Inequity and lack of diversity are significant issues affecting many U.S. sectors. Sadly, the legal cannabis industry is not an exception and has a long way to go to create better opportunities for racial minorities, women, and other protected categories. According to a recent MJBizDaily report, white men still predominantly call the shots in the majority of cannabis-related businesses. The data presented shows that only 13.1% of cannabis companies in America, including marijuana startups, have minorities holding executive positions.
Implementing better diversity and inclusion practices is essential for a healthy cannabis market. Equity and representation are pivotal elements in creating a more innovative industry that can adapt to upcoming challenges and thrive in the current world climate. Read on to learn more about how cannabis diversity can help the industry grow.
Equity in the Cannabis Industry
Nowadays, equity is an essential puzzle piece in businesses across sectors around the world. Not to be confused with equality, equity refers to the ability to identify and accept the differences between people from all backgrounds and demographics. Recognizing these distinctions helps arm all members of the cannabis business community with the best resources and opportunities. This, in turn, empowers minorities to reach the same outcome as more privileged groups.
More and more companies globally are looking to become more diverse at all levels by implementing different programs that promote equity, diversity, and inclusion. Yet, BIPOC, women, and other minority groups face numerous challenges when it comes to creating and growing marijuana startups or finding higher, better-paid positions in the industry. One of the primary obstacles minorities face when trying to dabble in the cannabis world is a lack of financing opportunities.
Current Programs, Businesses, and Work That Promote Equity in the Industry
These are some of the primary ways many businesses and organizations U.S. are taking action to help minority cannabis entrepreneurs succeed:
- Subsidizing programs
- Advocacy programs
- Free training courses
Additionally, U.S. states are passing more bills to decriminalize the production, processing, and distribution of legal medical and recreational cannabis. New York, for example, has created a program that provides cannabis licenses to people previously convicted of marijuana-related crimes. This initiative aims to help communities that have been directly affected by weed prohibition in the past.
How Bespoke Financial Can Help Marijuana Startups
Diversity and equity in the cannabis market are crucial for the industry to bloom. Providing BIPOC and other minorities with access to financial aid to create marijuana startups is a big step toward building a more robust marijuana market for all. Bespoke Financial offers a few unique financial solutions to get you on the right path. Our services include:
- Invoice financing
- Inventory financing
- Purchase money financing
- Line of credit
Moving Forward With Your Marijuana Startup
If you’re looking for a way to bypass the capital obstacles that come with opening your own marijuana business, we’re here to help. Contact our experts today for more information on how we can team up to reach your goals.