If you’re a start-up looking to expand the diversity and inclusion of your cannabis business, here are some of the key steps you should take. First, develop a budget for cultivating diversity and inclusion. Next, find out how to recruit people of color for executive positions, and create a diverse board of directors. Then, get to work on cultivating diversity to be part of the best cannabis seed banks or dispensaries. You’ll be glad you did when you see the results!
Although the marijuana industry is still young, innovative leaders are seeking to implement DE&I practices into their businesses. They want to do this while the industry is still relatively unregulated, before it becomes legal in all 50 states and attract a new wave of corporate interests. While the industry is in its infancy, progress has been made through public policy and private programs. Illinois, for example, recently passed legislation that allows minority-owned businesses to obtain a portion of its licenses. Other states are also taking the initiative and granting social equity licenses to minorities.
A diverse pool of business owners improves innovation and healthy competition. It also better reflects customer communities. Inclusion of people of color and women is a key component of social equity. This movement has increased in importance in the cannabis industry and many states are incorporating these policies into their legalization laws. Many cannabis businesses are taking action to improve the diversity and inclusion of their workforce. By creating a diverse team, businesses can create a culture that is more inclusive for people of all backgrounds.
One of the key ingredients to successful cannabis businesses is a diverse team. Diversity in the cannabis industry helps create a positive atmosphere and stimulates growth. For example, including people of color on the business side of the industry helps mitigate discrimination that stems from drug policies. Diversity and inclusion are critical to the success of any cannabis business. This article examines the key factors to consider when building a diverse team.
If you’re looking to raise capital for a cannabis business, you’ll need a team that specializes in the industry. This team is backed by a proven track record in helping owner-operated cannabis businesses prosper. Moreover, they’ve worked with thousands of other owner-operated cannabis businesses, and understand the specific challenges that this industry presents.
As the cannabis industry matures, becomes more popular and more users tend to grow their own weeds, many progressive states are taking action to encourage greater diversity among cannabis-related companies. One example is Johnson, who recently got his dispensary license in Trenton, N.J., using his 401K and personal savings. He also learned that marijuana licensing in Florida is difficult due to its vertical integration business model, which requires licensees to manage both growing cannabis plants and selling products at treatment centers.
Recruiting minority candidates for executive positions in the cannabis industry is no small feat. But companies must do more than just look for candidates on their own. They must reach out to communities of color and connect with organizations and individuals to attract qualified BIPOC candidates. Historically black colleges and universities (HBCUs) are great sources of candidates. Alumni groups are aware of what companies are looking for and who is moving on.
According to Marijuana Business Daily, only 17 percent of cannabis-related companies employ minorities at executive level. This figure is considerably higher than the average U.S. business. Minorities are desperately needed in leadership positions within the cannabis industry because cannabis prohibition has disproportionately impacted their communities. Minorities are four times more likely to face petty marijuana crimes than Caucasians, and it has discouraged them from participating in the cannabis industry.
As a cannabis company, a diverse board is critical to your company’s success. With over 40% of the U.S. population made up of African Americans, Hispanics, and other minorities, it is important to understand and tap into this market. This population has an estimated $3.2 trillion in spending power. The diversity of your cannabis business board will help you reach this audience and build more relatable narratives.
The cannabis industry can help mitigate these corporate governance issues by bringing more diverse representation to the board. However, there is a persistent problem: men still dominate leadership and board positions. Marijuana Business Daily analyzed the board composition of two dozen of Canada’s leading publicly traded companies and found that ninety percent were men. The industry as a whole is still largely male, and this trend is unlikely to change soon.