Marijuana Business Magazine April 2020

Marijuana Business Magazine | April 2020 60 As the industry matures and poorly managed companies fail while well- run businesses emerge with capital to spend, recruiters posited that many businesses will spend that money on research and development—specifically, professionals from the biochemical sector. Some R&D teams are already in the industry, but only a handful of companies have been able to build their own R&D arms, Bradford noted. Later in the decade, there might be companies that specialize in cannabis R&D. As more extraction and manufacturing companies emerge, they will need people familiar with extraction, fermentation, chemical engineering, working with CRISPRs and other sophisticated skills. Federal legalization—if and when it occurs—likely would accelerate R&D hiring because legalization will mean more freedom to do research and come up with all sorts of new products and delivery methods. Federal legalization would mean more biotech firms entering the space, and they will need chemists, chemical engineers and similar types of professionals. Salaries for these R&D jobs depend on whether they are entry level or senior level, the responsibilities assigned to each one, the market and other factors. An entry-level biochemistry post generally will earn around $70,000 annually, Bradford estimated, while senior posts pay around $150,000 per year. RESEARCH & DEVELOPMENT COMPENSATION CONTEMPLATION Bradford sees a need for data analysts who can use data to evaluate what products are moving and where and why they are moving. “People want data analysts that can take data, analyze it and make recommendations to leadership, especially given that resources are tight, and investors want to know that leadership is making informed strategic decisions based on data. We’re already seeing inquiries for those types of positions,” Bradford said. For data people, the entry level salary is roughly $55,000; for senior level—someone who can write code and develop their own inhouse tools—it is closer to $125,000, she said. BANKING ON DATA Other in-demand positions include supply-chain and warehouse distribution managers, scientists and basic corporate roles such as finance and accounting, according to Scott Wells, chief people officer at Cresco Labs in Chicago. “Supply-chain warehouse distribution would be right at the top of my list,” he added. “Anybody in a role that directly impacts revenue is the least vulnerable. Any of the jobs that are directly in cost-of- goods roles that companies can’t live without,” Humiston said. “It’s sort of hard to run the business without being able to produce the products.” Bernard said a greater number of companies are investing in testing and that their manufacturing needs will increase as well. “There are more and more products with THC, CBD and hemp hitting the market—and with that, manufacturing is definitely expanding … and we’re seeing a higher demand in manufacturing talent. A lot of it is still manual labor, so we’re taking people from other industries like food, pharmaceuticals and cosmetics,” Bernard said. BEST OF THE REST Photo by Mark Blinch