Numerous internet searches will appear regarding the topic of women in cannabis. One of the most common headlines reads: The future is female. But is it that simple? To learn more about this important topic, let’s discuss the trials and triumphs women entrepreneurs and consumers face in the cannabis space.
Social Equity In The Cannabis Industry
The term "social equity" describes a movement focused on fairness for the greater good of the community. There are many sectors of society that the war on drugs has gravely harmed, and this movement makes an effort to influence equality for all.
We also feel that everyone would have similar opportunities in a perfect world. In society, groups of people are often discriminated against based on their ethnicity, race, religion, sexual orientation, or disability. Being part of a minority group further complicates an individual’s ability to participate in society. Other barriers to entry include regulatory constraints, lack of funding, etc. One potential solution would be an effective Social Equity Program (SEP).
Social Return on Investment (SROI) programs, as they are also called, offer many direct benefits, including improving the economy and more community reinvestment. All of which increase tax revenues. Another important consideration is how equity programs could impact the overall growth of the cannabis industry. SEPs have been established in states like New York and California with varying degrees of success.
Buyer Persona Deep Dive
According to market research, the female consumer (or buyer persona) is one sector of the market growing quickly. Female consumers are also attracted to female-led brands. This fact could support female leadership and help diversify the industry.
A couple of interesting statistics share that women consume cannabis primarily for health and wellness reasons. Many women felt there was still a stigma associated with cannabis consumption. This will reduce over time as society becomes more educated about the benefits of hemp-derived products.
In the spirit of value creation, many cannabis-forward groups have supported women in the cannabis industry.
The cannabis market wouldn’t be the same if it weren’t for the advocates who paved the way when it was still illegal. Female advocates like Mary Jane Rathbun, Cat Packer, Jodie Emery, Wanda James, Jane West, and so on have committed themselves to this social cause and must be thanked. These women are real trailblazers.
High Hopes for Women in the Cannabis Industry.
Socially conscious consumers have the power to change this disparity, and it all starts with educating people about the issue. As cannabis becomes mainstream, stakeholders and professionals must focus on creating an inclusive industry. After all, cannabis culture is based on a sense of similar beliefs, ideals, and practices. Imagine the power the industry would have if it reflected the values of the community which it represents.
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