A New Year’s resolution for the cannabis industry

Small-to-midsize companies that can attract newbie consumers, influence regulators and secure institutional capital will prosper in 2022.  However, many cannabis leaders will need to reboot their mindsets if they want to take their firms to the next level. Adopting these 4 resolutions could help:

1.     Accept reality. You might have started in the legacy world, but you are now working with ‘The Man’ whether you like it or not.  Winning companies will: accept their markets as they are and correspondingly refine their business models; seek to mitigate consumer & institutional stigmas and; work closely with stakeholders to attain the best regulatory outcome given the necessary compromises;

2.     Tone down the hype. Cannabis won’t cure cancer. Excessive hype, blatant advertainment and crass social influencing is cheesy and creates expectations that can’t be met.  Be careful with opportunistic virtue signalling which often says more about your insincerity than the cause you look to co-opt;
 
3.     Jettison the entitlement.  The World doesn’t owe the industry or anyone a thing - save many African-Americans and others that saw their lives ruined from criminalization. You may be in a difficult market but so are your peers.  Learn how to deal with it – or exit the space;

4.     Act professionally.  A rebel mindset was helpful to growing quality product and generating grassroots awareness. However, it does not really lend itself to running a mature and compliant firm. Professionals pay their bills on time, treat employees with respect, pay fair wages, and don’t shit-talk their peers.
  
Ending this cri de coeur, I wish everyone health and peace in 2022.

#2022 #strategy #newyearsresolution #culture