Why communities of color deserve to benefit from the growing cannabis industry | Opinion
The introspection of 2020 forced on us in the wake of staying home at the onset of COVID-19.
It's a morbid silver lining, which gave us the time to self-reflect as Americans and look to foster change as a community.
As we face the "Great Resignation," economic relief benefits are being put forward to ensure that the workforce is being repopulated in a more equitable fashion.
Diversity, equity and inclusion (DEI) has become a core competency in 2022 within human resources departments in just about every industry.
Essential industries have been created anew. State to state and at the forefront of federal deregulation, I'm referring to one in particular: the cannabis industry.
'War on Drugs' unjustly targeted African Americans
From medical marijuana dispensaries to extraction laboratories to cultivation, excitement in the industry's potential sweeps the nation. It was estimated that there were 321,000 full-time jobs in cannabis in 2020, a number climbing steadily.
However, America still lags behind the rest of the world in this industry; not only in nurturing the research and development necessary to fully leverage the medicinal benefits of cannabis, but also in creating a commercial environment for all communities to succeed. DEI does not exist in cannabis in the U.S. — a smear on the American Dream.
All the policymaker goodwill in the world won't matter if the right systems aren’t in place. In 2021, the Pew Research Center suggested, “...the U.S. House of Representatives passed a legalization bill packed with social equity provisions, including a grant program to help states and cities develop 'equitable cannabis licensing' programs. To-date, those systems aren’t working as expected.”
After the way in which minorities were historically targeted during the "War on Drugs," rather a “War on Weed," African Americans are still 3.6 times more vulnerable to getting arrested for marijuana possession.
It’s paramount that reparations are made and trends shift to allow all communities to profit from an industry that has previously demoralized professional ambitions.
2022 offers unique opportunities in cannabis industry
My family's holding company has stood at the forefront of this industry's growth for years. We're proponents of it. We recognize that it is still in its infancy in America.
Like-minded cannabis corporations and entrepreneurs alongside us need to not only understand the bureaucratic red tape — which must be cut through at the public level and call for action. They must listen to shifting consumer trends towards affiliating with brands that adhere to the social good.
We must invest time and resources in engaging with the National Diversity & Inclusion Cannabis Alliance, the US Cannabis Council or the Minority Cannabis Business Association. We must allow for an open sharing of ideas on cannabis inclusivity at local chambers of commerce.
We can create pathways to prosperity; look at the academic milestone achieved by Colorado State University-Pueblo as a Hispanic-Serving Institution (HSI), establishing an interdisciplinary Institute of Cannabis Research for minority engagement in cannabis R&D and enterprise.
The right access, the right programs and incubators fostered across the country alongside partnerships forged with like-minded organizations, will earn us our rightful place as captains in the cannabis market, just as nationwide deregulation looms.
If we don’t have the infrastructure, goodwill and available access for every citizen to capitalize on cannabis’ potential, Americans won't be able to truly profit from the victory of deregulation.
Josh Joseph is the CEO and Co-Founder of Big Plan Holdings— a Nashville-based diversified family holding company with cross-industry investments both domestic and international, including subsidiary Big Plan Holdings Legacy Partners (BPH-LP), a cannabis portfolio company comprised of real estate holdings, cannabis businesses under management, a technology-powered management company and an intellectual property (IP) holding company.
This article originally appeared on Nashville Tennessean: Cannabis industry must embrace diversity, equity and inclusion
