Opinion: Current-state of The Cannabis Industry
Art Courtesy of Casey Renteria
Without a doubt, the cannabis industry has been in an interesting place the past few years. While many in the domestic space enjoyed record-breaking sales during the cannabis-deemed-essential Covid days of 2020/2021, reality has since set in. Many factors contribute to the current-state, from the fiscal and political climates, to the ongoing uncertainty around federal legalization… or rescheduling as of late. These unstable times have changed the face of the space, literally and figuratively speaking.
Many still reflect on the buzz (pun intended) of legalization in the teen years. I know I do as those were the years where all of us were blazing our own little trails in one way or another. But just like 4/20 festivals in legal markets, the energy around the industry after those early years has faded. Although you might get a feel of that vigor briefly in newly legalized markets, the wild west days are long gone.
The crazy investor money are of a bygone era. The self-proclaimed ‘cannabis experts’ are fading back into the shadows from which they came. For some of us, this feels like a familiar story, just rounded out with different actors. That’s so the case for me after having a front row seat to the evolution of media segueing from traditional to dotcom ‘pure play’ in the 2000’s. You saw everyone rush in and strive to be the first Levi Strauss or Wells Fargo of the time. Similar to the Gold Rush of 1849, the dust settled from the big boom and key players have ridden into view, showing it’s often only the strongest that survive.
I’m sincerely grateful to be with a company that is positioned for success. Like those ancillary companies supporting the fortune seekers of a late eighteen hundreds California, we are in the thick of it as well. No matter if an individual or an entity in the cannabis industry, it’s a pursuit only worthy for those putting passion first. The cycling out of investors over the summer of 2018 showed us that those entering the space purely for profit will not be around for the long-haul.
This is not a message of negativity, but more so one of reality. Rather you’re looking to turn a hobby or an interest into a profession, or introduce a product/ solution for this industry, it’s good to know that it’s not for the faint of heart. Having a ‘community over corporate’ and ‘roots over suits’ mindset will help solidify your opportunity of being successful as a contributor to our industry. Because the Green Rush is still very much alive and strong when looking at the space from a global perspective. This is a movement that is seeing progress and success in every region across the globe.
Free to Play, The Cost to Stay
Once decided to make the transition into cannabis as a profession, do your homework. As mentioned before, gone are the days of people simply updating their LinkedIn profile to ‘cannabis expert’. You’re passionate about the plant, that’s awesome, so are thousands of others from all corners of the world. Personally, I’m a medical advocate being a twenty-year cancer survivor that turned to holistic and Eastern medicine for solutions. Nobody will question why, or what made you passionate about cannabis. The real question would be; what do you bring to this community? Does your background benefit the bigger cause of moving the plant closer to normalization and ultimately absolute legalization?
Every professional background can bring good things to our community. I recently realized that I’ve never worked in a sector that had such professional diversity. Think about it for a minute. This segment needs those with agricultural expertise, medical and scientific backgrounds, advocacy and political insight… and don’t forget those coming with sales, service, marketing, HR and many more skills.
So, is it a requisite to be a life-long cannabis consumer? No! Does it help that you have an intimate understanding of the plant, it’s benefits, and extensive history, yes. But that alone is not the thing alone to hang your hat on when making the leap to the legal cannabis industry. One thing I will say is a must across the board, and this I was taught growing up in NorCal; good vibes. It’s not cliché, nor is it an overplayed mantra for those in cannabis. There is no room for negativity in this space. Similar to a splinter, this community will eventually push you out. We don’t have the patience for a lack of positivity.
Assimilate to the community. Yes, it’s okay to stand out of the crowd, but don’t try to reinvent the wheel. With many of us going on a decade or more in the legal space, we have tried and done a lot. Be sure to do some homework and find if what you bring to the table has been done before. Trust me, there are plenty of opportunities and avenues not pursued yet in the cannabis space. Just
Find a mentor or someone that will guide you in the right direction. The smart ones in the space know it’s a must to support and cultivate the next generation of advocates and cannabis professionals. Because it’s not just safety in numbers, it’s also success in numbers. Plenty of OG’s are looking to pass the torch when the timing is right. This is something the community has been in support of long before the first legalization movement this country saw. Keeping in mind the legal cannabis movement started in San Francisco... the same place that saw that big boom around gold one hundred fifty years earlier.