Careers in Motion: Craig Kolochuk, BComm’99

In our series, Careers in Motion, we bring you interviews with alumni who are innovators, thought leaders and experts in their field. With 2018 marking the legalization of recreational cannabis in Canada, we thought it was time we checked in with alumnus Craig Kolochuk who not only has 20 years of experience in our oil and gas industry, but launched a cannabis-related business last year. Before that, Kolochuk was a co-founder of Cardinal Energy Ltd. and played a significant role in acquiring more than $800 million worth of high-quality oil and gas assets, ultimately building a large, publicly traded, dividend-paying entity with a market capitalization of nearly $1 billion at its peak.

As opportunities lagged in oil and gas, he saw new ones opening in the cannabis sector.

In March 2018, Craig put together a new team to execute on the recap of a junior oil and gas company named Relentless Resources, and proceeded to build a diversified portfolio of cannabis-related businesses including cultivation, extraction and retail distribution of premium cannabis products.

The company recently completed a change of business on the TSX-V and changed its name to SugarBud Craft Growers and is trading under the ticker SUGR.

“Follow your passion” – is this the best or worst advice someone can receive nowadays?

I would say it is the best advice. The caveat is that you need to survive financially. If you can, the work is definitely more enjoyable. It feels good to build something around what you believe in.

How has your UCalgary education been an advantage?

I did the BComm program at UCalgary and I am all about business. A post-secondary education can be foundational. It teaches you how to learn new things and set up organizational skills. You can learn to think outside the box and also to create your own box.

If someone is looking at entering the cannabis sector, how can they prepare?

Consider a growers’ course. Stay up on the regulations that evolve daily. Attend the various cannabis expos and conferences. When you attend conferences, figure out what the licensed producers are doing.

Ask yourself — how will you differentiate yourself?

What skill or capability is your claim to fame — the one thing your friends or family would say, “Yep, that’s it?”

I would say confidence, not afraid to take on a new challenge. A risk-taker.

Were your parents risk-takers in business?

My dad was a teacher and my mom was a nurse, very non-entrepreneurial. But I always had that entrepreneurial drive, even in my teens. And oil and gas was a very high-risk, high-reward environment.

Playing roller-coaster cycles, the highs and lows, it creates a lot of opportunity and chances to make significant amounts of money.

What does success mean to you in all aspects of your life — and how do you achieve it?

Success is being part of building something. Success is being a role model in terms of integrity and trust. Reputation is everything. You want to do business with people who have a good reputation — and my word is my bond.

How do you relax?

I like to get lost in the outdoors. I do a lot of hunting, fishing, quadding and sports — and hanging with friends and family.

What do you consider to be your greatest achievement?

I think I am living it right now, being able to adapt and pivot into this new sector and creating something special. I think SugarBud will be a great success. We have a great team in place.

What is your biggest challenge at SugarBud?

The biggest challenge is human capital. We have limited experience in cannabis-related talents on a commercial scale. Other challenges include regulatory changes, the retail moratorium and working with Health Canada. There are a lot of opportunities, so as an organization we must stay focused and on the path. You can get overwhelmed.

Has the word “career” changed for you since being a university student?

It is such a global economy now and it has evolved dramatically since I graduated in 1999. Networking is more important than ever.

I was fortunate coming out of university to go into oil and gas, but I did think that I would stay in oil and gas my entire career. But you need to be open to new opportunities.