This article was originally published on Vicente Sederberg LLP and appears here with permission.
Corporate Social Responsibility programs have long been known to yield wide-ranging returns on investment, including higher valuations, increased market share, and improved recruitment and retention of talent. But far too often, these programs are “bolted on” rather than “baked in,” shortchanging companies on ROI and long-tail marketing benefits.
How does a company develop such a program?
It is one thing to implement a CSR program, but quite another to integrate a CSR program into a company’s DNA. Perhaps the best place to start is with its stated mission, vision and values, all of which present opportunities to build CSR directly into the company’s business.
An opportunity for the cannabis industry
The nascent cannabis industry has a golden opportunity to lead in creating integrated CSR programs that are also net positive. It also has a lot of motivation, as cannabis companies are horribly exposed to public relations nightmares and investor backlash.
Challenges abound, but they can be overcome
What type of industry do we want to see? Who do we want to support as consumers and employees? What types of businesses do we want to lead?
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