Friends in high places : U.S. cannabis companies' management of stakeholder relationships

In this thesis, the cannabis industry was examined with the understanding that it and its actions are put under additional public scrutiny from engaging with a controversial product. Despite numerous barriers that are not present for non-controversial industries, using content analysis, this research will explore which strategies cannabis companies use on their social media platforms, specifically Instagram. This investigation will explore how cannabis companies manage their relationships with necessary stakeholders via social media. A collection of 100 top cannabis companies were compiled using a Pioneer Intelligence "Heat Index" list. A total of 1,275 Instagram posts from 76 major companies during the year 2020 were coded to find relationship cultivation and visual communication strategies and their impact on Instagram engagement metrics. The strategies found exemplified the state of the world during the COVID-19 pandemic and the numerous social justice movements taking place during 2020. However, the use of relationship cultivation strategies on the posts were predicted with multiple regression to negatively impact likes and comments. On the other hand, the inclusion of cannabis products in visuals were found to positively predict likes and comments on posts, suggesting that cannabis companies can overcome negative social opinions to market their company to success.