How do you define your future in an undefined market?
The cannabis industry in Alberta is laden with opportunities for Canadian licensed producers (LPs) and affiliated companies. It’s a critical time and an opportune moment to ask important questions about the future.
Players in this industry face an uncertain operating landscape that challenges even the most savvy and experienced business leaders. Many of the rules that will govern the recreational industry have yet to be finalized and capacity to meet consumer demand is an unknown.
The overall strategy for companies in the cannabis industry is conducive to obtaining capital and effectively allocating resources to support growth targets and operational priorities. Many executive leaders alluded to the importance of effectively managing their company’s strategy to differentiate their offerings, achieve economies of scale and create a competitive advantage to mitigate the downward price pressures of commoditizing cannabis flower. They also understand the importance of maintaining a stable supply chain to meet demand in both the recreational and medical markets, and capitalizing on the many domestic and international opportunities.
The two highest barriers to entry into the cannabis industry are access to capital, as banks are not currently issuing traditional financial instruments to cannabis companies, and the speed at which the government is issuing licences to cultivate and distribute cannabis.
To be a successful, long-term player in this industry, unlike any other industry, these companies will need to accelerate their operations and progression through a typical business lifecycle. This includes addressing the following:
— Determining the need for specializing in differentiated product or service offerings
— Adapting the business to take advantage of international opportunities
— Deploying an efficient operating model to achieve competitive margins
— Recruiting and retaining talent with the desired competencies
Aurora Cannabis is one of those successful, long-term players in this industry. They are essentially one of the largest and fastest growing cannabis companies in the world.
And as you know, they’ve moved into Medicine Hat.
David Howe is the community relations manager with Aurora Cannabis and will join APEX Alberta on Oct. 25 to deliver two brand new presentations titled “The Case for Cannabis” and “Staffing the Largest Cannabis Facility on Earth.”
APEX Alberta (with the support of Alberta Labour) continues their “Emerging Industries & The Future of Work” three-part information series with part two on Cannabis Production held at the Medicine Hat College.
For more information or to register for the event please visit apexalberta.com
Mark Keller of Medicine Hat College has written this on behalf of APEX Alberta, which supports the growth of innovative and technologically-oriented businesses in Southeast Alberta. APEX Alberta is a collaborative initiative between three core service providers: Community Futures Entre-Corp, Medicine Hat College and Alberta Innovates.
