The business world, in general, is becoming more socially and environmentally responsive, and the CBD oil industry is no exception. This is a direct result of all the stakeholders in the industry demanding a more conscientious business approach.
Rather than just quality products, the customers now look for a brand that has built a purpose-driven ecosystem. Therefore, many big names in the cannabis industry are now adopting the principles of ethics, sustainability, and community engagement.
Why Is CSR So Important in the CBD Industry?
The CBD industry is one of the world’s fastest-growing economic sectors today. However, there is a stigma attached to cannabis that is resisting its growth. Corporate social responsibility may be an excellent way to shed this bad reputation and enter the future with a brand-new image. There are some other benefits to introducing CSR in a CBD business, such as:
One key proponent of CSR in the cannabis industry is community outreach. This entails educating and spreading awareness about CBD consumption.
Many vendors source their CBD from cannabis farms where growers are not well-compensated for their efforts. Tending after a cannabis plant and retaining its natural properties can be labor-intensive. However, a significant chunk of the revenue goes to the operations and logistics side of the business. This needs to change, and a CSR campaign can demand that more money be diverted to the growers.
There are many strains of cannabis available, but the purest ones are the most difficult to grow in a clinical setup. Hence, more research into cannabis cultivation has become a necessity, and CSR can be the way to achieve this outcome.
How to Conduct CSR in the CBD Industry?
Now that you know the value of CSR in the CBD industry, you must also learn about the essential tips to become more socially responsible. Here are the four tips you need to keep in mind.
Involve All Your Employees
To many business leaders and entrepreneurs, CSR simply means donating money to important causes. While this is an acceptable strategy, there are many more pioneering approaches to CSR. One such is devising an incentive program to persuade your employees to volunteer for various social causes.
Your employees are your quickest connection to the outside world, and leveraging this advantage can go a long way in making your business socially responsible. You can start by devising a plan where all your employees must donate an hour of their time each quarter to an NGO of their choice. They may even volunteer for causes related to the cannabis industry, such as demanding better laws.
Just as staleness is not appreciated in the CBD products you ship to the market, it is also essential to avoid stagnation in your CSR ideas. Most companies send out unsolicited mailers to their customers, which is frankly unethical. Thus, the best route is to come up with new engagement opportunities, such as online game shows and raffles. Here, your end goal may also be marketing your products through rewards.
Often, it is too time-consuming and challenging to tackle the whole CSR side of the business by one person. Thus, partnering with a not-for-profit organization and running your CSR initiatives through them might be a great idea.
The rewards for CSR initiatives are huge but take a long time to show. You may face rejection as the stigma in the CBD industry is too high to leap in one go. However, the world is gradually changing, and more people are realizing the natural benefits of cannabis consumption. Thus, you will need to exercise patience and keep searching for the best mode of CSR for your company.
The CBD industry is on the cusp of a significant change, and many business leaders are still ill-equipped to utilize this opportunity for growth. Your company’s positioning as an ethical, sustainable, and socially responsible player in the CBD business will give you a competitive edge. So, wait no more and start building your CSR initiatives today.
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