Member Blog: The Importance of Supporting Black-Owned Companies, Small Business and Social Equity Participants
The cannabis industry has been rapidly growing in recent years, with many new businesses and startups entering the market. However, it is important to note that not all cannabis companies are created equal, as there is a significant lack of diversity in the cannabis industry.
Studies have shown that only a small percentage of cannabis companies are owned by people of color. This lack of diversity can have negative impacts on the industry, including limited perspectives and ideas, and a lack of representation for marginalized communities.
To promote diversity and equity in the industry, it is crucial to support black-owned companies, small businesses, and social equity participants in the cannabis industry. By doing so, we can help level the playing field and promote a more inclusive and representative industry for all.
One great opportunity to learn more about supporting black-owned companies in the cannabis industry is the Black Elevation Cannabis Affair. This event brings together pioneers in the industry to share their experiences and insights on how to succeed as a black-owned cannabis company. In honor of Black history month, the event is being held at The Roostertail in Detroit, Michigan on February 10, 2024, and attendees can expect to learn about a variety of topics, including the challenges and opportunities that come with owning a cannabis business, how to navigate legal and regulatory hurdles, and how to build a successful brand and customer base.
In conclusion, promoting diversity and equity in the cannabis industry is essential for the growth and success of the industry as a whole. Supporting black-owned companies, small businesses, and social equity participants is a crucial step toward creating a more inclusive and representative industry. To learn more about supporting black-owned companies in the cannabis industry, be sure to attend the Black Elevation Cannabis Affair.
Summer Recess & Cannabis Progress: Cannabis News from the Capitol and Expectations for the August Break
by Michelle Rutter Friberg, NCIA’s Director of Government Relations
After NCIA’s 11th Annual Cannabis Industry Lobby Days concluded in May, cannabis news from Washington, D.C. has been relatively slow. Curious about what’s next before August recess begins? Keep reading to see what may happen ahead of the break and for a recap on where we’re at now.
SAFE Banking
Last month, just before NCIA’s Lobby Days, the Senate Banking, Housing, and Urban Affairs Committee held a hearing titled “Examining Cannabis Banking Challenges of Small Businesses and Workers”. Witnesses included the bill’s lead sponsors, Senators Jeff Merkley (D-OR) and Steve Daines (R-MT), as well as Ademola Oyefes (International Vice President and Director of Legislative and Political Action Department, United Food and Commercial Workers International Union [UFCW]), Michelle Sullivan (Chief Risk & Compliance Officer, Dama Financial), Dr. Kevin Sabet (President/CEO, Smart Approaches to Marijuana [Project SAM]); and Cat Packer (Vice Chair, Cannabis Regulators of Color Coalition).
My takeaways from the hearing: no new talking points from Project SAM, surprised by DAMA’s comments (they’ve since walked their testimony [which many saw as opposition to the bill] back), and most importantly of all: the real need for SAFE so that we can stop talking about access to financial services and start talking about legalizing and regulation cannabis in a smart and equitable way.
As for what’s next? Banking Committee Chairman Sen. Sherrod Brown (D-OH) recently shared that SAFE Banking would be scheduled for a markup after a few other bills received theirs. The good news? That process has begun. The bad news? Still no formal news on when SAFE’s markup will be. I’m expecting it to be after the Fourth of July break but before members leave D.C. for their annual, month-long August recess.
Appropriations
For years, advocates have looked to the appropriations process as a way in which to enact cannabis reform at the federal level.
In 2014, a provision that protected medical cannabis patients, programs, and businesses from federal interference (known as the “Rohrabacher-Farr” amendment) was included in the federal budget and became law. Since then, the provision has been included in appropriations bills and remains the law of the land.
NCIA has (and continues to) lobby on behalf of expanding this provision to include adult-use businesses and to also use the appropriations process to enact other reforms like allowing Washington, D.C. to commercialize adult-use cannabis sales.
House GOP negotiators heightened the stakes earlier this week when they announced they would mark up their FY2024 spending plans to levels lower than the budget caps set as part of a deal struck between President Biden and Speaker Kevin McCarthy (R-CA). This will undoubtedly make the already contentious budget-process even more volatile.
Maryland
On July 1, adult-use cannabis sales will begin in Maryland. Cannabis became legal for those over 21 in Virginia in 2021, while D.C. legalized cannabis for adults via Initiative 71 in 2014 (but have been unable to begin sales due to congressional interference). Legal sales in the District’s neighboring states means that members of Congress will surely be more exposed to the benefits of regulation.
So, while it’s been relatively quiet in D.C. in June, stay tuned in July for a possible first-ever Senate markup of SAFE Banking! As always, NCIA will continue to advocate on behalf of your business and keep you updated on the latest.
