Why Your Cannabis Company Needs Community Impact
There is a common notion that if you work in cannabis, you are inherently doing good for your community by providing a product that is both medicinal and enjoyable. That is true! But there are benefits to establishing a Community Impact Plan that you may not have considered. Here are just a few reasons why:
Your Brand will Stand Out
With thousands of cannabis products, how do customers make their choice of what to buy? According to the 2021 Edelman Trust Barometer, 4 out of 5 consumers believe that it is the responsibility of businesses to address social (and environmental) issues. In addition, it is more likely that these customers will choose to buy your product over a competitor because of the impact that your company makes.
Customers are also willing to pay a premium for products that are high quality and also feel good to buy. In fact, over 60% of people polled stated that they made buying choices on this merit alone, and over 90% say that they would buy products from companies that they know support important causes in the future.
Attract and Retain Talent
Most often a company decides to support a cause because the impact is close to home. For example, cannabis companies will often partner with organizations that have a mission to free prisoners who are locked up for cannabis-related crimes’, for example the Weldon Project.
When your company is doing good things in the world you are far more likely to attract talented employees who want to align themselves with a business that cares about more than just profits. In the same measure, these employees tend to stay longer with companies that make an impact because it also reflects their values. Given that a lot of time and energy is devoted to your workplace, and one of the biggest costs to a business is high turnover, this is a huge reason why implementing a Community Impact Plan is also good for your bottom line.
Stay Relevant, Gain Support
Every leader in the cannabis industry knows– it is a challenge just to stay in business. However, it is nearly impossible without solid support from people in your town. By connecting to the community in a real way, your company gains an asset that money cannot buy. Years ago a dispensary in NorCal was facing pushback from a local PTA regarding being too close to a school. The company had been working with the community for many years and when they asked for people to show up at a city council meeting, they packed the halls. They were able to stay open, and even went on to support the public schools. With visible and tangible impact your company can weather any storm.
Leaving a legacy
There are many more reasons to incorporate social and environmental responsibility into your business plan- the most obvious reason being that it feels good! Whatever your reason, the opportunities for growth that it will give your business are substantial. Doing good things leads to positive results, and in this industry a little positivity goes a long way.
Meet the Author
Samantha Sage is the founder of Kind Philanthropy and the Community Impact Strategist expert contributor for Beard Bros. The High Impact Report aims to ‘hype up Community Impact’ by highlighting leaders and brands that are excelling at community-based responsibility. Stay tuned for articles about Kimberley Cargile- the CEO of A Therapeutic Alternative, Aundre Speciale- owner of multiple businesses and a brand by the same name, as well as the impact managers at Boveda, Cookies, and HERBL.
Kind Philanthropy (KP) provides professional tools and services to build social responsibility initiatives (SRI)s for your business, with special attention on the emerging Cannabis and Psychedelic sectors. Everyone wants to give back to their communities, but may not know how or have the time- especially because you are focused on running a business. Kind Philanthropy offers personalized consulting to help causes that you care about the most. A wide range of services are provided, all catered to your unique needs and tailored to your company’s values.
If you want to nominate a leader, or brand to highlight, please contact Samantha at www.kindphilanthropy.org