In my last post, I considered the core principles condensed from Jim Collins’ book, Good to Great, to see how they could be applied to the growing cannabis space. Coincidentally, about that same time, our client, Cura Cannabis Solutions (Cura), announced its acquisition by industry giant, CuraLeaf (OTCMKTS: CURLF), one of the top cannabis companies. One can’t help but recognize that Cura is a real-world example of a company that is making that transition from good to great. What are they doing right on the path to greatness?
The right people on the bus
From the start, Cura has maintained a focus on building the company with a brand-centric culture—they found their sweet spot and flourished. And, in a practice that would make Collins proud, they consistently work to attract self-motivated team members who want to make a difference. Cura’s website sums it up well: “We are continuously seeking results-driven superstars to join our team and help shape the future of cannabis around the world. Changemakers and innovators are encouraged to apply.”
Just as importantly, Cura looks for business partners that support their mission and also want to make a difference. When Cura selected Velosio as their business partner, they did so with the acknowledgment that the partnership is equally as important as the software. “It’s not about the software only, it’s about the people we work with,” Ben Marchi-Young, director of ERP implementation at Cura says. “It’s the people behind the software that make the biggest difference. That’s why we selected to work with the Velosio team.”
A disciplined focus
Collins’ book introduces the Hedgehog Concept, which distills down to a company identifying its intersection of passion, talent and economic engine, then owning that space and doing it really well. Great companies find long-term success by adhering to a disciplined focus, sticking to that one “big thing” and developing the operational excellence that generates a competitive advantage.
Cura sells cannabis products under the Select brand. They focus on delivering consistent, high-quality oil that is uncompromising in standards. By focusing on this specific industry segment, Cura can build best practices and develop innovative solutions leading to continual improvement in their product line. Ultimately that focus helps Cura stay ahead of the competition—and attract the attention of top cannabis companies that are major industry players.
Taking disciplined action
At the root of Collins’ Good to Great premises is discipline—disciplined people, disciplined thought and disciplined action. One component of disciplined action is using technology systems effectively and to best advantage.
Great companies carefully select systems and use them to accelerate their momentum—not create it. Too often, companies see technology as an answer to their problems. Great companies get the success levers working first and then use technologies to support their growing operational excellence. Cura puts this into practice. “We use technology to accelerate growth, but it’s not the technology that makes the difference, it’s the people,” says Marchi-Young.
Top cannabis companies business lessons learned
There are thousands of good companies out there. Good companies come and go. But good is no longer good enough. Today’s buyers won’t settle for good. To compete successfully in today’s dynamic cannabis marketplace, companies may be well served to take a lesson from Jim Collins, embrace their inner hedgehogs and become one of the top cannabis companies—truly great.