A Look at BIPOC’s Ability to Access Capital and Income Through Cannabis in 2020

Cannabtimes

<![CDATA[In 2020, industry members have been meeting virtually to discuss opportunities for minority participation in the cannabis space, including at the ownership level. Organizations such as Minorities for Medical Marijuana (M4MM), Minority Cannabis Business Association (MCBA) and Marijuana Policy Project (MPP) held events where speakers addressed the murder of George Floyd in Minneapolis and other killings of people of color, as well as their desire for social equity and criminal-justice reform.Racial disparities in cannabis industry participation reflect a broader statistics in agriculture. The National Young Farmers Coalition issued a report in December 2020 titled “Land Policy: Towards a More Equitable Farming Future.” It states that in the U.S., “White individuals account for 95 percent of all farmers, own 98 percent of farmland, and receive the vast majority of agriculture-related financial assistance.”The report provides specific call-to-action items for federal, state and local policymakers to support Black, Indigenous and People of Color (BIPOC) farmers. On the state level, these include steps to “[p]ass state legislation to help farmers manage their student loan debt so they can better access capital for land purchases” and to “[i]mprove and expand land access finance options.”As capital remains a barrier to entry for minorities looking to enter or expand their opportunities in the state-legal cannabis space, Cannabis Business Times and Cannabis Dispensary recently caught up with industry stakeholders to discuss the financial aspects of minority participation in state-legal cannabis in 2020.License Acquisition Before InvestmentThere is value in plant-touching businesses obtaining a license before trying to raise large amounts of capital, Seun Adedeji, owner and CEO of Elev8 Cannabis, a retail company with stores in Oregon and Massachusetts, recently pointed out to CD.“For newcomers that are trying to get into the cannabis industry, my biggest advice to them is, one, find what aspect of the cannabis industry you’re…

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