Wana’s Nancy Whiteman Reflects on 14 Years of Cannabis Business Insights

Wana Brands CEO Nancy Whiteman Shares Key Learnings from 14 Years in the Cannabis Industry

Boulder, CO, June 4, 2024 — Nancy Whiteman, the founder and outgoing CEO of Wana Brands, reflects on her journey and hard-earned lessons from her 14-year tenure in the cannabis industry. With her recent announcement of stepping down as CEO, Whiteman shared insights, offering valuable advice for current and future cannabis entrepreneurs.

Embrace Flexibility and Focus

Whiteman’s favorite cannabis joke encapsulates her philosophy: “There are a thousand questions but only one answer – and the answer is always the same: ‘It depends.’” This highlights the importance of flexibility in the ever-evolving cannabis industry. She advises against chasing every shiny opportunity, emphasizing the need to focus on what truly matters, guided by experience, instincts, and data.

Be Open to Unexpected Opportunities

While staying focused is crucial, Whiteman also stresses the importance of being open to unforeseen opportunities. The cannabis industry is dynamic, and sometimes the best opportunities arise unexpectedly. However, she cautions against constantly changing plans and emphasizes the need for a strategic direction, a concept she refers to as “preparedness meets opportunism.”

Adaptability Over Rigid Planning

Long-term business plans often falter in the fast-paced cannabis industry. Whiteman advocates for flexibility and resilience, suggesting that businesses build optionality into their planning to stay agile and responsive to industry changes.

Trust Your Gut and Vet Thoroughly

Reflecting on past mistakes, Whiteman underscores the importance of trusting one’s instincts and thoroughly vetting potential deals and partners. She warns against overriding gut feelings and encourages entrepreneurs to pay attention to red flags, as the industry’s small community means reputations (both good and bad) are well-known.

Balance Risk with Legal Compliance

Whiteman advises against engaging in illegal activities but acknowledges that the cannabis industry is rife with gray areas. She encourages assessing risks carefully and determining whether the potential rewards justify them, balancing caution with innovation.

Act Quickly but Vet Intelligently

In a rapidly changing industry, Whiteman emphasizes the need for quick action and learning from mistakes. However, she cautions against letting speed compromise thorough vetting, advocating for the use of available information to make informed decisions.

The Importance of a Strong Team

“The most important job of a leader is to know what their organization needs and to hire great people to do it,” Whiteman states. She highlights the significance of having a strong, trusted team and working with the best professionals and partners. According to her, the quality of relationships directly impacts the quality of both work and life.

A Unique Opportunity

Whiteman concludes by reminding industry participants of the unique opportunity the cannabis industry presents. She encourages maintaining a sense of mission and fun, recognizing the industry’s potential to change the world for the better.

Nancy Whiteman will continue to serve on the board of managers at Canopy USA, which announced plans in May to complete the acquisition of Wana Brands and two other U.S. companies in the regulated marijuana industry. She remains reachable via her LinkedIn page.