By Morgan Stinson, Social Impact Leader, MGO 

While MGO put together its annual Cannabis 50 Impact Report of organizations and individuals pushing the cannabis industry forward, we were able to acquire new insights from some of the most influential leaders in the industry, like Kim Rivers, founder, chairman, and CEO of Trulieve; Berner, co-founder and CEO of Cookies; and Troy Datcher, CEO of The Parent Company. A clear trend that emerged in the report is the number of honorees focusing on social equity. Those who are contributing to the social equity community are bringing awareness, fostering inclusion, increasing diversity and expunging criminal records for cannabis convictions.

Diversity Where it Matters 

Visual artist, hip-hop pioneer, and filmmaker Fred Brathwaite aka Fab 5 Freddy wasn’t wrong when he told us, “The biggest obstacle is making sure we’re all focusing on social equity and inclusion so people of color can benefit from the [cannabis] industry, as they’ve been the most victimized for being a part of it.” At this point, the industry at large is starting to acknowledge the debt it owes people of color. 

Because underrepresented populations have borne the brunt of cannabis prohibition and many are not reaping the economic benefits of legalization, the logical step is to increase people of color ownership in the industry. 

One of the biggest barriers in the industry is the cost of entering the market. Launching a dispensary or cultivation business requires anywhere from $750,000 to $1 million, and acquiring licenses isn’t easy. State and local governments must even the playing field, and although some states have incorporated social equity programs into cannabis legislation, many say the programs are falling short.

Building a Backbone Through Programs and Government Uniformity 

So where do we go from here? Some organizations, like The Parent Company, are focusing on discovering the industry’s future entrepreneurs of color, providing the capital and mentorship necessary to build a more equitable and diverse industry. 

If we let it, cannabis can be the new economic backbone for many communities, be it on the city, county, or even state level. Troy Datcher, the CEO of The Parent Company, notes where things need to progress. “There’s still so much work to do collectively to improve regulations, taxation policies, and safety,” he said. “But most importantly, we must work together to ensure the industry remains committed to inviting a diverse community to participate as the landscape takes shape.”  

The industry is also supporting organizations and programs focused on dispensing education and support to budding minority entrepreneurs — some of which are mentioned in MGO’s Cannabis 50, like Our Academy presented by Our Dream. Hilary Yu, founder of Our Academy, told us, “We have this unique opportunity to carve out generational wealth opportunities for the communities who have been harmed by cannabis legislation,” and she knows building and supporting new leaders is key.  

Making a Change 

MGO is enthused to see so many organizations and individuals making tangible progress toward social equity and inclusion. If you’re interested in learning more about the honorees in this year’s Cannabis 50 report, click here. For those building a better future for the industry, read the section “Doing Good.” 

Morgan Stinson is a social impact manager, leader of the MGO Diversity, Equity & Inclusion program, and co-creator of The Future Game. She combines a professional background in accounting and finance with a passion for developing actionable solutions for creating professional and educational opportunities for minorities and persons from disadvantaged backgrounds.