MJBiz - September 2023 - 8

FROM THE EDITOR Kate Lavin
Equity Should Extend to Pay
The average cannabis CFO earns seven times as much as a budtender,
according to the most recent payroll data
L
ooking at the pay tables for
MJBizMagazine's fifth Salary
and Compensation Issue,
something jumped out at me.
The highest-paid positions in
the regulated marijuana industry
are held by individuals who often
don't work in the same building
where cannabis plants and products
are produced and sold. Meanwhile,
the lowest-paid workers in
cannabis-and any industry for
that matter-are given a heavy lift.
For example: The average base
pay for employees charged with
trimming bud, loading extraction
machines and selling marijuana
products to customers is less than
$36,000 per year. The people in
these positions are the ones growing
the plants and giving face time to
customers. That's a lot of trust for
executives to put in someone at the
bottom of the salary scale.
The average pay for chief
financial officers in this industry is
$250,000. Does that mean the executives
in that role are seven times
more knowledge than budtenders
about a brand's consumers and
products? After all, they are making
seven times the salary.
It's no small wonder that retail
operators' chief complaint is high
turnover for entry-level positions.
Promises Made
For this issue, MJBizMagazine again
partnered with compensation
firm FutureSense to collect
and analyze payroll data from
regulated marijuana companies.
FutureSense adheres to rules set by
the U.S. Department of Justice for
8 September 2023 | MJBizMagazine
Another top selling point of
If newly created jobs
adhere to a corporate
pay structure that
exacerbates wealth
inequality, is it really
helping communities
that were promised
economic prosperity
and opportunities?
compliant compensation reporting,
meaning payroll data is aggregated
and analyzed by a third party.
Additionally, at least five companies
report data for each position to
ensure that no one company's
answers are unduly weighted in the
report.
Thanks to FutureSense and partners
Western Management Group
and Green Leaf Business Solutions,
the compensation listed on page 33
represents the most compliant data
of any salary report in the cannabis
industry today.
One of cannabis advocates' biggest
selling points when lobbying
lawmakers and voters about the
value of a regulated marijuana
industry is the new jobs it will
create. And it's true, a regulated
marijuana industry creates jobs in
government, cultivation, manufacturing,
retail and dozens of ancillary
sectors.
regulated marijuana is undoing
decades of harm created by the war
on drugs, particularly for people of
color and residents of low-income
neighborhoods.
But if newly created jobs adhere
to a corporate pay structure that
exacerbates wealth inequality, is
it really helping communities that
were promised economic prosperity
and opportunities?
Navigating Tough Times
After years of outside interest from
investors and a growing consumer
base, the cannabis industry is
experiencing struggle in a way it
hasn't before.
As executives consider strategies
to battle economic headwinds as
well as burdensome taxes and fees,
creating a more equitable corporate
pay structure with the intention
of retaining employees should be
among the top considerations.
This month's cover story, starting
on page 30, offers input from
cannabis companies, recruiters and
human resources executives on
trends such as fractional executives,
pay transparency and other novel
concepts to help business leaders
retain talent and prosper during
this turbulent time.
Kate Lavin is the editor
of MJBizMagazine. Reach
her at kate.lavin@
mjbizdaily.com.

MJBiz - September 2023

Table of Contents for the Digital Edition of MJBiz - September 2023

MJBiz - September 2023 - CT1
MJBiz - September 2023 - CT2
MJBiz - September 2023 - Cover1
MJBiz - September 2023 - Cover2
MJBiz - September 2023 - 3
MJBiz - September 2023 - 4
MJBiz - September 2023 - 5
MJBiz - September 2023 - 6
MJBiz - September 2023 - 7
MJBiz - September 2023 - 8
MJBiz - September 2023 - 9
MJBiz - September 2023 - 10
MJBiz - September 2023 - 11
MJBiz - September 2023 - 12
MJBiz - September 2023 - 13
MJBiz - September 2023 - 14
MJBiz - September 2023 - 15
MJBiz - September 2023 - 16
MJBiz - September 2023 - 17
MJBiz - September 2023 - 18
MJBiz - September 2023 - 19
MJBiz - September 2023 - 20
MJBiz - September 2023 - 21
MJBiz - September 2023 - 22
MJBiz - September 2023 - 23
MJBiz - September 2023 - 24
MJBiz - September 2023 - 25
MJBiz - September 2023 - 26
MJBiz - September 2023 - 27
MJBiz - September 2023 - 28
MJBiz - September 2023 - 29
MJBiz - September 2023 - 30
MJBiz - September 2023 - 31
MJBiz - September 2023 - 32
MJBiz - September 2023 - 33
MJBiz - September 2023 - 34
MJBiz - September 2023 - 35
MJBiz - September 2023 - 36
MJBiz - September 2023 - 37
MJBiz - September 2023 - 38
MJBiz - September 2023 - 39
MJBiz - September 2023 - 40
MJBiz - September 2023 - 41
MJBiz - September 2023 - 42
MJBiz - September 2023 - 43
MJBiz - September 2023 - 44
MJBiz - September 2023 - 45
MJBiz - September 2023 - 46
MJBiz - September 2023 - 47
MJBiz - September 2023 - 48
MJBiz - September 2023 - 49
MJBiz - September 2023 - 50
MJBiz - September 2023 - Cover3
MJBiz - September 2023 - Cover4
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