With the cannabis industry booming and expanding, there are several roles to fill in various companies to ensure the smooth running of the business. For many who are looking to join a company and fill certain roles, the first question in mind is the salary expectations of the roles within a cannabis firm.
So, here’s our review of the employee structure in a cannabis retail form and how compensations should be rolled out.
Applicable titles: Retail associate, patient care advocate, dispensary associate, brand ambassador, retail specialist, dispensary agent.
Functions: Budtenders are one of the top contributors to the growth of the cannabis business. They assist individuals to identify the best ways to use marijuana. While Budtendering is not a simple job, it can be quite rewarding and fulfilling. Budtenders usually have the skill and experience around customer service and interacting with customers. Budtenders get to answer a lot of questions and must also be willing and ready to learn to add to/her wealth of experience.
Salary: Budtenders usually earn a few dollars just above the minimum wage. This is especially true if the firm is located in a local area. The hourly wage is between the local minimum wage plus $3 to $8.
Applicable titles: Retail supervisor, assistant store manager, assistant general manager, and assistant dispensary manager.
Functions: After the budtender comes to the assistant manager who is usually employed from within the firm. A person who fills this role often starts as a budtender who has proven his/her worthwhile showing strong leadership qualities.
Except the position is salaried, it’s usually difficult to enjoy an external person. The assistant manager is in charge of the dispensary playbook as well as
Training new employees
Implementing processes and SOPs
Handling customer complaints
Keeping track of inventory
Overseeing employee relations
Communicating with customers when in need
Salary: Between $22 – $30 per hour or $50,000 – $60,000 annually.
The premium for assistant managers: If salaried, bonuses are often included in the contract. At an hourly rate, the assistant manager is not rewarded with bonuses or benefits.
Applicable titles: Store manager, retail general manager, or ‘pharmacists’
Function: The general manager is in charge of operating the store, ensuring all targets are met. They are influential in the implementation of the firm’s operating procedures and policies to effectively achieve set goals.
Looking at open cannabis industry jobs, the general manager is charged with various goals which include:
Establish a top-performing dispensary with increased sales and customers
Work with a small footprint to make the best use of a small space
Attend to either recreation or medical customer base
Attend to more white-collar or blue-collar customer base
Be asked to communicate with the average number of customers each day
Attend to every number of tickets each day
Monitor the firm’s improvement against past achievements
Be able to retain staff
Salary: Between $55,000 and $100,000k. The range of salary for a general manager varies greatly depending on the storage volume and the size of the firm.
Rewards for General Manager: 10% target bonus: the position of the general manager is highly poached, making it have a rate of turnover. Cannabis firms are now beginning to offer rewards at this position to hold onto an efficient general manager. Eligibility for the bonus depends on if the general manager reaches the target yearly or quarterly.
Applicable titles: Retail district manager, district manager, or retail area manager.
Functions: The regional manager is a retail leader that manages and controls around 5 stores. They are charged with people management and staff retention including training, mentoring, and supervising general managers.
Regional managers in the cannabis industry motivate and lead their region to reach set goals and targets for that region. Cannabis firms need a program work with solid experience in leadership roles and previous experience in cannabis retail sales. For a lot of new cannabis companies experience is highly valued.
However, several cannabis firms are still open to individuals without previous cannabis experience. Although such individuals who have been employed have experience from working in stores such as Ulta Beauty, Starbucks, or Victoria’s Secret. This is because individuals from mainstream industries usually have vast business insight and are good with numbers. In several cases, a regional manager is hired from within the firm even when lacking previous multi-store experience.
Basic salary: Between $110,000 – $150,000
Rewards for regional managers: 20% target bonus which could be earned yearly or quarterly. In some cases, regional managers earn equities as bonuses
Vice President of Retail
Applicable titles: Senior vice president (SVP) of retail, Vice president (VP) of retail, national head of retail, SVP or VP or SVP of retail operations.
Functions: The vice president of retail set up the entire strategy and plan for regional stores. The position is usually in charge of more than 100 stores for an operator overseeing various states. Or it could be in charge of more than 10 stores for a state. They design promotional strategies and carry out retail marketing, e-commerce, merchandising, and store-based SOPs.
Individuals with adequate experience in innovating an unregulated operation to apply to the present, regulated cannabis sector suits well for the position. The individuals should be great at turning around poor-performing stores. Such individuals must also have experience with rapidly growing firms or CPG (Consumer Packaged Goods).
The Vice President of retail must be very comfortable with holding board meetings and communicating with executives. They must be skilled at designing presentations and highlighting numbers, goals, and forecasts, to effectively communicate the company’s information.
Basic salary: Between $180,000 – $250,000. Top-performing VPs of retail at leading companies in the industry make about $350,000. Bonuses: 30% target bonus
As you can see, being an employee in the cannabis industry is definitely not a bad idea. You could monetize your love for cannabis by applying to one of these roles. You get to do what you love and get paid for it. Besides, the cannabis industry is still relatively young so many opportunities abound being an employee in the industry.