Upheaval. Change. Transformation. The cannabis industry has seen record amounts of change in the past few years, and it’s going to continue at warp speed. Consider the following:
- Total combined legal sales throughout the (33) current states with legalized medical programs and (11) legal adult-use programs are projected to grow at a compound annual growth rate (CAGR) of 14%, to reach $30 billion by 2025
- Combined U.S. sales of medical cannabis are projected for a 17% CAGR, from $4.4 billion in 2018 to $13.1 billion in 2025.
- Meantime, total legal adult-use sales are projected for a 16% CAGR, from $5.9 billion in 2018 to $16.6 billion in 2025.
- While total sales of illicit cannabis nationwide were worth an estimated $64.3 billion in 2018, projections call for the U.S. illegal market to reduce by nearly $7 billion (11%) by 2025.
(source: New Frontier Data, Sept 8, 2019)
With this astronomical financial growth comes individual business growth. It doesn’t matter what part of the cannabis space you are in, retail, brands, growing, or B2B services; your business also needs to adapt to the changing environment quickly.
According to Green Entrepreneur, cannabis businesses will need to key in on some very specific needs to succeed and grow in 2020. The most significant areas to capitalize on for your business are: own your supply chain, profitability, consolidation, and vetting new opportunities. All of these directly impact your bottom line and your success ratio.
Continued growth provides a myriad of opportunities, including potential problems for those who need to differentiate themselves or are underperforming in any way. According to New Frontier Data, cannabis job growth is expected to reach over 740,000 by 2025. Companies who want to succeed must invest in their culture and be selective and strategic with their talent acquisition, and leadership hires. Recognizing the need to hire outside of the cannabis industry or when to bring in new executive leaders will provide thoughtful organizations with a significant advantage in this increasingly competitive market.
At Hunter + Esquire, we have deep expertise in working with complex and growing organizations to help them navigate through the process of making difficult decisions and developing comprehensive business plans that position companies on the path to long-term success. Our leadership in cannabis executive recruitment affords our clients access to our extensive network and ability to attract and place the right talent to drive growth.
Our consulting division, led by Art Massolo specializes in helping companies create a foundation that will help them achieve their short-term goals and building out the cannabis companies of the future. Working one-on-one with key stakeholders or the executive team, the H + E team will peel back the layers to understand the company, who they are, how they work and what they’re trying to achieve. Only then can we create a strategic and tactical plan to guide organizations from concept to reality. The team at H + E strongly believes in the power of the plant and all that it can do to improve and enhance lives. We’re excited to be a part of this growing industry. Our goal is to help define and empower the companies that will create the backbone of the future of cannabis.
Consulting services include but are not limited to, the following:
- Distribution
- Manufacturing and processing
- Marketing and go-to-market strategies
- Sales team development and training
- Raising capital to become a publicly-traded cannabis company
- Organizational chart assessment and creation
- National and International expansion
- Scaling and growth
- Salary band creation and advisement
- Executive team assessment
- TA/HR Department training
Whether you’re a startup looking for guidance on how to set up your distribution or build out your team, or a more seasoned organization seeking advisement on multi-state expansion, the H + E team has the knowledge, passion, and expertise to help get you there.
Contact us today to schedule an introductory call and secure your spot in this great industry.
