Being a C-Suite executive in any industry is bound to come with a set of challenges. Unlike traditional sectors, however, the cannabis space is one with a wide mix of regulations, personalities, cultural taboos and odd businesses. Given that cannabis remains federally illegal, industry professionals often have to develop innovative ways of running their businesses to ensure that profitability, ethicality and sustainability are prioritized. As a result, many of the industry’s occupants find themselves in unique careers that require a range of skills for success.
Here’s what it’s like to be a C-Suite executive in the cannabis industry:
Jamie Rosen, CEO of Dr. Dabber
“Serving as a C-suite executive in the cannabis space is wildly different from serving as such in any other industry. The marketing challenges involved in distributing vaporizers are unique, between public opinion and newly developed technologies, and the stigma surrounding the space makes day-to-day operations more hectic than one could expect in a more established industry, even being in a legal state. With that said, the people are wonderful and there’s a lot of fun to be had along the way.”
Ron Throgmartin, CEO of Diego Pellicer Worldwide (OTCMKTS: DPWW)
“The global cannabis industry is incredibly complex, especially in comparison to other agricultural sectors, but the complexity of the space is what makes it so appealing in the first place. Like with any CEO, my job involves a great deal of multi-tasking and long hours, but unlike CEOs in other industries, I have much more creative influence over the work that I do, given that the industry is still in its growth stage (yet growing at a phenomenal rate). All in all, there’s no space I’d rather serve in as a CEO than the cannabis industry.”
Andy Williams, CEO of Medicine Man
“The amazing thing about the cannabis industry is that innovation is an everyday event and always around the corner. We are moving so fast and there is a real sense we are making history. In the long term that presents a tremendous opportunity, but with issues like banking, 280E, political uncertainty, the impact of a federal barrier makes the day-to-day extremely challenging.”
Frank Lane, President of CFN Media
“The supreme challenge is navigating the ongoing and sometimes blurry state-by-state regulatory changes and federal guidelines in operating any business within the legal cannabis industry. The upside is being involved in one of the fastest growing industries in the world.”
Greg Lambrecht, CEO of Singlepoint (OTCP: SING)
“Serving as a CEO in the Cannabis space is exciting. There are constant moving parts and you have to be very quick to move. Whether it is a federal regulation or even a new product, there are so many eyes on the industry that you must be on at all times in order to not get left behind. It is still the wild west there is not a blueprint for this market you have to blaze your own trail and be confident and quick in your decisions.”
Danny Davis, Managing Partner at Convectium
“There is no “normal day” in cannabis for executive leadership. One day, we are building a global initiative and the next we are attaching labels to bottles for 4 hours. We do what it takes to make it work because we understand the overall opportunity in the long term. So, while others are worried to make the leap because of a perceived lack of organization and standardization, these are the exact reasons we want to be one of the first to build them.”
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