Management Lessons From 100 Cannabis CEOs

I have collaborated with 100+ cannabis CEOs from all types of organizations.  Some are very good at their jobs, but most are ho-hum as one would expect from Power law distributions. 

In this screed, I will go deeper than the usual banal (and unhelpful) advice like ‘delegate responsibilities’ and ‘focus on achievable goals.’  

What separates the high performers are a combination of day-to-day behaviors, well-honed skills, and innate talents.   

The best CEOs display these competencies and behaviors:

> Strong financial literacy 

Top CEOs focus on securing funding and overseeing cash flow.  These mission critical activities are too important to passively delegate to a CFO.  Strong CEOs are equally knowledgeable in cost accounting (to drive efficiency gains, cost reduction) as they are in corporate finance.  These leaders also don’t ignore the importance of maintaining corporate hygiene (i.e administrative compliance) for funders, shareholders and regulators.

> Polished writing and speaking skills

Nothing demonstrates your leadership acumen and gravitas better than how you persuasively communicate your firm’s purpose & values, habitually inspire your team, and prudently manage stakeholder expectations. Their well-honed skills include: walking the tightrope between optimism and realism, the art of giving bad news and providing comprehensive yet succinct directives.

> Seek help and guidance

No CEO comprehends everything, nor can they be sure every course of action is the right one.  They ask for help. Yes, the CEO role requires a lot of confidence and grit.  But the best role models complement these traits with humility, curiosity and good listening skills.  

The proportions of the above elements will vary (plus others like a capacity for hard work, high IQ) depending on the individual and organization.  

On the other hand, dysfunctional CEOs:   

- Incite corporate ADHD

Under performers are unfocused strategically as well as in their day-to-day activities. There is little connection between their time and effort and what’s truly required for their role and for the business. Not surprisingly, these CEOs are not known for their poise and focus.  

- Are overly political

Bad CEOs will produce the cultural toxicity they claim to lament.  Their bad behaviors include advantaging favored staff, making emotion not fact-based decisions and regularly lying & deceiving.

- Become control freaks

Though there is a time and place to get your hands dirty with executional issues, weak CEOs tend to be overly controlling and technocratic. This discourages their staff, comes across as insecurity (not a leadership trait) and leads to worse results as the CEO is often not the best ‘doer.’

Thoughts?

#leadership #management #bestpractices #lessons