Opinions expressed are solely those of the author and do not reflect the views of Rolling Stone editors or publishers.
Cannabis — as an industry — has come a long way. We’re far removed from the hazy days of the late 1960s when the term “cannabis corporate culture” would have been an oxymoron. Yet, here we are. The meteoric rise of the legal industry has routinely been compared to the tech boom of the ’90s and shows no signs of slowing. With this surging growth, more entrepreneurs and investors have decided to dip a toe in the water — or even take the full plunge. And as with any burgeoning industry, stereotypes and misconceptions abound.
Just as everyone in tech isn’t a bro in a hoodie, the cannabis space is as diverse as the nation itself. Here, I’ll give you the straight dope (pun intended) on the culture, teams and the industry at large.
1. People who work in cannabis are stoners, potheads and misfits.
First, and probably the most obvious misconception: Everyone who works in cannabis is a slightly dazed stoner.
This is unequivocally false. The truth is, not everyone in the industry is a consumer of the product. For example, some 30 percent of the team at my organization, Unity Rd., a cannabis dispensary franchise model, doesn’t partake and may never touch the plant. Claiming that all professionals in the industry are “stoners” is damaging to the sector and its growth. Other iterations of this myth include the notion that all cannabis workers are young and ready to party. While that may certainly ring true in some quarters, it’s not universally true across the cannabis space.
The cannabis industry, it turns out, is as diverse as the market itself. Increasingly sold in elegantly designed vape pens and tempting edibles, cannabis is now largely marketed to those well outside the “pothead” demographic. In fact, Gen Z women are now the fastest-growing group of cannabis consumers in the U.S.
Turns out, there is a multitude of reasons people find themselves drawn into the business, aside from just an affinity for the product. While some are indeed recreational lovers of the plant, others are medicinal advocates. Some people are in the sector because they see big financial opportunities, while others still view it as a way to challenge pharmaceutical hegemony and spur cultural or social change.
Whatever the reason, the cannabis business draws in top talent — rather than plucking sleepy prospects off their couches, they are now being pulled from across disciplines and all walks of life.
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2. Cannabis professionals and leaders are lazy, forgetful or uneducated.
Misconception No. 2 shares some overlap with the stoner myth. Many of the long-held associations about cannabis consumers have sneakily crept over into people’s broad assessments of the industry as a whole. I bet most cannabis execs would testify that they have never encountered a more enterprising group of people. In my experience, cannabis industry workers are undeniably hardworking, dedicated and resourceful — because they have to be. From understanding the nuances of shifting regulations to the intricacies of zoning variances and water use rules, people in the cannabis industry have to actually work hard.
Consider the facts: Cannabis is still federally illegal. Even simple business requirements like getting a bank account can be mind-numbingly difficult. Since the hurdles are greater, those in the industry often have to hustle to gain ground.
Nevertheless, as legalization continues to sweep across states and the culture catches up, it seems all and sundry have gotten into the game, from influencers and top athletes to politicians, even. As the stigma recedes, cannabis continues to beckon top talent from across the professional spectrum. Many are leaving well-known organizations and migrating to cannabis — star candidates have been drawn from companies across disciplines, from small tech startups to big companies like Apple.
Cannabis corporate culture is becoming a cross-section of the culture, and obviously, there’s no way to pigeonhole such a wide range of people.
3. Everyone in cannabis makes obscene amounts of money.
Of course, many of us wouldn’t be here if there was no financial potential. While there is clearly money to be made, like any business, expenses add up and come from all directions. For example: the 280E tax laws. Although cannabis remains federally illegal, the federal government still applies a level of taxation. The bottom line is that cannabis companies still have to run tight and profitable businesses in a climate that can be difficult for a range of reasons, including high tax rates, ever-shifting regulations and competition from the illicit market.
All that said, legal cannabis remains one of the country’s fastest-growing industries, and as such, there is much opportunity to be had. Americans are on pace to spend between $25 billion to $26 billion this year on cannabis, according to estimates by Leafly. During the Covid-19 pandemic, when medical marijuana was classified as an essential good in most states, estimates suggest that legal sales alone hit a record-breaking $17.5 billion, a 46 percent increase from 2019, according to a March 2021 report by BDSA, a cannabis analytics firm.
I expect this demand is bound to grow as legalization continues to spread across the country. A 2020 headline in U.S. News & World Report delivered a resounding affirmation: “Americans Spent More on Pot in 2019 Than Toothpaste, Hard Seltzer and Sleep Aids.” Incredibly, the industry is estimated to surpass $30 billion in legal cannabis sales in 2022.
All this growth means at least one thing — that the perceptions of cannabis culture are going to catch up with reality any day now. Cannabis is clearly here to stay, and teams across the industry are likely to look just like you and me.
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