How To Make A Career Pivot To Cannabis
Free Book Preview Cannabis Capital
Two types of entrepreneurs emerge during a crisis: Those who panic, kicking into survival mode thinking the only solution is to wait out the storm and hope everything works out at the end. And those who are true change-makers, recognizing opportunity in a time of crisis and springing into action. These people have one thought in mind: What can I do to help?
Consider Airbnb. The company launched right before the 2008 recession and still managed to revitalize the market for short-term living quarters, getting attention from top-tier VCs in 2009. Warby Parker launched during the Great Recession, after noticing it was almost impossible to buy affordable glasses online.
Now we find ourselves in a new crisis and the question is: What kind of entrepreneur do you want to be? A panicker or a change-maker? It may not seem like it, but you are in the most opportune time to make an impact on your career.
And the cannabis industry could be your ticket.
Cannabis has been deemed an essential business by almost every legal state in the U.S., and the industry market is anticipated to grow from about $12,986.56 Million in 2019 to $58,698.97 Million by the end of 2025.
Whether you’re a medical professional, lawyer, or in another specialized role, getting into the cannabis industry could be a way to truly make a difference in your respective field during these tough times. Here are some of the surprising ways industry professionals can incorporate the cannabis business into furthering their careers.
There’s a general assumption that all medical professionals are overwhelmed by coronavirus cases everywhere, but that isn't always true.
In some places with low infection rates, hospitals are empty because patients are too scared to seek medical help during this pandemic. Some professionals fear being furloughed or receiving pay cuts having fewer patients to treat.
But it doesn't have to be this way. Whether you’re a nurse, doctor, PA, learning about cannabis can lead to a new type of practice you may have never thought of before.
Right now more and more people are turning to cannabis for alleviating stress and anxiety. Dispensaries, that require on-location medical experts, are seeing extremely high demand and could use the extra hand during the pandemic.
So many are seeking guidance on medical-use for cannabis at this moment in time, why not take advantage of it?
Because cannabis is considered an essential business in many states, the timeline for federal legalization has accelerated.
When it comes to legalization, especially on a national scale, we’re going to need plenty of lawyers who can speak to the business. For legal professionals, this is a huge opportunity to expand into an entirely new area in the legal environment that most lawyers haven’t even scratched the surface on. This includes a wave of public companies as the cannabis industry gains public momentum, cannabis startups seeking capital raises, and guiding companies through specific compliance regulations.
The upcoming success cannabis companies will see requires legal counsel, and while stuck at home as a legal professional it's the perfect time to verse yourself in cannabis law to prepare for the imminent future.
Other specialized roles
There are specialized professions in other industries that can make a lasting impact through cannabis.
Marketing/Public Relations: Right now, the cannabis industry has an excess of legal, good quality brands that don’t have set messaging or marketing due to strict advertising, marketing, and media regulations. Professionals who take the next step forward in understanding how to navigate this landscape could be the tastemakers of the best branding for cannabis companies to come.
Packaging: Due to cannabis' schedule 1 status and the extensive illicit market, there are tons of detailed compliance regulations that go into packaging for cannabis products. Knowing the do’s and don’ts for cannabis packaging can help enhance the industry and give a leg up to manufacturers who put a lot of time and effort into products.
Accounting Cannabis companies pay taxes and have fiscal responsibilities too, but, again, due to cannabis not being legal everywhere accounting is complicated for these businesses. Studying how to manage assets of cannabis companies will lead to a whole new realm of possibility for a professional or accounting firm.
Technology: From blockchain, machine learning, and e-commerce solutions, technology and cannabis go hand-in-hand. Both industries are emerging, and some facets of tech and cannabis aren’t fully understood by a majority of people. The intersection of tech and cannabis has an incredible amount of possibilities for anyone willing to dive in.
Government: There’s only one thing that’ll speed the process for federal legalization, and that’s advocacy. Cannabis advocates, including elected officials, are the ones who can really shift history now and give the public real knowledge on why cannabis legalization is so important. As cannabis becomes increasingly normalized in society, the more voters will look for elected leaders who can comment on the industry.
Don't know how to pivot into cannabis? Consider continued education classes. Whether you're a doctor who's been in medicine for over 20 years or just getting out of college, it never hurts to keep learning outside your comfort zone.
While we’re all presented with a new exorbitant amount of time, continued education is the perfect opportunity to spark change through something new rather than avoid it.