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Aug 9, 2019

Two Types of Cannabis COO Candidates: Making the Right Hire

Are you ready to hire a Chief Operating Officer for your growing cannabis business? If so, you have two options: Promote from within or hire an external candidate. In this video, we discuss the inside/ outside hiring dilemma and the pros and cons of both.

Internal Candidate

We suggest that you always promote from within if you have the right candidate ready to take on the position.

Benefits:
  • Knows company processes, people, culture, etc.
  • Has established rapport with staff and the leadership team.
  • Ensure readiness by giving a few key assignments.

External Candidate

Should the internal candidate not be ready for the role of a Chief Operating Officer  because they have failed to perform either during their tenure or during your readiness test, then we strongly suggest hiring from the outside.

Benefits:
  • External candidates can bring new ideas to the table.
  • Mixed background COO candidates can help professionalize your growing cannabis business. Some of the common combinations we see are: 
    • Operational/ Legal focused Chief Operating Officers: If you are not prepared or financially ready to bring on both a COO and a General Counsel, then we recommend hiring a legal-focused COO. 
    • Operational/ sales focused Chief Operating Officers: Oftentimes, the CEO is sales-focused, however, in the event that the CEO of your cannabis business is not such an individual, we recommend bringing in a sales-focused COO.
4-Inside Outside Dilemma
 
Next Steps:
  1. Five Things to Consider When Recruiting a Chief Operating Officer in the Cannabis Industry
  2. Four Reasons For Hiring Purpose-Driven Cannabis Leaders
  3. What to Consider When Hiring a Cannabis Search Firm 
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