It’s all about who you know. In the high-velocity world of cannabis companies, this mantra is so true. When starting out or expanding into new territory, with limited resources and an uncertain future, companies often don’t have all the knowledge, skills or talents they need in-house. A well-built ecosystem provides a solid network of trusted partners that can help them thrive, guide them through sticky situations and offer them levels of expertise that fall outside their internal capabilities.
Solid partnerships are a must for fast-moving companies poised for growth. There are so many strategic decisions on the table that they need to tread carefully at every step. We’ve seen a lot of ingenuity to date with cannabis companies planning for the legal adult-use market in terms of developing promising partnerships, with tight supply chains tying together growers/cultivators, manufacturers, distributors, dispensaries and the like.
Among many factors affecting business success, one critical factor is identifying the right set of strategic partners, to develop symbiotic relationships that will help the company move forward fast, stay agile and maintain the level of integrity to make it in this increasingly legalized sector. The host of regulatory, compliance, finance, accounting, HR and other issues facing this industry make it essential to easily access experts, specialists and consultants where and when you need them.
Order of the day: A well-rounded support system
It’s not a matter of doing a search on Yelp for the best attorneys in town—professional services are word-of-mouth businesses. You need to find the right partners—accountants, tax advisors and other pros who are a good fit for your company, know your industry and can work well with you for years to come.
To develop and nurture an ecosystem that will be flexible to your changing needs and growth, keep the following principles in mind:
Gather a well-rounded team
View the network of partners you build around your company as a strategic team. Do these partners have your back? Will they work alongside you and keep your best interests in mind at all times? Or do they have an “us vs. them” mentality?
You’ll probably appreciate a partner in each of these categories:
Partner up for the future
The challenges facing cannabis-related companies are huge. You need to be agile in an ever-changing environment, set up a strategy and foundation that will last and grow, all while getting your product out there, keeping watch on compliance matters and operating efficiently. Partners that know what you’re going through can guide you on the best moves to make. They have you covered for what you don’t know.
In an industry that is still half in the shadows – legalized only in parts of the country and not yet at the federal level – companies that can show they have always had a solid reputation will differentiate themselves. Be sure the partners you choose are highly professional, with values and principles that match yours. The connections you forge now should be seamless, with you and your partners having the same goals in mind – to help you reach your milestones and achieve growth.
Maureen Ryan is CEO of Kukuza Associates, a cannabis finance advisory firm that helps companies of all sizes, in all segments of the cannabis market. Named to the 2020 list of influential business women in Silicon Valley for her pioneering work in cannabis accounting and finance, Maureen’s insights on the cannabis space have appeared in Accounting Today, San Francisco Business Times, Cannabis Business Executive and the National Cannabis Industry Association’s website. Before joining Kukuza’s parent company, RoseRyan, in 2000, Maureen worked in a variety of roles with Nortel Networks, Quantum Corp. and General Dynamics. Contact her at [email protected].
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