Why Are There So Few Black-Owned Cannabis Companies?

seedman

It’s no secret that legal cannabis is now a multi-billion-dollar industry, so it’s hardly a surprise that so many entrepreneurs are getting involved. In response to this gold rush, activists and politicians alike have called for measures to be put in place to ensure that those who have been most affected by the War on Drugs get a fair slice of the market share. Unfortunately, however, social equity targets are not currently being met, and the barriers faced by minority communities have made it difficult for black-owned cannabis companies to gain a foothold. Related Post Why Cannabis Reform Must Prioritise Racial Justice Black-Owned Cannabis Brands Are Severely Underrepresented According to the 2021 Leafly Jobs Report, cannabis sales in the US hit $18.3 billion last year, resulting in an explosion of new market opportunities. The industry now has twice as many full-time workers as there are dentists in America, yet while African-Americans make up around 13 percent of the national population, less than 1.7 percent of cannabis companies are black-owned[i]. The picture is particularly grim in places like Illinois, where cannabis sales topped $1 billion last year and more than 8,000 new jobs in the legal weed industry were created. The state is set to issue 75 new dispensary licenses this year, yet not a single black-owned cannabis company has been named as a finalist for one of these permits. In Massachusetts, meanwhile, only around one percent of the state’s 260 cannabis retail stores are black-owned. It’s well documented that prior to legalisation, African-Americans were disproportionately targeted by prohibitionist laws across the US, so for these communities to be so underrepresented in the legal market is truly a travesty. Addressing this injustice requires an understanding of the social and economic factors that have prevented minority businesses from accessing the market, and…

Excerpt only …
READ MORE BELOW
Source : Why Are There So Few Black-Owned Cannabis Companies?

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.