The cannabis industry has managed to draw a large amount of attention over the past few years or so, but a little-known fact throughout the market comes from the lacking representation of minorities in the industry.
Shanita Penny, the president of the board of directors for the Minority Cannabis Business Association, took a complaint following a racially motivated naming of a cannabis strain. The organization run by Penny, ha the goal of diversifying the cannabis industry to help give a more accurate representation of those who are involved in the market. She stated that the marijuana industry around the country is still overwhelmingly run by a white majority. One study states that around less than one percent of owners of marijuana dispensaries in the U.S. are owned by black people. Another survey states that “less than 19 percent of the nation’s marijuana businesses have minority investors. With the federal prohibition of marijuana still in place, data remains woefully inadequate on the exact makeup of the nation’s marijuana business owners. But if the last survey is accurate, that means a whopping 81 percent of the nation’s marijuana businesses are white-owned.”
This number is something that undoubtedly needs to be changed as the U.S. is a diverse country full of people from all types of backgrounds. Congresswoman Barbara Lee, a Democrat from California states that she will be introducing something known as the RESPECT Resolution. This is the first piece of legislation introduced into congress to help solve the racial disparity in the cannabis industry. She stated that her goal is to try to encourage states to bring those who are underrepresented, into the industry in larger numbers. This way, the industry as a whole can grow in greater numbers.
The resolution means that states and localities will effectively be able to have the ultimate decision on what happens, but they can choose to vote on it individually. She has stated that she is confident that it will send a large signal to lawmakers who are wishing to make a change in the industry.
The legislation would also effectively “urge states to completely expunge the records of people incarcerated for non-violent marijuana offenses. It also asks them to drop the fees to even apply for a marijuana license (like New York’s $10,000 non-refundable fee), to allow people formerly incarcerated for marijuana to access this new marijuana regulatory system.” Some states like Illinois, an individual with a felony record cannot even have a shot at getting a marijuana card, which given the racial inequality in terms of jailed demographics, this makes it seem that much more unjust.
The goal is not to punish the industry in any way as it has existed in its entirety, but rather to help bring it into a new direction that would effectively help to make it equal and give safe and easy access to all who would like to be a part of it.
The industry on cannabis is currently worth billions and only appears as though it will continue to grow in size and popularity in the near future. The marijuana industry is still very much in its infant stages, but changes like these are helping to cement the market as equal and fair for all. The hopes are high that this legislation and ones that are similar, will help to give the industry a better chance at growing in an equal and proportionate way for the coming years. Only time will tell how the industry will continue to grow for the near future.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
