Friends, passing along an article from Bloomberg this morning as another sign of the professionalization of the cannabis industry. The trend that the article discusses, of bankers and other financial professionals moving into cannabis up in Canada, looks a lot like what happened with the first dot-com boom, when investment banks (and then law firms, accounting firms etc.) couldn’t compete with startups for talent.
My point isn’t that cannabis is in a dot-com-like bubble, though – instead, my point is that cannabis companies know that they need expertise in multiple disciplines to grow and survive (finance, marketing, sales, distribution, etc.), and certainly to position themselves to succeed through legalization. This certainly isn’t news for those following the industry, and it isn’t just happening in Canada.
Yet another sign that running a cannabis business is like running any other business (well, almost), and that’s a good thing.
By: Marc Hauser