Why We Need Women in the Cannabis Industry
As we wrap up Women’s History Month, we’d like to give a special shout out to all the outstanding women who’ve helped take the cannabis industry to new heights. Through personal experience or witnessing health turnarounds in friends and family, these women are passionate about cannabis, willing to leave conventional, “safe” jobs for this newly legal, risky biz. Way to go, risk takers and dream chasers!
The cannabis industry needs women!
Why Does the Cannabis Industry Need Women?
In the past two years, the U.S. has become one of the most valuable cannabis markets in the world, with an estimated value of over $90 billion by 2026. Although currently male dominated, much of the industry’s success can be attributed to female leadership in the cannabis space.
A recent report from The Arcview Group and National Cannabis Industry Association concluded cannabis companies run by women are more profitable, producing more than double the revenue per dollar invested than companies without a woman at the helm.
Here’s why women rock in the cannabis business world:
- Women are better managers and budgeters.
- Women-owned businesses have a lower employee turnover rate.
- Women-owned businesses have a higher rate of return on investment.
- Women-owned businesses have higher profit margins.
It’s true! Google it!
Basically, women have great business skills.
So, if women are all that with managing, budgeting, and producing, why is the number of female leaders in the cannabis industry declining?
Where Did All the Women Go?
When Women Grow launched in 2014, women had plenty of exciting opportunities to help build the budding cannabis industry. Nurturers by nature and inspired by the plant’s natural healing properties, many women traded their traditional jobs for the cannabis biz to ensure its availability for those who needed it most.
In 2017, when Marijuana Business Daily released its Women and Minorities in the Marijuana Industry report, women held 37% of executive level roles. Today, that percentage has decreased to 22%. What a shame.
Why Did So Many Women Leave the Cannabis Industry?
Despite the current cannabis boom, women continue to struggle to get their fair share from this profitable business. Each year, women receive only 3% of the funding distributed throughout the industry. In other words, women are largely excluded from the funding necessary to generate capital for their businesses.
Without enough capital, business is a bust, which causes many women to leave the cannabis industry for greater job security.
Other discouraging reasons include:
- lack of support
- lack of benefits
- low pay
- stigma associated with cannabis usage
Despite the growing legality of cannabis across the country, many of the women who dropped out of the industry reported being shamed by family and doctors for using cannabis—even worse for running a cannabis business. No surprise, these women felt the need to hide their cannabis usage from others. What? This is 2022!
Here are some words of wisdom for women in the cannabis business...
“Great spirits have always encountered violent opposition from mediocre minds. The mediocre mind is incapable of understanding the man who refuses to bow blindly to conventional prejudices and chooses instead to express his opinions courageously and honestly.”— Albert Einstein
But it doesn’t take a genius to know that if you want to succeed, you need to stop worrying about what other people think. Period.
It’s time for women to thrive, not just survive in the cannabis industry—all industries.
Ways to Empower Women
- Pay Women What They’re Worth
The same salary (and funding!) as men for the same job.
- Promote Women
Educate and train women to become executives. Let them climb the ladder, too.
- Partner with Women
Women are managers by nature and incredible collaborators.
- Protect Women
Defend women. Don’t shame or degrade them.
Now, let’s end on a positive with some well-deserved praise...
A Few Fabulous CBD Creations from Women-Owned Brands
The following women are go-getters and trendsetters who successfully brought fresh, clever ideas to the male-dominated cannabis industry.
Here are just a few of the many uniquely fabulous CBD products, courtesy of the minds and manufacturing facilities of women...
- Karson Humiston (Founder of Vangst): Developed a Cannabis job platform for both employers and employees.
- Felicity Chen & Christine Yi (Founders of Potli): Created a CBD-infused, healing honey line to alleviate pain, anxiety, and insomnia. One customer fave, Dream Honey, is made with melatonin, CBN, and CBD.
- Julia Wills (Founder of Herbivore): Created Emerald CBD + Adaptogens Deep Moisture Glow Oil made with CBD extracted from hemp plus hemp seed oil, ashwagandha, and turmeric root. It’s a mouthful, but it’s amazing.
Very cool, ladies!
A woman’s touch makes everything better, including the cannabis industry. It’s time to pay, partner, and protect women working in cannabis in 2022.
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