Women and minorities are losing ground in cannabis company executive ranks, study finds. The report from the Marijuana Business Daily found that women made up just 17 percent of all executives last year.
The msos etf is a new study that found that women and minorities are losing ground in cannabis company executive ranks.
The legal cannabis industry has always strived to be as mainstream as possible in order to get into the huge consumer market in the United States and Canada.
Unfortunately, in terms of uneven representation of women and minorities in top positions, the sector may be reflecting the rest of the corporate world.
According to a study published Monday by MJBizDaily, the proportion of senior roles held by women and minorities in the U.S. cannabis sector has decreased from two years ago as white males have moved into the industry.
‘While social justice efforts and cannabis legalization are becoming more linked, there is still no silver bullet to fix the situation. However, it is heartening to see new markets trying to improve on previous programs and older markets working to fill up the gaps that still remain.’
According to the study, the percentage of women in senior positions at cannabis businesses dropped to 22.1 percent in 2021 from 36.8 percent in 2019. The most recent figure falls short of the national average of 29.8% of women in executive positions across all industries in 2020.
Minorities had 13.1 percent of executive roles in cannabis businesses in 2021, down from 28 percent in 2019. In this regard, the cannabis sector is on par with the national average of 13 percent of executive positions held by minorities in 2020.
According to MJBiz, industry experts believe that women and minorities lost momentum as white males rose to the top of the corporate ladder, partially because white men provided “established access to capital” to help businesses expand.
According to MJBiz, more executives from traditional industries are entering the cannabis business, increasing the rise of white males in positions of authority.
Despite attempts to encourage diversity, Jenel Stelton-Holtmeier, editor of the study at MJBizDaily, said racial and gender diversity in the marijuana sector is still missing, especially in ownership and leadership roles.
“Social equality efforts and cannabis legalization are inextricably intertwined,” Stelton-Holtmeier said, “but there is still no silver bullet to change the landscape.” “However, it is heartening to see new markets trying to improve on previous programs and older markets working to fill up the gaps that still exist.”
The study revealed that the sector’s diversity effort isn’t the only issue it’s dealing with. There is also a scarcity of statistics on minority and female-owned companies.
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“Only a few states offer comprehensive data on property ownership demographics, and those that do do so in a variety of ways. As a consequence, the data team at MJBizDaily gathered a sample of data from a few markets to give an overview of the industry,” according to the study.
According to Stelton-Holtmeier, several good improvements have already occurred since the initial study was released in 2017. People with prior drug offenses are no longer prohibited from operating a marijuana company in several states, which was not previously the case, for example.
As the industry meets in Las Vegas on Oct. 20-22 for the MJBizCon: Marijuana Business Conference and Cannabis Expo, MJBiz published its 2021 study, “Women & Minorities in the Cannabis Industry.”
Industry players are trying to rectify inequities in the business as states like as New York build their regulatory structures for the legal adult use market.
States have begun granting social justice licenses to communities affected by the War on Drugs, but many of them have been unable to collect funds.
THCX, -3.86 percent has lost 2.4 percent year to date, while the AdvisorShares Pure US Cannabis ETF MSOS, -3.03 percent has lost 29 percent and the S&P 500 SPX, -1.30 percent has gained 14 percent.