The Challenge
A Vancouver-based licensed cannabis producer that had established itself as a market leader in the Canadian recreational cannabis market sought to capitalize on accelerating US legalization momentum by preparing for eventual American market entry. The company required a Chief Financial Officer who could navigate the extraordinarily complex financial and regulatory landscape of cross-border cannabis operations. The position demanded expertise in multiple domains: Canadian cannabis regulatory compliance including Health Canada reporting requirements; US state-by-state cannabis regulations which vary dramatically; capital markets experience given the unique financing constraints facing cannabis companies with major banks and exchanges restricting cannabis-related business; and M&A expertise as the US entry strategy would likely involve acquiring existing state licenses. The challenge was compounded by the small size of the qualified talent pool, as few finance executives had experience at the intersection of Canadian cannabis operations and US market expansion. Additionally, the stigma historically associated with the cannabis industry, though diminishing, still limited the candidate pool among traditionally trained finance executives.
The Solution
Lock Search Group implemented a bi-national search strategy leveraging our Vancouver presence in Canada’s cannabis hub and our Boston office’s access to US capital markets expertise. Recognizing that no single background would perfectly match all requirements, we developed a prioritized candidate profile that weighted adaptability and learning capability alongside existing cannabis experience. Our search targeted four candidate pools: CFOs and senior finance leaders from Canadian licensed producers who had demonstrated interest in US expansion; finance executives from US multi-state operators who might be attracted to a Canadian platform with expansion ambitions; traditional CPG and consumer products CFOs with appetite for emerging industry opportunity; and investment bankers and private equity professionals with cannabis sector focus who were seeking operating roles. We developed a specialized assessment approach that explored candidates’ comfort with regulatory ambiguity, experience working with alternative capital sources given traditional banking restrictions, and philosophical alignment with the cannabis industry. Given the cross-border nature of the role, we conducted parallel searches in Canada and the US, with weekly coordination to ensure consistent evaluation standards and avoid duplicate outreach to candidates known in both markets.
The Outcome
The bi-national search engaged 36 qualified candidates across Canada and the United States. Through our comprehensive assessment process including regulatory knowledge evaluation and scenario-based interviews exploring US market entry strategy, we presented five finalists representing different backgrounds and approaches. The successful candidate was a former VP of Finance from a US multi-state cannabis operator who had previously led two state market entries and possessed deep familiarity with the patchwork of US state regulations. Originally Canadian, she was attracted to the opportunity to return home while continuing to work in the cannabis industry she had helped pioneer. Her combination of Canadian citizenship, US cannabis operating experience, and established relationships with cannabis-friendly financial institutions proved invaluable. Within her first year, she restructured the company’s banking relationships to access more favorable terms, developed financial models for three potential US state market entries, and led due diligence on two acquisition targets. Her US regulatory knowledge allowed the company to evaluate opportunities that competitors without cross-border expertise would have overlooked. The placement demonstrated Lock Search Group’s ability to source specialized leadership talent across the Canada-US border for emerging industries with complex regulatory environments.