How to Capitalize on Cannabis Control with an MBA
The past decade of slow and steady cannabis legalization across the United States has turned what was once considered the Wild West into an established industry primed for skilled leadership. A Master of Business Administration (MBA) can help you capitalize on this growing market by developing the skills and entrepreneurial spirit needed to navigate the complicated world of cannabis control or even start your own cannabis business.
How Can an MBA Prepare You for a Career in Cannabis Control?
A business degree is a valuable asset in the cannabis business, particularly as the industry continues to mature. Excelsior University’s MBA offers a Cannabis Control concentration that gives you the opportunity to dive deeper into some of the specific facets of business administration in the cannabis industry. Here are more ways an MBA prepares you for a career in cannabis control.
Develop Core Business Skills
An MBA provides a solid foundation in analysis, budgeting, and forecasting—essential knowledge considering the unique challenges of banking and taxation in the industry.
Learn Marketing Strategy Development
Advertising, branding, and customer acquisition plans are crucial for success in the increasingly competitive market, which still features a direct-to-consumer product at the dispensary level.
Master Supply Chain Management
Mastering the supply chain, inventory control, and quality assurance is vital for efficient cannabis operations in a highly regulated environment.
Understand Regulations and Compliance
An MBA isn’t a law degree, but it can help you understand the legal and political landscape and develop the skills to navigate strict compliance requirements and cannabis licensing.
What Jobs Can You Get with a Cannabis Specialization?
From cultivation to retail to logistics and licensing, there are jobs across the spectrum of the industry that you can get with a cannabis specialization.
Dispensary Manager
Dispensary managers oversee the day-to-day operations of a cannabis retail location, including staff management, inventory control, and service.
Compliance Manager
A cannabis compliance manager is responsible for ensuring that a business operates within federal, state, and local regulations such as those around cannabis licensing. This includes training staff, communicating with regulators, and managing risk.
E-Commerce Manager
An e-commerce manager is the driving force behind a brand’s online presence and sales. In the cannabis control industry, this also means being aware of local and state regulations that shape how cannabis products can be marketed, sold, and shipped.
Cannabis Control Industry Outlook
On January 1, 2014, Colorado because the first U.S. state to legalize the sale of recreational marijuana. Ten years later, Pew Research Center reports that 74% of Americans now live in a state where marijuana has been legalized for either medical or recreational use.
Industry growth has been recent and rapid, especially during the COVID-19 pandemic, which Fortune Business Insights reports accelerated both cannabis sales and changes in legislation that relaxed regulations in states with legalized use and even criminal penalties in states without it. They also project the industry to continue to grow to a market valuation of $444.34 billion by 2030.
How to Get Started in the Cannabis Business
Getting your start in the cannabis business may look different depending on what part of the cannabis control industry you’re interested in. Even if you’re familiar with how a dispensary works, you’ll have to commit yourself to continuing education on consumer trends, different plant strains, and cultivation techniques. In addition to product education, a firm understanding of business fundamentals and the skills you build in an MBA program are essential.
Regardless of what career path you pursue, you’ll need to understand the cannabis laws in your area. Regulations vary significantly by state—and even by county. It’s important to remember that cannabis remains illegal at the federal level, which impacts banking, taxation, and interstate commerce.
And don’t forget the importance of people. Networking is important to building a career in any industry. Cannabis-focused conferences, online communities, and networking events are great places to connect with others in the business.
Learn more about how you can become a leader in the industry with Excelsior University’s MBA program and Graduate Certificate in Cannabis Control.
