The new year is upon us, and statistics show that 35% of all New Year’s resolutions will be broken before the end of January. Here at HBG, we have made just one resolution-we will educate and elevate! So here is what we can look forward to in 2020 for the Cannabis Industry!
The impact of “Higher” Education
More and more colleges are now offering not only classes but degrees related to cannabis. Both Northern Michigan University and Minot State now offer 4 year degrees in Medicinal Plan Chemistry; and the University of Maryland has a Master of Science in Medicinal Cannabis Science and Therapeutics. UCLA, University of Washington and the University of Vermont are now including cannabis classes in their curriculum and they keep adding more due to demand! As Nelson Mandela said, “Education is the most powerful weapon you can use to change the world.”
The introduction of Big Data!
As the Cannabis Industry matures, the dawn of meaningful and actionable data is now upon us! But the knowledge is only a tool and can be destructive unless we know how to use it. We are now seeing the collection of very helpful industry data related to compensation and benefits. Now what we need to discern is what information is meaningless, what is actionable and how do we avoid that “interesting” data that consumes our brainpower but has no real translatable value.
Unions: Good or Bad?
According the Bureau of Labor Statistics, Union participation has gone from 20.1% in 1983 to 10.5% in 2018. However, the perception of Unions amongst millennials is generally positive and that represents the largest sector of the cannabis workforce. We have seen rise to more class action lawsuits targeting dispensaries related to wage and hour violations. The UFCW (United Food & Commercial Workers) has launched a campaign called “Cannabis Workers Rising” to support job growth in this sector through trainings and education. Regardless of your personal views on the value of Unions, they are a politically influential group that can help shape legislative agendas. There is nothing a politician likes more than getting re-elected.
Are you Culture(d)?
With the demand for talent already at record levels, finding and keeping talent is critical for emerging businesses. What has been a real eye opener for me is the response rate in our cannabis business versus our traditional business is 5 fold for similar positions. There is so much talent (both passive and active) anxious to enter the cannabis space, but not all of it is qualified so there is a real need to develop and nurture the right company culture. Some of our clients feel that culture is influenced by ping pong tables, beer on tap and video games; while others have determined that their culture is more focused on social outreach, volunteering and personal development. No right or wrong answer here… unless you don’t have a culture at all.