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Each week, Vangst Founder and CEO Karson Humiston talks to the founders, executives, thought leaders and change-makers who are building a brand new industry. Get executive-level insights, and find out why they’re Proud to Work in Cannabis.

Proud to Work in Cannabis

Listen to Vangst’s signature podcast.

Anyone in the cannabis industry knows how quickly things are changing. Stay on top of cannabis industry news and get access to research and insight first.

Learn | Cannabis Industry News, Research & Insight

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Stay on top of the  cannabis industry.

Two leading cannabis venture capital investors sit down with Karson to talk the state of cannabis deals, macroeconomics and the future of the industry.

Cannabis VC deals have slowed dramatically in 2022. So far this year, only 41  cannabis-related companies — globally — have raised venture capital, making 2022 on track to see the smallest amount of deals and funding since 2017. $300 million has been raised in venture capital for the industry in 2022, while $1.6 billion was raised in 2017.  What's going on?

Two of the cannabis industry's most prominent investors join Vangst Founder and CEO Karson Humiston in this week's podcast to talk trends and strategy, how national macroeconomics are impacting investing, and what they're doing to help the businesses they invest in adjust to this tricky climate. 

<iframe height="200px" width="100%" frameborder="no" scrolling="no" seamless src="https://player.simplecast.com/ed84e4cd-593c-40be-961e-e9054418e878?dark=false"></iframe>

Emily Paxhia, Co-founder and Managing Partner of [Poseidon Asset Management](https://www.poseidonassetmanagement.com/) and Ian Dominguez, Founder and Portfolio Manager of [Delta Emerald Ventures](https://www.deltaemerald.com/) join Vangst's Founder and CEO as she flips the script and gets to ask investors the tough questions.

**On helping cannabis businesses and hitting a 'velocity moment':**

"I feel like it's my job as a partner to sit there alongside [founders] and not dictate things, but to be a sounding board and just share what I see ... going on in other businesses so that I can try to be helpful in that manner," Paxhia said. "And I've been impressed by the founders and the fortitude because. We've gone through this a few times in cannabis. So, at some point we're gonna hit the velocity moment."

**On what investors are looking at and how founders should adjust:**

"Across the board, return on investment is becoming more important," Dominguez said. "And that's not just coming from the perspective of an investor. I'm talking about weed operators in this space. If you're a dispensary, if you are a, a grower, you have your own investors to answer to and your own profitability that you're trying to hit.

"And, the shockwave through the system is really more about thinking really deliberately about what spend, what are you spending money on, and how is it driving your own profitability? And that's through the entire supply chain across every company, people are thinking about that. So this is where we're gonna find out what actually is worth spending money on."

Listen to the full podcast by clicking the embed above.

What's Going on with Cannabis Venture Capital?

How leading investors see the state of capital in cannabis, and what they're doing to help the companies they work with

What's Going on With Cannabis VC?

The California pay transparency law is on the way. Here is what you should expect to see, both in and out of the cannabis industry.

It's not just sunshine and legal weed that California shares in common with Colorado. The Golden and Centennial states now share another trait that could have a big impact on the cannabis industry: Pay transparency laws.

And New York City is hot on their trail.

### **What happened?**

California Gov. Gavin Newsom signed into law [Senate Bill 1162](https://www.sullcrom.com/blog-california-enacts-new-pay-transparency-law) on Sept. 27, requiring that employers with 15 or more workers on their payroll to include a pay scale in any job posting. Colorado Gov. Jared Polis signed a similar bill, the [Equal Pay for Equal Work Act](https://www.payequityadvisor.com/2019/05/colorado-passes-comprehensive-equal-pay-law/), in 2019 that went into effect in 2021.

### **What is a pay transparency law?**
Generally speaking, a pay transparency law is a state requirement that employers disclose an approximate pay range in any open job posting. The laws typically also forbid employers from asking about an applicant's wage history, and prohibit workplace rules that prevent employees from discussing their wages with others.

Employers that don't include a pay range in their postings face fines and other penalties. Colorado's law generated about 250 complaints in its first year, according to the [Denver Business Journal](https://www.bizjournals.com/denver/news/2022/01/06/colorado-pay-equity-complaints-salary-range.html).

### **What is the purpose of a pay transparency law?**
Pay transparency laws are designed to promote pay equity. Studies show that women, and especially women of color, [earn pennies to the dollar](https://timesupfoundation.org/work/times-up-pay-up/gender-and-racial-inequity-during-crisis-the-pay-gap/) compared to men's wages for doing similar — and sometimes identical — work. 

The idea behind these laws is that every applicant who applies for a job knows exactly in which range their pay will fall, thus eliminating conscious or unconscious bias in pay. 

### **Is there a difference between pay equity laws and pay transparency laws?**
Pay equity laws are spreading across the country, but they're not all the same. Laws in [Massachusetts](https://www.payequityadvisor.com/2018/07/considerations-for-employers-in-massachusetts/), [Oregon](https://www.payequityadvisor.com/2017/06/oregon-enacts-expansive-pay-equity-law/), and [New Jersey](https://www.payequityadvisor.com/2018/06/countdown-to-new-jerseys-diane-b-allen-pay-equity-act/) — all legal cannabis states — effectively make illegal pay discrimination based on sex and other protected classes, but may not require pay *transparency* in job postings.

Many of these laws do, however, require an employer to provide a pay range during the interview process if requested.

And while Colorado's laws were considered among the toughest in the nation when they passed, California has taken things a step further by adding strict new requirements to pay data reporting already required by the state. That means, for example, that pay data reports must now include wages for every job category within their company for each race, ethnicity, and sex.

Both states require companies to keep detailed records of job title and wage history for several years.

### **How do pay transparency laws impact cannabis companies?**
Pay transparency laws in legal cannabis states apply to cannabis businesses just like they do any other business. In California, any employer with 15 or more employees must include a pay range in every job posting, whether they post it themselves or have it posted by a third party. In Colorado, every employer must abide by these rules.

The cannabis industry, especially, has opaque pay structures due to the federally illegal status of the plant. It's why Vangst [publishes the Cannabis Industry Salary Guide](https://vangst.com/reports/salary-guide) each year.

"Pay transparency laws provide job seekers, especially those in the cannabis industry, with a better understanding of the of the work-to-pay ratio," Vangst Head of People Operations and Culture Ciera Parks said. "Understanding the duties of the job and equating them to fair pay will allow companies to also understand what the candidate market is requiring from them to be competitive in the job market, especially when compared to other industries."

And with the sector's public struggles in social equity and diversity, these rules could have a big and very real impact.

### **What are the penalties if a company doesn't follow the new laws?**
The penalties are typically financial. In California, employers must pay a penalty of between $100 and $10,000 for each violation. In Colorado, that penalty is between $500 and $10,000. In New York City, which has a pay transparency law that will soon go into effect, the fines could reach a quarter-million dollars.

Both states provide some leniency for a first offense. In Colorado, only one of the 250 companies that had their wrists slapped was actually fined, as they were a repeat offender.

### **When does New York City's pay transparency law go into effect? And are the requirements statewide?**
After a delay, New York City's pay transparency law is scheduled to go into effect on Nov. 1. Fines for noncompliance [go as high as $250,000](https://www1.nyc.gov/assets/cchr/downloads/pdf/publications/Salary-Transparency-Factsheet.pdf). The New York state Legislature recently passed a similar bill, but it has not been signed by the governor, who is [said to be considering it](https://www.dwt.com/blogs/employment-labor-and-benefits/2022/06/new-york-state-wage-transparency-bill).

### **Why is California's new law such a big deal?**
In short, California's pay transparency law is a big deal because California is a big deal. With its [$3.4 trillion economy](https://en.wikipedia.org/wiki/Economy_of_California#:~:text=The%20economy%20of%20the%20State,Germany%20and%20ahead%20of%20India.) that makes it the fifth largest in the world, 39 million residents, and with about $1 of every $8 spent in the U.S. being [spent by a Californian](https://www.npr.org/2022/09/09/1121952184/the-impact-of-californias-environmental-regulations-ripples-across-the-u-s), laws passed in California tend to have real impact on the entire country. It happened in the 1970s and '80s with car emissions laws, is happening now with new environmental laws, and will likely happen with pay transparency as well.

### **What can cannabis companies do to prepare for, and ensure compliance with, pay transparency laws?**
As pay equity and transparency laws spread across the country along with the cannabis industry, it's critical that companies in the sector adjust their internal policies to be compliant. And while compliance to complicated and complex rules is nothing new for these companies, these particular laws offer a new opportunity for recruitment and employee satisfaction, Parks said, offering these pointers:

"My advice to cannabis companies looking to be compliant with pay transparency is to conduct a compensation analysis of its current workforce and correct any pay equity gaps. Companies need to understand their own pay practices and calibrate within the market. This is going to help them be competitive in the job market, attract good talent and increase retention."

Will California Pay Transparency Law Impact Cannabis?

California one-ups Colorado in its new law. But how big of a difference will it make?

How California's Pay Transparency Laws Will Impact the Cannabis Industry

Destiny Thompson of Verano tells us how she made the transition from traditional consulting to cannabis.

You don't need a resume to get a  job at  one of the nation's largest cannabis multistate operators — you just have to show you have the skills and personality to get the job done. "Meeting people where they're at" is just one way that Verano looks to differentiate itself from the competition. 

<iframe height="200px" width="100%" frameborder="no" scrolling="no" seamless src="https://player.simplecast.com/1bed2e22-3c6c-4656-a1c4-6721f718bfae?dark=false"></iframe>

And it's also one way that a brand new industry can define itself when there's nothing to disrupt.

"Very rarely — in this day and age — do you get to be on the ground floor of something that is growing at this pace, at this speed, at this scale," Verano Chief People Officer Destiny Thompson told Vangst CEO Karson Humiston in the Proud to Work in Cannabis podcast. "And for me, that was super exciting because it allowed me to come into something on the ground and really help build the foundation, and really make a stamp on how HR should be and how it should be run and the people we’re recruiting into can be done throughout the cannabis sector."

Destiny, who oversees HR functions at the [fifth-largest cannabis company by market cap](https://companiesmarketcap.com/cannabis/largest-cannabis-companies-by-market-cap/), chatted with Karson to talk all things people, growth, and cannabis — and [how Verano is helping to build an industry](https://www.verano.com/) powered by people who truly are Proud to Work in Cannabis.

As a bonus, she provides insights into how she made the transition from traditional recruiting to cannabis — and offers some suggestions for others considering a similar move.

Listen to the full episode above.


Inside an MSO's HR Strategy with Destiny Thompson

Here's how the cannabis power player recruits and retains.

Inside an MSO's HR Strategy with Verano CPO Destiny Thompson

It's not easy to land the right cannabis employees during a downturn, but these insights should help.

It’s not an easy time to be running a cannabis company in today’s economy. Whether we’re [currently in a recession](https://www.theguardian.com/business/2022/sep/18/maybe-the-us-is-in-a-recession-but-small-businesses-dont-know-it), [on our way to a recession](https://www.forbes.com/sites/billconerly/2022/09/23/global-economy-headed-into-recession/?sh=5b5dbbbfabfa), or [looking likely to squeak by one](https://abcnews.go.com/Business/us-economy-avoid-recession-economists/story?id=86449369#:~:text=The%20trend%20raises%20the%20question,periods%20of%20growth%20and%20contraction.) is a matter of who you talk to and which experts you listen to. 

But the bottom line is that, for cannabis companies, [times are undeniably tough](https://www.politico.com/news/2022/09/04/weed-companies-cant-make-money-00054541): Wholesale prices are plummeting. Sales — once buoyed by pandemic lockdowns — [are dismal](https://mjbizdaily.com/midyear-state-cannabis-sales-a-mixed-bag-across-the-us/) in many states. Stocks [are bottoming out](https://www.greenmarketreport.com/?s=losses), and every week seems to bring news of a new round of layoffs at well-known businesses.

It seems that the industry may not be, after all, “recession proof,” as many have been saying for years. 

### **Are cannabis companies still hiring?**

Yet cannabis — just like every other industry — is still hiring. At the time of this writing, there are about [3,000 open jobs at Vangst.com](https://vangst.com/). But 93% of those jobs are hourly.

“Most layoffs are happening at a higher level,” Vangst Founder and CEO Karson Humiston recently told a group of investors, executives, and other cannabis influencers at the Benzinga Cannabis Capital Conference 2022 in Chicago. “We’re still seeing hourly, entry-level positions in the market.”

And that’s one sign of how we’re seeing cannabis companies prepare for a recession at Vangst when analyzing hiring trends.

### **How cannabis companies are hiring during the downturn**

“Chaos creates opportunity,” Karson said.

And we’re seeing businesses take advantage of our current economic turbulence in other ways too when it comes to hiring:

- Creating core teams: “Doing more with less” isn’t just a cliche — it’s a reality for many cannabis companies. And that means building a team you trust deeply to do the work you need done competently, consistently, and reliably.
- Rallying around mission statements and what their companies stand for.

“A job is just a job,” Karson said. “But when you add emotion and feeling behind your ‘why,’ you’re better set up to retain your employees

- Taking the time to hire the right fit for permanent positions: “Prioritize soft skills,” Karson said. “The other skills can be taught or learned.” 

Vangst’s Vetted product is one possible solution: We take care of every step of the recruiting process — from a targeted talent search to pre-interviews and reference checks. 

- Hiring temporary or seasonal staff: Especially as we [approach Croptober](https://vangst.com/blog/Croptober-101-How-to-Land-a-Cannabis-Job-this-Croptober-Season), companies like Vangst offer temporary and temp-to-hire workers for all verticals of the cannabis industry. 

Not only does it save you the headache of interviewing dozens of folks for a few roles, but it also saves you time and effort in other ways: Vangst GIGS workers are on our own payroll as W2 employees. That means you don’t have to worry about payroll taxes or things like workers compensation. On top of that, we ensure they’re credentialed to work in cannabis in your state according to its rules and regulations. 

- Paying close attention to “burn rate” — or the speed with which companies are plowing through venture capital.

No matter what’s going on in the overall U.S. economy, and no matter how the cannabis sector is faring at this very moment, there’s no denying the fact that this is an industry that isn’t going anywhere but up. More than 20 states could have legal adult-use cannabis programs by this time next year, and a majority ([37 as of this writing](https://www.ncsl.org/research/health/state-medical-marijuana-laws.aspx)) already have medical programs in place.

Vangst is growing with the industry, with an unparalleled view into cannabis companies' hiring. For more information on cannabis hiring and workforce trends, [download our 2021 Cannabis Industry Salary Guide here](https://vangst.com/reports/salary-guide), and keep an eye out for the 2022 edition in early 2023.


How Cannabis Companies are Preparing for Recession Hiring

Landing the right talent is a whole different game in a downturn

The gig economy is bigger than ever, and so is the cannabis industry. Here's how the two can connect for revenue growth and expansion.

How Cannabis Can Leverage Independent Work and the ‘Gig Economy’

A former NASA engineer is building a robotics firm to automate plant-touching tasks in the cannabis industry. How will that change the industry?

Can Automation Help Upskill the Cannabis Workforce?

Cannabis legalization advocates made a push into the South and Midwest with varied results on election night. Here's what happened.

Cannabis Advocates Win Some, Lose Some in 2022 Election

As a divided nation heads to the polls, there's one thing that unites most voters: cannabis legalization. Here are the data.

Cannabis: The one thing we all can agree on

Military veterans make up a significant portion of the cannabis workforce and an even bigger share of the market. Why won't the government prescribe it?

Veterans: Critical to the Cannabis Workforce, Denied Medicine

In this week's Proud to Work in Cannabis, co-founder of the Drizly cannabis delivery spinoff says federal prohibition is both a help and a hindrance.

Lantern CEO Meredith Mahoney on startups, hiring, and federal prohibition

President Joe Biden made a big announcement about cannabis and criminal justice. Today we're discussing what the new order means.

What Biden's order means for cannabis legalization

2022 could be another big year for states legalizing cannabis, especially in the South and Midwest. Here are the details.

How Cannabis Can Leverage Independent Work and the ‘Gig Economy’

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Cannabis Advocates Win Some, Lose Some in 2022 Election

Proud to Work in Cannabis

Listen to Vangst’s signature podcast.

What's Going on With Cannabis VC?

How California's Pay Transparency Laws Will Impact the Cannabis Industry

Inside an MSO's HR Strategy with Verano CPO Destiny Thompson

How Cannabis Companies are Preparing for Recession Hiring