14 Years of Cannabis Business Lessons

In light of her recent announcement stepping down as CEO of Wana Brands, Nancy Whiteman graciously shared some of the hard-earned lessons she has gathered over the past 14 years in the cannabis industry.

The Answer is Always: “It Depends”

Anyone familiar with me knows my favorite joke about cannabis: there are a thousand questions, but only one answer – “It depends.” This reflects the reality of the cannabis industry, where no hard and fast rules apply. Each market, partner, and situation is unique, demanding an open mind and flexibility.

1. Focus and Flexibility

You are not a magpie: Chasing every shiny object will only lead to a lack of focus and missed opportunities. Rely on your life and business experience, gut instincts, and data to identify the most promising opportunities and dedicate your energy there.

But... don’t be myopic: Sometimes, unexpected opportunities arise or the industry shifts in unforeseen ways. Don’t rigidly stick to your plan if a significant opportunity comes along. Adapt your plan when necessary, but avoid doing so daily.

2. Planning in a Dynamic Industry

Forget about five-year plans: The cannabis industry evolves too rapidly for rigid long-term plans. Embrace flexibility and resilience, and incorporate as much optionality as possible into your planning.

But... maintain a strategic direction: Despite the need for flexibility, you must have an overall direction. This “preparedness meets opportunism” approach ensures you’re ready for new opportunities while staying true to your mission and brand ethos.

3. Trust and Verification

Trust your gut: My biggest mistakes stemmed from ignoring my instincts or not asking enough questions. If something feels off, it probably is. Pay attention to early red flags to save yourself from future heartache and time. The cannabis industry is small, and reputations (good and bad) are well-known.

But... keep an open mind: While individuals may not change much, companies and circumstances do. A company you had a bad experience with years ago might be entirely different now. Reassess before writing them off.

4. Legal and Risk Management

Don’t do things you know are illegal: This should be obvious, yet it’s often ignored.

But... take reasonable risks: The industry is filled with legitimate gray areas. Assess risks and decide if they’re worth taking. Sometimes, the risk of inaction is greater than the risk of trying and failing.

5. Action Over Analysis

Don’t overthink everything: The cannabis industry is not for those who need every detail figured out before proceeding. Sometimes the best research is to try something and learn from the results. Embrace early mistakes, learn, and iterate quickly.

But... vet intelligently: Use available information to make informed decisions. While not perfect, the data today is far better than it was 14 years ago. Utilize it wisely.

6. The Importance of Your Team

Your team is everything: A leader’s most crucial role is understanding what the organization needs and hiring great people to fulfill those needs. Set a clear vision, then step back and let your team execute. Work with the best professionals you can afford and choose top partners.

No “buts” here: The quality of your team, partners, and vendors directly impacts your company’s success and your enjoyment of work. Build relationships with people you trust, respect, and like.