Marijuana Business Magazine April 2019

Marijuana Business Magazine | April 2019 6 From the CEO | Cassandra Farrington O ne of the unique aspects of the cannabis industry—one of the things that makes so many people, me included, love it so much—is that most industry participants are in it for more than money. Even those who originally pursued cannabis industry endeavors as a pure business play quickly embrace the broader benefits of the plant itself and the social benefits of legalization as much as the financial opportunity it presents to entrepreneurs, investors and executives. That said, the industry has matured to a point where most people no longer work for free, or for only sweat equity. Sufficient over-the-counter commerce is taking place to fund fair living wages to entry-level workers; enough capital has been invested and is being created by ongoing business operations to offer competitive compensation packages for talented executives. But where exactly does the cannabis industry stand among other major market sectors with regard to compensation? It’s an interesting question: Does the allure of working in the most dynamic industry in at least a generation come with the ability for companies to come in a little lower? Or is the perceived risk of the industry still enough to require more attractive compensation to recruit the talent needed to take businesses to the next level? Is the industry setting a new standard with regard to the gender pay gap, or are we falling into the same societal and cultural traps that have persisted for decades? This is where the green rush gets personal. Where do you fall compared to peers in the industry as it relates to salary, benefits and other compensation? And, as a business executive, are you taking good care of the people you rely on to fuel your company’s growth? Those very questions are the focus of the cover story in this issue of Marijuana Business Magazine. Compensation is one of the trickier areas of business management. Pursuing the right people who can make a million-dollar difference in the success of a company is critical, but attracting those individuals can be extremely burdensome to early stage businesses. And if you overpay on salaries in the early stages, the payroll line can become a burden from which the company never fully recovers. The culture also plays a role: Do you pay a fair and generous living wage paired with company stability and reliability, or do you motivate staff through a higher-risk, higher-reward stock option offering? The cover story of this issue was written to help you gain insights you can apply to your own business’ situation. Because, while we’re all in this together, we’re all walking our own paths through the cannabis industry maze. All the best, The Green Rush Gets Personal Cassandra Farrington Co-Founder & CEO, MJBizDaily P.S. For more conversations such as this one on compensation in the industry, join me and other industry C-suite executives June 10-11 at the MJBizDaily Executive Summit held in conjunction with MJBizConNEXT in New Orleans. Access to the Executive Summit is by invitation only for qualified executives. To request your invitation, go to mjbizconference.com/next/executivesummit .