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"The cannabis sector is new," Cannabis at Work's Alison McMahon said, "So there is a lack of benchmark data."
She was explaining why her company has partnered with Global Governance Advisors for the third year of Cannabis at Work's cannabis industry compensation survey.
Like so much in this industry, the results of the survey are not free--access to last year's salary survey costs $600. However, in a sector where second-tier companies have market caps in the hundreds-of-millions, the survey's pricetag won't likely stand in the way of executives across the industry eager to get a clear picture of salaries and benefits across the board.
"We saw a need to provide both employees and employers with salary data to assist with compensation planning and pay decisions," McMahon told WeedWeek. "GGA has extensive experience in compensation design and planning, for both private and publically traded companies. Many cannabis companies are growing quickly and need to evolve what's been an ad-hoc approach to pay, especially when going through an IPO or RTO."
The industry is always in flux. Last year's salary survey consulted representatives of 19 LPs, some of whom have since been bought by larger entities. At the same time, the number of companies applying for Health Canada licensing is greater than ever.
"The 2019 compensation will expand, both in terms of the number of roles we collect data on, and also the depth of the data we collect," McMahon said. "The report will help organizations to evolve their compensation practices and test their salaries against real benchmark data."
Cannabis at Work's last salary survey consider 26 benchmark positions according to base salary, bonuses/equity, salary administration adjustment dates, anticipated salary increases, and employee benefits.