As the cannabis world evolves, the industry remains overwhelmingly white.
The majority of states now have some form of legalized cannabis, with a market valued at $33 billion for 2021 in the US, according to market analysts. This market is forecast to increase to $84 billion by 2028. No doubt, cannabis businesses have transformed from clandestine ventures to glossy lifestyle brands in a matter of years, thanks to a growing regulatory and business landscape.
Yet, the cannabis industry remains overwhelmingly white and difficult to break into for BIPOC (Black, Indigenous, People of Color) and LGBTQ individuals. A 2017 survey found that 81% of cannabis business owners and founders were white. The proportion of Hispanic/Latino owners and founders was 5.7%, while 4.3% were Black, and just 2.4% were Asian.
To help spur inclusivity and diversity, here's how BIPOC and LGBTQ individuals can start their careers in cannabis.
Reclaiming Cannabis
For BIPOC and LGBTQ communities, cannabis has been both a blessing and a weapon against them. Communities of color continue to be disproportionately policed for marijuana offenses. BIPOC are 3.6 times more likely than white people to be arrested for marijuana possession, and during the AIDS crisis, cannabis was one of few treatments that eased patients' pain, which led the LGBTQ community to advocate for legalization. These experiences provide the backdrop for today's push for equity and diversity in the industry, leading to 'conscious capitalism' that helps protect entrepreneurs from tokenization, exploitation, and other abusive business practices.
Find Focus and Purpose
To break into the cannabis industry, sharpen your focus on the work you want to do in the industry, and why you want to do it.
Assess what you bring to the table to solve a problem in the space, and what unique skills you possess that provides a solution. If you can replicate this, you have the beginnings of a viable company. This is a fast-paced and rapidly changing industry, so ensure you have a passion for cannabis and a motivating "why" factor. Your 'why' in particular, will keep you going through the countless pivots common in the industry as a result of changing regulations and market conditions. Those who have difficulty pivoting average three years or less in the industry, according to statistics. If you have a solid 'why' identified, it will help you to retain your vision for your business through these changes.
Careers in cannabis aren't limited to working sales or owning a dispensary. Numerous ancillary opportunities exist, such as accounting, marketing, and recruiting jobs. You can start your own consulting firm or join an already established company, as these jobs typically have lower barriers to entry for those in marginalized communities, since they bypass the expensive licensing that "plant-touching" businesses like dispensaries require.
Know the Regulations
It's essential to become familiar with the regulations around cannabis in your state and municipality. Talk to a legal professional versed in local and state regulations, and hire a legal consultant to ensure you remain compliant as laws change. Cannabis laws can be confusing, and it can be difficult to keep up. The good news is there is a healthy supply of companies that focus specifically on compliance, precisely for this reason. Make use of them.
Tap your community and Find Funding
A significant roadblock for LGBTQ individuals and BIPOC, regardless of the industry, is raising capital. To help overcome financial hurdles and find support, veterans of the industry suggest becoming an active member of your niche cannabis community, tapping into online networks, and attending events organized by people in your specific community.
Your community can become a lifeline of emotional and financial support, especially if you don't have access to capital. You do have support in the industry. Reach out to Studio 420 for a free consultation to see how you can get started in the cannabis industry with the right support.
Studio 420 is a cannabis marketing and web design agency specializing in branding, website design, web development, ecommerce, online shopping and digital marketing solutions for the marijuana and CBD industry. Let us help GROW your cannabusiness!
Contact the Denver studio for a no-obligation, project cost analysis at 303-653-9855 or https://420digitalstudio.com
