Seven years ago, when Paul Seaborn arrived at the University of Denver to teach public policy and business, Colorado only had a medical marijuana market. It was only after recreational cannabis was legalized in 2014 that the Canadian native began to seriously explore the possibility of teaching a class devoted to the business of cannabis.
“Being new to the state and the school, I was more attuned to what was novel around us,” said Seaborn, who holds a doctorate in strategy at the University of Toronto. “It seemed to me an amazing opportunity to understand a brand-new industry and taking it from there.” He also saw it as necessary service for students who lacked the information to understand an industry that was exploding in Colorado, an industry they may want to work in later on.
Although Seaborn did face some concern from the university for the proposed course, he was able to forge ahead after emphasizing that the business of cannabis would be taught and nothing else. “I was very clear on what we’re covering and what we’re equipped to teach and not getting into what’s beyond our expertise,” he explained. “I’m married to a medical doctor and I’m careful to stay out of that area.”
Fortunately, there was already another cannabis-related class already being taught on campus, “Representing the Marijuana Client,” at the law school. That academic precedent helped Seaborn move forward with the class. Since 2017, Seaborn’s “Business of Marijuana” class at the University of Denver’s Daniels College of Business has been available as an elective for either upper-level undergraduate students or graduate students enrolled in the MBA program or other master’s degree programs.
Seaborn has taught the course twice, most recently last spring. He plans on teaching it again this school year, both in the winter and spring quarters. As to be expected in a state that has become a bellwether for the industry, interest has been high, with enrollment capped at about 25 students per class. And it’s not just students that are interested but also alumni and staff. Noting the interest from non-regular students, Seaborn wants to offer to the general public a three or four-day condensed version of the class. Originally, the plan was to hold the class this past June; but due to leadership changes in the university’s executive education department, that abbreviated class has been postponed.
In addition to covering myriad business components that include finance, marketing and accounting, the course combines field trips with guest speakers who are currently involved in Colorado’s marijuana industry. The highlight of the class is a project that requires the students to work in teams to develop a business pitch for a cannabis startup to be presented before a panel of industry experts professionals. “They slice and dice on these ideas the way you see on ‘Shark Tank,’ said Seaborn. With the first-year students, none of these ideas advanced to a later stage; however, some recent students have been diligently chasing their ideas, with one developing an ice cream product.
A key takeaway that Seaborn wants to impart to each student is how every market is different. “There’s really no one approach that works in cannabis. What might be a great success in Colorado might be doomed to fail in California,” said Seaborn. “It’s all these different markets all playing by a different set of rules.”
Within the educational community, Seaborn has drawn the most interest from Canada versus the U.S. where it’s been more sluggish, most likely because of the federal illegality. Considering recreational marijuana will be legal in Canada as of October 17, 2018, the interest from academic quarters in that country is not a surprising development. Seaborn cited Kwantlen Polytechnic University, as an example of an institution that reached out to him a year and a half ago. “They wanted to understand some of the materials I was using,” he recalled. “They’re moving forward with a program there.”
So far, the “Business of Marijuana” class is the first of its kind to be taught in an accredited university business school in the U.S., according to Seaborn. Yet he is quick to qualify that, “Things move slowly in academia especially in states that aren’t legal.” This is a sore point for him. “On the one hand, I understand the sensitivity,” he noted. “Universities, whether it’s public or private, they're integrated with the government. But we have a role to play offering perspective on this real-world phenomenon. It’s frustrating not to offer more to the students."
Iris Dorbian is a New York City area-based business journalist who covers the legal cannabis sector. Follow her on Twitter or Instagram.
