This has certainly caused ripples throughout the cannabis industry with both investors and major players likely taking notice. Black cannabis leaders assert that there has consistently been insufficient funding and acknowledgment for them. “Politics has encouraged individuals to express their true opinions,” stated Alexander-Davis. “When individuals think about DEI hires, they assume that the standards are diminished when in fact, they are elevated.”
Despite its extensive background, DEI has often been misinterpreted and condemned through a racial framework. However, diversity also includes various elements: ability, age, religious beliefs, sexuality, gender identity, or veteran status. As legal expert and head of the Meltzer Center for Diversity, Inclusion, and Belonging, Kenji Yoshino notes, “Talent exists everywhere, but opportunity does not.” This sentiment echoes in a webinar from the MIT Sloan School of Management and an article from the Harvard Business Review, reinforcing that even in modest amounts, social equity in business is shown to enhance a company’s capacity for transformation—increasing profitability, income gains, shareholder returns, and revenue increase.
For some, diversity is perceived as an opportunity for innovation that benefits both consumers and businesses. This translates to improved techniques for cultivating healthier cannabis, resulting in safer products and choices. For Nina Parks, cofounder of Supernova Women, a nonprofit aimed at empowering people of color to become self-sufficient stakeholders in cannabis, that is the ethos behind her other initiative, the Equity Trade Network. The organization’s goal is to promote growth in the sector through advocacy and collaborating with lawmakers, regulators, and policy makers to carve a path toward financial achievement.
Rene Lima, a cultivator in Chicago preparing to launch a cannabis education platform for Spanish-speaking seniors, identifies a clear and hopeful opportunity for DEI. “The market for hemp-derived THC beverages holds greater promise for marginalized individuals,” he states. “It’s a much more feasible option these days.” He is correct: Cannabis beverages represent one of the swiftest expanding and, honestly, enjoyable sectors in the industry as cannabis overall has surpassed alcohol consumption in the US for the first time.
As the development of diversity in cannabis continues to mirror broader cultural changes, it places the industry at a pivotal moment. It can either adopt the approach of other corporate leaders who are retreating from DEI, or it can persist on the trajectory guided by a diverse community of pioneers who have consistently faced challenges.
While emerging social equity initiatives establish their presence and alternative pathways into the industry emerge as viable options, will inclusion remain or will it be discarded?
