Cannabis professionals from 48 U.S. states and 29 countries gathered at the Westgate Resort & Casino in Las Vegas, Nev., April 1-3, for the third-annual Cannabis Conference. World-renowned speakers, cannabis industry leaders, representatives of some of the most successful cultivation and retail businesses, and exhibitors showcasing state-of-the-art technology, services and solutions, made up the record-breaking crowd for Cannabis Conference 2019.
Cannabis Conference is produced by the award-winning publications Cannabis Business Times and Cannabis Dispensary. It is the only North American conference focused exclusively on cannabis cultivation and dispensary businesses. The conference is steered by an advisory board of cultivation and dispensary experts and featured more than 40 education sessions led by more than 90 industry experts. The 70,000-square-foot sold-out exhibit hall showcased technology and solutions providers serving cannabis cultivation and dispensary businesses and doubled as a networking space.
“The depth and breadth of the conference agenda was outstanding, and it gave both newcomers and industry incumbents the insights they need to make a meaningful impact to their business strategy,” said Guild Enterprises co-founder Claudio Miranda, who is also on the Cannabis Conference Advisory Board and a speaker.
William Morse of Total Health Cultivation said, “... This conference had the feel of cooperation, and of a genuine sense we all have to expand our knowledge about this miraculous plant. … I look forward to attending this event in the future!”
“The information and first-hand knowledge being presented at the Cannabis Conference delivers a unique opportunity to get an education from experienced individuals in the cannabis industry,” said Nick Jack, Diego Pellicer - Colorado’s chief retail officer, who also served on the conference advisory board and spoke at the event. “The connections you can make are invaluable, and the conversations with other industry experts provide unique insight into the industry in other parts of the country.”
Each issue we are committed to providing you industry insight, advice and trends from some of the most respected and knowledgeable individuals and journalists in cannabis today. We’re pleased to introduce you to our contributors.
Andrus is principal at New York- and San Francisco-based The Andrus Group (theandrusgroup.com), which represents cannabis and other retail brands (such as Burberry and Apple) through design and construction management.
Barbagallo is a Boston-based writer whose work has appeared in the Boston Globe, Chicago Tribune, Dallas Morning News, Denver Post, Pittsburgh Post-Gazette, Salt Lake Tribune, Seattle Times, and Washingtonian magazine. A business journalist of two decades, he is a former senior editor for Bloomberg News in New York and a beat reporter for Bloomberg BNA in Washington, D.C.
Denzin is the owner of MJ HR Strategic Solutions, an HR consulting firm based in Palm Springs, Calif. Denzin specializes in talent strategy and development for the cannabis industry. Her firm helps cannabis business owners develop strategic HR plans to select, develop, reward and retain employees who deliver value and loyalty. She can be reached at email@example.com.
Fraticelli is principal at New York-based FROM Architecture (f-r-o-m.com), with a team of 30 architects and engineers, specializing in retail and commercial architectural services.
Goldsberry is executive director at Magnolia Wellness, an award-winning dispensary in Oakland, Calif., and the managing director of the Berkeley Community Care Center dispensary at Amoeba Music. She co-founded the Berkeley Patients Group (BPG) medical cannabis collective in 1999, directing its growth for more than 11 years. In 2017, Goldsberry published her first book, “Idiot’s Guides: Starting and Running a Marijuana Business.”
Kramer is a Cleveland-based freelance journalist whose work has appeared in the online or print versions of Glamour, Food & Wine, SELF, The Wall Street Journal, and more.
Mentoring in Massachusetts
Departments - Great Ideas
Garden Remedies offers other dispensary startups the help it always wanted— through its Catalyst Mentorship Program.
If you have launched a business in the cannabis industry, at one point or another you have probably wished for a guidebook or mentor to refer to when hurdles appeared insurmountable. Jeffrey Herold sure did.
Herold, COO of Massachusetts’ Garden Remedies, a vertically integrated cannabis company, remembers the company’s senior leadership sitting around a conference room table about 18 months ago, commiserating over the challenges they overcame to launch their operation in the Bay State. The wide-ranging conversation spanned lessons learned, mistakes made and “how just having a one-on-one mentor that had been through this would’ve really helped,” Herold says.
A team member chimed in: “Why don’t we launch a mentorship program?”
That thought sparked the idea for Garden Remedies’ Catalyst Mentoring Program that pairs team members with cannabis license applicants to help guide these license hopefuls through the early stages of launching their businesses.
Some might think that helping potential rival business owners is a bad decision, but Garden Remedies has a different perspective. “I think it's a big industry, and we think there's plenty of [market share] to go around,” Herold says. “We'd much rather help people do it right so that the industry as a whole doesn't get a bad name.”
Garden Remedies’ team knew that it wanted the mentorship program to have a personal feel to it. “Originally, it didn't feel like it was going to be too structured and more just a one on-one-mentor relationship, where if somebody has a question, they know somebody in our organization that they can call,” Herold details.
While it has retained a personal level of support, the program has evolved into a 14-week program with three separate tracks: cultivation, processing and retail, the same industry verticals in which Garden Remedies operates today. Each track has one designated mentor, and the inaugural class saw one mentee paired with each mentor.
Garden Remedies isn’t directly training program participants on how to cultivate cannabis, process edibles or manage a dispensary. Rather, mentors are there to answer questions and help their mentees avoid making the same mistakes they did in the licensing process, with design or with sourcing materials.
Mentees have weekly calls with their mentors to discuss any issues they encountered that week and get advice on what to expect from the next steps in the process. Biweekly calls with various company subject matter experts relevant to each mentees’ business and licensing stage are also scheduled. Those experts remain available throughout the licensing program to answer questions related to their areas of expertise.
Herold is clear that there isn’t a business relationship being established, but a personal one. And even though the program formally is 14 weeks, mentees are expected to make connections that last beyond the terms of the mentorship. “[These mentees] literally call us … when any kind of question comes up that may take them hours to research, and they can call our head of security [for example] and get the answer in just two minutes,” he says.
The first Catalyst class graduated May 2, and two of the three graduates had economic empowerment priority status, meaning they all qualified as businesses having “practices that promote … economic empowerment in communities disproportionately impacted by high rates of arrest and incarceration for offenses under state and federal laws, including the Controlled Substances Act,” according to the Massachusetts Cannabis Control Commission (MCCC).
Caroline Pineau, owner of Stem—a dispensary license applicant based in Haverhill, Mass. (a city designated by the MCCC as one of the 29 areas where drug laws had a disproportionate impact)—is a Catalyst graduate. A yoga studio owner and instructor, she first heard about the program through a business associate, and, after some additional research, reached out quickly.
“To have the opportunity to learn from some of the best in the industry … has been instrumental and has really helped to propel my project forward,” Pineau says.
Her mentor, Julia Wentworth, Garden Remedies’ director of retail operations, spoke with Pineau every week and discussed everything from “floor plan … all the way down to paper clips,” Wentworth says. Store design is Wentworth’s specialty, as she is in the process of designing her third dispensary—Garden Remedies’ Marlborough location.
Pineau, for her part, is quick to give credit to Wentworth and Garden Remedies for continuing to help shape her business to match her vision. “[Julia] has vast retail experience and really helped me hone in on exactly how I wanted the flow of the experience to take shape,” Pineau says. “I really felt like they were a resource in every aspect of my business and really helped to shape my business strategy, and also helped me to feel really empowered that I can be an aspiring leader in this industry, even as a mom-and-pop operator.”
Brian MacIver is senior editor of Cannabis Dispensary magazine.
Going Public: Are You Ready?
Features - Features
Use this 7-point checklist to determine whether your cannabis company is ready for a public offering.
With the easing of global marijuana regulations and the ratcheting-up of competition, industry leaders everywhere are scrambling to fortify their businesses’ market positions by creating full-service organizations through the acquisition of synergistic products, licenses, locations and expertise. Yes, 2019 is shaping up to be even bigger for cannabis stocks, which raises broad questions: How ready are most companies in the cannabis industry, really? Should every cannabis company be looking to go public? And what does going public truly entail?
Going public is a costly, complicated process that requires a large team of managers, lawyers, accountants, investment bankers and consultants. The entire proposition is fraught with risk, and too many companies are going public without proper planning and justification, says Hadley Ford, CEO and director of iAnthus Capital Holdings, Inc., which owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the U.S. He describes the process as a potential train wreck.
“You have to have a reason and strategy for doing it,” Ford says. “It’s much harder to be a public company than a private company. If you screw up, you will be forgotten.”
In this article—Part I of a two-part series—cannabis industry experts tell Cannabis Dispensary the key the reasons to go public and offer a 7-point checklist of considerations before making a final decision.
The No. 1 reason to go public? Access to capital.
The reason iAnthus went public in the first place was because no other way to get money existed. “A year ago, I couldn’t get a lender to pay attention,” Ford says. According to iAnthus, the company became the first multi-state operator in the U.S. to go public and raise money in Canada—a feat many thought too tough to tackle and now widely copied.
Going public helps cannabis companies manage their overall cost of capital—the mixture of returns needed to persuade an investor to make an investment. To investors, the cost of capital represents the opportunity cost of making a specific investment. If an investment fails to get a return that exceeds the cost of capital, investors will take their money elsewhere. So, if a cannabis company can run its business or even expand operations at lower cost of capital than competitors, that is a “differentiator,” Ford says.
“The access to capital has been critical to fuel our rapid global growth,” says Cam Battley, chief corporate officer for Edmonton, Alberta, Canada-based Aurora Cannabis, now a fully integrated cannabis company.
This past fall, Aurora closed a debt deal worth as much as CA$250 million with the Bank of Montreal, a landmark for Canada’s marijuana industry. The new debt facility will be made up of a CA$150-million term loan and a CA$50-million revolving credit facility, both of which mature in 2021. Under the accord, Aurora has the option to upsize the facility to CA$250 million.
The deal marked a seismic shift in how big banks view the cannabis industry in Canada. Traditionally, for cannabis companies in growth mode, the only way to raise money was to issue more stock or extend convertible debentures—long-term debt that can be converted into stock after a set period. The option of taking out a traditional loan just wasn’t available.
“All that is evident in a significant change in attitudes with respect to the cannabis industry,” Battley says of the Bank of Montreal deal. “Institutions are now more comfortable with the cannabis industry. A brand-new global industry is being created in real time.”
And that industry is hitting public markets in diverse ways. While Aurora opted for an initial public offering, California-based FLRish (doing business as Harborside) went public in Canada through a reverse takeover (RTO). With RTOs, a private company typically trades shares with a public “shell” company in exchange for the shell's stock, essentially transforming the acquirer into a public company.
Here, Lineage Grow Co. acquired all issued and outstanding Harborside securities. In return, Harborside received newly issued Lineage shares valued at CA$200 million. The result was a vertically integrated cannabis company now known as Harborside Inc.
Andy Berman, CEO of FLRish, says FLRish emerged owning most of the outstanding shares, controlling five of the seven board seats and retaining their executive team. Lineage also came with three stores and two grows, one indoor and one outdoor, so it rounded out Harborside’s vertically integrated portfolio of assets and supported its strategic growth plans, compared to just an empty “shell.”
The company recognized that if it wanted to grow, it needed to raise money. Investors coming into the cannabis industry want to know that a company has a “going-public strategy,” Berman says.
“We wanted to attract high-caliber, high-quality investors,” Berman says.
As Harborside learned, going public provides an opportunity to raise capital fast by reaching a wider distribution of investors. A new report titled, “Going Public in Canada,” from the MGO/Ello National Cannabis Alliance, lists six reasons to raise capital:
expand existing operations,
introduce new product lines,
enter new markets or states,
invest in research and development,
pay down debts and improve financial performance, and
mergers and acquisitions (M&A).
The final bullet point was key in iAnthus’ going-public strategy. Going public gave iAnthus the opportunity to acquire other license holders who lacked the capital to continue operations and were looking for an exit, including MPX Bioceuticals, which iAnthus acquired in an all-stock transaction this past fall in what was at the time the largest public cannabis transaction in the U.S.
Two other reasons to go public exist, but are not identified in the MGO/Ello National Cannabis Alliance report: talent acquisition and brand awareness. “You can issue options to your employees, so they can share in the wealth creation,” Ford says. “It becomes a tool to attract top talent.”
Scott Greiper, president and founder of Viridian Capital Advisors, a data-driven strategic and financial advisory firm dedicated to the cannabis industry, adds, “Everyone is trying to build their brand and differentiate.”
So, you think you’re ready to go public now? Review this 7-item checklist to be sure:
CHECKLIST ITEM #1: Build operational and managerial strength
Cannabis companies need sophisticated operations, sound finances and a veteran management team to be taken seriously by capital markets.
“In this industry, we’re looking for experience,” says Greiper. “The CEOs of [our] clients don’t come from cannabis. They come from tech; they come from food, ag tech, healthcare, with demonstrable track records of building business and scaling those businesses.”
CHECKLIST ITEM #2: Get comfortable with being public (in every sense of the word)
Being public requires frequent and transparent communication about the company’s performance. Company management and leadership must understand what that means and the time commitment involved.
“I spent a career doing this, and even I was caught surprised,” Ford says. “I love getting on the road and telling our story, but it’s a lot of work. Half a typical day is consumed with ‘public stuff,’ such as calls with investors and the media.”
“It’s not your company anymore,” Ford adds. It’s owned by shareholders. “That’s a very hard concept for an entrepreneur to accept.”
CHECKLIST ITEM #3: Gird for volatility
Canada’s legalization of adult-use marijuana generated an enormous amount of excitement for the sector, bidding up share prices. But the stocks crashed just weeks later, with short-sellers raking in almost half a billion dollars in profits in just two days alone. (Short-selling is “when an investor borrows shares and immediately sells them, hoping he or she can scoop them up later at a lower price, return them to the lender and pocket the difference,” according to MarketWatch.)
“At the moment, there is a large concentration of short-selling in the sector,” Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners, noted in an October 2018 report.
This should not be surprising. Cannabis is a small-cap stock, which means it is more growth-oriented and there is more upside for investors. Also, significantly more volatility (a wide range of price fluctuations and large trading volumes) exists. Consider that from 1997 through 2012, the Russell 2000 small-cap index returned 8.6 percent on an annualized basis, compared with 4.8 percent for the S&P 500 stock index. But over that same period, the Russell 2000 had about one-third higher volatility.
“The volatility could be a real stressor on the business,” says John R. Downs, director of business development for The Arcview Group, a marijuana investment network based in San Francisco. “Executives can often find themselves spending more time managing the stock and worrying about the share price than actually running the business.”
Even without short-selling to worry about, a change of course for a business or an underwhelming earnings report can lead to sharp selloffs that could be devastating. “Pivots can be very painful for a public company,” Downs said. “There is so much more pressure. The stakes are much higher.”
On the other hand, he said, cannabis stocks have the characteristics of “sin stocks”—stocks that deal in tobacco, alcohol or other products deemed harmful, which tend to fare better during broader stock-market swoons.
In the end, the most recession-resistant company could be a privately held cannabis company, Downs said.
CHECKLIST ITEM #4: Button-up your corporate governance
As with every public company, all management decisions must be reviewed by a board of directors representing the interest of shareholders. And that board would have to create an audit committee, compensation committee and nominating committee, at the very least.
“The requirements to successfully go public can be overwhelming, including the time commitment from management and the length of time the process can take, particularly if certain items, such as audits of historical financial statements, are not already available,” says Scott Hammon, COO, MGO | ELLO National Cannabis Alliance. “The process can distract what are frequently smaller management teams from the operations of the core business.”
Many companies are also unprepared for the increased reporting and disclosure requirements post public offering, which can necessitate additional resources and changes in processes and governance procedures, Hammon says. “We normally recommend that companies start to operate like a public company before the go-public transaction is completed as that makes for a more streamlined transition,” he says.
“It’s much harder to be a public company than a private company. If you screw up, you will be forgotten.” Hadley Ford, CEO and director of iAnthus Capital Holdings, Inc.
CHECKLIST ITEM #5: Become an expert at navigating anti-cannabis tax laws
When a company goes public, it must be diligent and savvy about how it handles its tax obligations. For cannabis companies in the U.S., that means working harder to maximize deductions. Investors will put your tax accounting under a microscope.
Under 26 U.S. Code Section 280E, for example, any business engaging in the trafficking of a Schedule I or II controlled substance is prohibited from taking tax deductions or credits (except for the cost of goods sold (COGS)). In other words, cannabis companies must pay taxes on all their revenue without using otherwise legitimate business expenses to reduce their taxable income (again, excluding COGS deductions).
There are ways around 280E, however, and public companies must become artful about navigating those ways, like separating cannabis activities from the rest of the business’s activities to claim at least some federal deductions.
CHECKLIST ITEM #6: Disclose, disclose, disclose
In Canada, every public cannabis company must meet the quarterly and annual disclosure and reporting requirements per securities regulations.
Here’s a rundown of some of what’s required by National Instrument 51-102—the securities’ commissions’ “Continuous Disclosure Obligations”:
Comparative annual financial statements: Document(s) comparing the company’s performance with another business.
Management discussion and analysis (MD&A): Where the company’s management and executives analyze the company’s performance with qualitative and quantitative measures.
Interim financial report: Conveying the performance of a company before the end of normal full-year financial reporting cycles.
Material change report: Detailing a change in the business that could have a significant impact on the stock-market price.
Business acquisition report (BAR): Detailing a “significant” acquisition of a “business.” An acquisition is considered significant where the acquisition meets one of the following significance tests: investment, assets, or profit or loss. (If an acquisition qualifies as a reverse takeover, the company may not be required to file a BAR.)
Information circular: Information about a company’s annual meeting of shareholders. Each exchange and country has its own set of requirements and laws governing financial disclosures and reporting requirements, meaning companies typically can’t take a cookie-cutter approach to going public on different exchanges.
CHECKLIST ITEM #7: Get out the checkbook
Deciding whether to go public may come down to a simple question: Can you afford it?
Cannabis companies must pay accountants to pore over financial details; legal fees to lawyers to prepare contracts; marketers to get the word out to investors and the media; and tax advisers to help navigate tricky tax laws in multiple jurisdictions. There is also an underwriter’s commission, which can run anywhere from 5 percent to 7 percent of the offering.
“For any company, regardless of where it is in its life cycle, the decision to go public should always be made as part of its larger strategy,” Hammon says. “It’s less about going too soon, in terms of maturity, but whether the company has a clear understanding as to how going public helps it accomplish its strategy.”
The decision to go public, and when, may be the biggest you will make as an entrepreneur. But proceeding cautiously, with the right tools, will minimize risk and put you in the best position to prevail on the open market.
Editor’s Note: Part II of this feature will delve into the options available for going public.
The Makings of Great Customer Service
Columns - HR HQ
Positive client experiences start with the example managers set.
I visited three retail cannabis stores recently and made purchases in two. The three stores were in two different cities in Southern California's Coachella Valley, and each presented a fairly different shopping experience.
What made such an impression were the attitudes and skills of the employees I encountered in each dispensary, and my overall experiences as a consumer. Each store was designed differently, with product variety and placement obviously catering to its local market. The “vibe” of each store also reflected the demographics of the area being served. For example, the dispensary located in a high-end shopping area was like walking into an expensive jewelry store: Product was displayed in separate glass and chrome cabinets with modern lighting, showcasing product merchandised with small pieces of art and décor.
The budtenders were all women wearing uniforms that appeared custom made—black pencil skirts and green long-sleeved tops with dispensary logo—and they took me on a guided tour. Security was discretely present. At the end of my shopping experience, another woman walked me to the lobby and asked me how I liked the experience and whether my needs were met.
Another dispensary located near the freeway was similar in that it had a security person inside and a front desk person who checked IDs. The atmosphere was very different once you entered the product area. This store was set up for efficiency and convenience, two factors that its customers (travelers and tourists) would want. Product was organized by delivery system (i.e., smoking/vaping; edibles; extracts and oils; etc.) and displayed on wall merchandisers and in long glass counter cabinets. Budtenders were positioned along the counters by product area. Regardless of these differences, all the budtenders I encountered were knowledgeable, polite, initiated conversations, didn’t rush me and seemed genuinely glad to help me decide among the varieties of products that they presented to me.
I must say that my entire experience was very different than the consumer experiences I have had in other retail shops selling non-cannabis products. At the dispensaries, I experienced customer service as originally defined, and it made me want to come back. This was where the owner/manager’s leadership, staff training, the selection of products, back office support and the standard operating procedures (SOPs) all came together to define the store’s mission through a single transaction between the customer and the budtender.
Leaders with emotional intelligence are more likely to create a workplace where employees are committed to providing excellence in customer service.
Delivering Great Customer Service
Do my customer service experiences sound like they would happen in your dispensary? Do you have employees who want to come to work every day and provide excellent service to your dispensary customers?
There are many available resources and opinions about what makes a great customer service representative. Here are the attributes that I experienced:
1. Patience: They took the time to truly figure out what I wanted or needed.
2. Intuition: Understanding and intuiting what I was telling them, by listening for subtle clues about my current mood, my personality and how I expressed my needs.
3. Product knowledge: They knew their dispensary’s products, how they typically perform, the differences between delivery options (vape, edible, oil, tincture, etc.), and had suggestions for what might work best for me.
4. Staying positive and using positive language: When making product comparisons, they pointed out the positive qualities of each product. They all had a cheery persona despite the number of questions I asked and my lack of knowledge.
5. Keeping calm under pressure: Excellent customer service providers can “keep their cool” in stressful situations.
6. They were articulate: Each budtender shared a compelling message about their dispensary’s products.
7. Work ethic: There seemed to be a willingness on the budtenders’ part to not take shortcuts and to do what it takes ensure I was a satisfied customer.
8. Closing the sale: They ended the conversation with an intent to make a sale based on ensuring I was satisfied with the purchase.
Customer service is not a department, but a philosophy to be embraced by every employee, according to Forbes. Certainly, “good” service isn’t good enough anymore given the competition for dispensary customers. A dispensary is service-driven, and customer expectations are high. Dispensaries must not only get it right for customers each time, they must do the “extra things” that inspire loyalty and make the customer want to come back.
Inspiring Great Customer Service
My recent customer service experience leads me to wonder what drives the employees in those dispensaries to want to come to work and provide excellent customer service?
One critical factor that influences all others is the positive relationship between employees and their direct manager, who often is the dispensary owner. The leadership behavior of an employee’s manager is highly correlated to employee engagement. And engaged employees are those who are committed to your dispensary’s mission of providing outstanding customer service.
When dispensary leadership is committed to making the dispensary a great place to work by engaging employees, we often find that the owner/manager displays the leadership trait of emotional intelligence.
According to the Society for Human Resource Management, “Emotional intelligence is the ability to understand your own and others’ emotions and how they drive behavior, and then using that knowledge to motivate others.” Emotional intelligence has to do with one’s ability to both recognize and control his/her own emotions, as well as an awareness of and sensitivity toward others’ emotions. A dispensary owner/manager’s emotional intelligence can influence how they manage the dispensary team and how they interact with each employee.
Leaders with emotional intelligence are more likely to create a workplace where employees are committed to providing excellence in customer service. Decades of research now point to emotional intelligence as the critical factor that sets superior leaders apart from average leaders; these are leaders who pay attention to people, provide a work environment where employees feel comfortable to take risks and to voice their opinions. These leaders are aware of how others will react emotionally and can leverage emotions for the good of the organization. This is the kind of leader who cultivates a work culture that makes employees want to work for them. Because these employees have this type of leadership, they are then able to pass on their positive feelings about their job to the customer. And thus, the foundation of excellence in customer service is established. Because the employee is engaged, they care about the success of the dispensary and are emotionally connected to its success. Again, success for most dispensaries is defined by the experiences of its customers. Excellent customer service that is replicated continuously and consistently, every hour of every day the dispensary is open, means success for the dispensary and for the dispensary employees.
A telltale sign of leaders who need to work on managing their emotions is that they frequently have upsetting or difficult interactions with others.
Emotional Intelligence How-To
A lack of emotional intelligence in leaders or the management team can be devastating to the rest of the dispensary workforce. Leaders who are low in emotional intelligence tend to react poorly in stressful situations because they fail to manage their emotions. Sometimes this failure comes across as aggressive or as a verbal attack. This will create an even more stressful environment where workers are nervous about when another outburst or awkward situation might happen. This could have a very negative effect on productivity and certainly on customer service, as employees are distracted and not focused on the customer.
A telltale sign of leaders who need to work on managing their emotions is that they frequently have upsetting or difficult interactions with others.
Lacking emotional intelligence means that the leader sets a poor example of how to treat people—an example that can “trickle down” through the dispensary, often resulting in low morale, lack of employee engagement, and high turnover. An employee who feels unmotivated or dislikes management will likely reflect that feeling when dealing with customers.
Thus, to increase customer service performance in your dispensary, you might want to improve your emotional intelligence. The good news is that it is possible to develop these skills by focusing on the four elements of emotional intelligence:
Self-Awareness: Get some honest feedback about your current behavior.
Social Awareness: In social interactions, focus more on the other person than yourself.
Self-Management: Take a 20-second pause that allows your "thinking brain" to control your behavior rather than engaging your "emotion brain."
Relationship Management: Practice being positive with your employees to give them a sense of hope and commitment to the goal.
Increasing your emotional intelligence takes work, but the benefits make the effort worthwhile. As an emotionally intelligent leader, you will see positivity in your dispensary, increased engagement of your employees, and satisfied repeat customers who have received excellent customer service.
Note: This column is not to be considered as legal or financial advice nor does it address all HR regulatory actions that may impact your business.
Cannabis Business Times’ interactive legislative map is another tool to help cultivators quickly navigate state cannabis laws and find news relevant to their markets. View More