January 26, 2021 – Marijuana has become more popular than ever in the last few years. The legalization of the plant in many countries has led to a boom in the cannabis industry. Consumer spending on cannabis has topped $10 billion in the U.S. alone, and worldwide sales are expected to top $100 billion before the end of the decade. The United Nations estimates that 150 million people worldwide use marijuana, which is over 3.8 percent of the global population.
While talent deficits are a problem in every industry, the marijuana field is exceptionally short on senior-level leaders who can come in and cross-pollinate their functional and industry skills-sets. So it is that recruitment firms are focusing on bringing talent to this hot sector. Recently, CannabizTeam, a cannabis-focused executive search firm, launched a new service line for cannabis companies: CT Board Placement. The new service assists cannabis industry clients in identifying and recruiting candidates for board of director positions who have a diverse blend of skills and experience.
“Appointing the right non-executive directors is a critically important decision for all cannabis companies in today’s competitive marketplace,” said Liesl Bernard, CEO of CannabizTeam. “Recruiting directors in the cannabis space is a more complex process due to the relative youth of the industry and the lingering legacy legal nuances. Our goal with CT Board Placement is to help our clients find a diverse blend of candidates with relevant experience, strong character and reputation, proven judgment and leadership skills that will set them up for future success.”
Board of director diversity reflects one of the core values of CT Board Placement, “which is especially relevant as the cannabis industry has continued to lead corporate America in social equity and corporate social responsibility programs,” the search firm said. “CannabizTeam is committed to promoting fairness, justice and equity in the cannabis industry, and will work to fill board of director positions with individuals of all genders, religions and races.”
CT Board Placement will also offer a cannabis director development program to help first-time directors learn the culture and nuances of the company they will serve as well as the broader cannabis industry. The cannabis director development program includes a detailed curriculum exploring the most relevant governance issues in North America, with a special focus on issues facing boards in the U.S., Canadian and Mexican cannabis markets.
Why Cannabis Companies Need Purpose Driven Leaders
With pot becoming legal in an increasing number of states, the expanding sector faces a strong need for talent. But what kind of leadership is best served to fuel this growing sector? A new report from Y Scouts takes a closer look, and leading recruiters that serve the industry then weigh in.
CT Board Placement will become a division of CannabizTeam Worldwide, which also operates CT Executive Search, CannabizTeam Direct Hire and CannabizTemp. Through its four staffing divisions, CannabizTeam fills more than 1,000 cannabis positions each year in all verticals of the industry across the globe.
Booming Marijuana Sector
A recent report from New Frontier Data estimates that the Illinois legal cannabis industry will employ more than 63,000 people by 2025. These estimates are comprised of the expected number of jobs that “touch the plant,” including retail, manufacturing, and cultivation. Taking into account ancillary service businesses and roles that support the cannabis industry, these projections are expected to increase significantly.
“Similar to other disruptive periods in history, such as the tech boom, the unprecedented growth of the U.S. cannabis industry has resulted in severe workforce shortages,” said Ms. Bernard. “The challenge is twofold: First, the speed at which these companies are growing makes it near-impossible to satisfy their staffing requirements; and two, most of these companies don’t have experience or infrastructure to hire effectively. As additional states legalize cannabis, more companies will need access to talent on demand in order to maintain a competitive advantage – this problem is not going away, it’s only going to grow.”
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media