What directors are thinking.

• Author: Hallerman, Stacey
• Position: BOARDBOOK: Top of Mind

As the axiom goes, serving as a director is a part-time job with full-time responsibilities. That principle is particularly applicable to directors of newly public companies. And it's even more relevant for directors of companies in the fast-developing cannabis industry.

On the heels of several states legalizing the sale of cannabis in recent years, a thriving yet complex new industry has emerged. Investors' interest is mounting but so, too, is their collective focus on cannabis companies able to demonstrate credibility in an emerging space with an evolving regulatory landscape.

Against that backdrop, cannabis companies with boards that boast strong corporate governance practices and the diverse skills necessary to oversee dynamic operations in a complex operating environment give investors comfort and added reason to invest.

MedMen is a case in point. Since going public, the leading U.S. cannabis company has focused on building a board with governance expertise and wide-ranging skill sets. Its determination to get things right on these fronts played a big role in my decision to join MedMen's board. The company strives to implement best practices across every aspect of its operations. The board is in its early days, but MedMen is committed to ensuring its directors amplify this company rule.

As a director of MedMen, I am one of eight board members, five of whom...