Leadership training by a CFO on call in the cannabis industry is vital for developing a team of capable and knowledgeable leaders who can navigate the unique challenges of this sector.

A CFO on call can provide leadership training in many “standard” areas, for example, executive leadership development; decision-making and problem-solving techniques; team building, motivation, and conflict resolution; mentoring and coaching; diversity and inclusion management; industry networking; financial literacy; and risk management. But there are areas that are more specific to the canna industry that benefit as well.

  • Cannabis industry expertise as to challenges and opportunities to address industry-specific issues effectively, including those with regulatory implications.
  • Communication skills of leadership teams to ensure effective internal and external communication, particularly regarding regulatory compliance, investor relations, and team management.
  • Ethical leadership and compliance with industry-specific regulations and ethical business practices.
  • Change management techniques to navigate the rapidly evolving cannabis industry and lead teams through transitions.
  • Community and Social Responsibility initiatives to educate leaders so that they may contribute to social equity in the cannabis industry.
  • Performance metrics and key performance indicators (KPIs) to measure leadership effectiveness and track progress in this fast-paced, evolving landscape.

An area often overlooked is establishing regular feedback mechanisms to assess leadership development and ensure alignment with the organization’s goals. A CFO can help put these mechanisms in place.

I learned through my college years in ROTC and through my years of military service as an Army officer that leadership is a fundamental concept. It was drilled into our heads. Fast forward to today, cannabis is like every other business, where a strong leader can help them excel beyond their peers. Leadership is even more important in a newer industry like cannabis, which is in constant change.

BTA – By Example: Cultivation

I was introduced to a cultivator two years ago. I was invited to participate in the company’s weekly meetings. There was no agenda and a very broad attendance that included accounting clerks and outside consultants. The owner would show up late because they forgot about the meeting or had other priorities. Because the owner did not understand their leadership position, the meetings were run by an HR person with no direct responsibility in any aspect of the company.

After watching this for over a month, with each meeting being a waste of time for many of the attendees, I called the owner to discuss the general management of the company and, specifically, the weekly running of the business. I explained to them that they were setting the standard for the company. Could I run the meetings for the next month?

I had an agenda. I inquired two days before the weekly scheduled meeting if various company personnel had any topics to discuss. Only people that were needed for that agenda or those topics attended that week’s meeting.

Topics such as engaging new customers, finding new vendors, making timely repairs on equipment, and finding better insurance programs were all discussed. Decisions were made. When new service providers, or existing ones, such as the company’s insurance agent, needed to speak to the owner and/or key company personnel, that weekly meeting time was used as it was already on everyone’s schedule.

After a month of running the meetings, I had the owner transition into the role of leading the meetings. The weekly meeting became a consistent and necessary part of the company’s communication, being led by the owner of the business. A big win for the business and the owner.

Leadership training is an ongoing process. A CFO on call can provide invaluable guidance and training to foster the development of effective and resilient leaders who can adapt to the unique challenges and opportunities in this sector.

For these reasons and more, having a CFO On Call brings high value to your success.

If you need the expertise of a CFO, let’s talk. I can be reached at Bruce@CannabisCPA.Tax or 818-225-8022.

CFO Services

Why BTA Cannabis CPA Tax?

  • Subject Matter Expert sought nationwide
  • 30+ Years of CPA Experience
  • Cannabis-specific experience since 2018
  • Multi-state service area: 20 of the 24 legalized states (plus Washington, D.C.) as of 4/24/24

Tap the image to enlarge.

The striped overlay shows the 19 states (plus Washington D.C.) that BTA serves as of 11/12/23.

Map source: DISA’s Marijuana Legality by State showing legalization, medical use, and recreational use as of 10/31/23. https://disa.com/marijuana-legality-by-state