCO, or Chief Compliance Officer is often a suprise to newcomers to the cannabis industry but is essential to retaining your license.
Note that titles are not important and often in the start-up phase of a business one person will take on multiple roles. Think about the expertise you are bringing and what role you will be filling, then decide who you will need to hire.
Each license type will require different expertise from the beginning.
A Director of Cultivation will help develop the cultivation process and it is key to have their input while designing the building. Directors of Cultivation have different methods of growing and the way a building is designed can hinder or help a cultivation technique.
An experienced General Manager or Director of Dispensing may not be needed while building out your dispensary, but they can help develop operating procedures to manage inventory control and build vendor partnerships. This role is key to a successful dispensary operation.
Similar to a Director of Cultivation a Director of Extraction is someone who can help plan out the process early on. Processing or manufacturing can be done in a multitude of ways but having a plan from the beginning can help save money down the road. Someone who has built out a processing operation previously could help streamline the building process as well as recommend equipment.
Recruiting and Compensation
Finding people who want to be in the cannabis industry is easy; finding qualified people takes time.
A great way to start is by using job posting sites, though this will take time to vet candidates. Another option is to hire a qualified cannabis recruiting company, these companies find ideal candidates for you from a previously discussed criteria.
There are different compensation options while building a new business. There are traditional salary options for long-term employees or short-term employees working full time. Though not all team members work for a salary instead for a percentage of the business or equity. The amount of equity you give to an employee usually directly correlates to their expertise and that they bring to the team. Another option to think about is paying hourly rates for consultants or employees who do not work full schedules.
Contributing writer: Alyssa Goebel
Read the rest of the “5 Things to Consider” series.