Keegan Peterson, CEO of Wurk, outlines the fundamentals to a solid HR policy.
Published in Cannabis Business Times, READ THE FULL STORY
With each new state to develop a regulated cannabis industry and each new patient or consumer joining the marketplace, the very business of cannabis grows more normalized in Western society. And with that comes a suite of new responsibilities and measures of accountability for companies seeking success in that market. Human Resources, a staple of most other commercial industries in the U.S. and elsewhere, has become a driving force in how cannabis businesses operate.
Following a brief industry-wide shudder upon the rescission of the Cole Memo by U.S. Attorney General Jeff Sessions in January of this year, businesses have gone on to see a relative surge in prospective employee interest from all professional backgrounds. With that comes a reinvigorated approach to HR.
The professional employee base of the industry is growing.
“Now, over the course of this year, I think we've seen a strong amount of interest in folks that are outside the cannabis industry that are looking to come in and participate,” Wurk CEO Keegan Peterson says. “We're seeing that all levels of the business—folks that are executives all the way down to folks that are, first-time, first-job. So, we're seeing the big uptick in interest in being an employee in the industry. I think the investor spaces significantly increased, especially with the Canadian markets, providing liquidity opportunities for institutional capital, which is helping fund NGOs and some of these larger operators to grow and expand, which means there's consolidation happening right now.”
Here, Peterson outlines several keys to a sound HR strategy, something that cannabis businesses must integrate into their internal structure to succeed in an increasingly competitive marketplace.