Diversity and Social Equity in the Medical Cannabis Industry
Qredible, Inc. | Compliance Management Software for Highly Regulated Industries
Compliance management software for high-risk products, supply chain automation, and QMS systems to ensure safe commerce.
This is an excerpt from the eBook Diversity and Social Equity in the Medical Cannabis Industry, authored exclusively for Qredible by Professor and Cannabis Expert, Michael Boone . For the full eBook, click here.
The legalized cannabis, CBD, and hemp industry is relatively new. There is much optimism surrounding its potential to pioneer diversity, equity, and inclusion (DEI) initiatives that could have a significant, lasting impact on the industry and the professionals who thrive in it.
Studies have found diversity and social equity in a business are strongly correlated to its profitability, yet women and minority groups continue to be underrepresented in executive, founding, and upper managerial roles in legalized cannabis companies.
In Nevada, one of the states in which both medical and recreational cannabis have been legalized, only 16% of cannabis business owners self-identified as Hispanic or Latinx. This is contrasted by the state’s population demographic which reports that over 29% of Nevadans are Hispanic or Latinx.
The relationship that the industry has had with communities of color since the War on Drugs is complex. Many states, organizations, and private companies are making an effort to improve access to business opportunities for those who have been convicted of nonviolent cannabis related offenses.
Improving DEI begins with a shared understanding of the terms, dilemmas, and insights about the current and potential state of the legalized cannabis, hemp, and CBD industry.
This paper will outline some of the most pressing issues concerning the effective implementation of DEI initiatives and explore proposed solutions for enterprises and professionals committed to diversity and inclusion in their organizations.
Social Equity: Terms and Definitions
Social equity is the practice of fairness and impartiality concerning the treatment of other people. In the cannabis industry, the need for social equity is amplified by a complicated history of discrimination against marginalized groups during the War on Drugs.
There are four main types of social equity that those in the cannabis industry must consider when developing and implementing DEI programming.
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Equitable Industry
Equitable industries ensure equal access to the support, resources, and opportunities required to successfully partake in the cannabis industry as a business owner, employee, or executive.
Equitable Community
Equitable communities ensure that marginalized groups and communities of color that have been disproportionately impacted by the War on Drugs are offered significant support, reimbursement, and reparation.
Equitable Justice
Equitable justice advocates for the reduction of law enforcement for non-violent offenses related to cannabis. This includes vacating, expunging, or hiding cannabis criminal cases.
Equitable Access
Equitable access increases the safety and accessibility of legalized cannabis, hemp, and CBD products to marginalized communities while reducing the potential for loss of citizenship, employment, benefits, insurance, or other resources as a result.