A record number of groups are lobbying for cannabis reform as legalization movements sweep the nation.
While companies fight for dominance, Black people — historically targeted for marijuana use — are underrepresented in the industry.
Here’s why.
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The US cannabis market currently stands at around $65 billion in annual revenue, according to analysts at investment bank Cowen.
By 2030, this number is expected to balloon to $100 billion if marijuana is federally legalized.
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Amazon, which first publicly announced support for federal cannabis legalization in June, spent $5 million in the second quarter lobbying on this and other issues.
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While more companies are pushing for reform to establish their share of the growing industry, their execs are not representative of the overall population, said Amber Littlejohn, executive director of the nonprofit Minority Cannabis Business Association.
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White men make up 70% of top executives at the 14 largest cannabis companies, an Insider analysis found.
Black executives make up 7% of the cannabis C-suite.
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The economic benefits of legalization have mainly gone to white men.
Black and other minority populations have borne the brunt of cannabis prohibition and the decades-long "war on drugs," Littlejohn said.
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Arrests and criminal records can affect people's employment opportunities for the rest of their lives.
The MORE Act, which would decriminalize cannabis federally, passed the House of Representatives in late 2020 but didn't advance in the Senate.
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The main sources of funding for cannabis companies are wealthy individuals, family offices, and private-equity and venture-capital firms willing to take the risk.
Because cannabis is federally illegal, it is difficult to get a loan.
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Onerous licensing processes and a lack of capital are barriers to entry.
In some states, it can cost upwards of $150,000 to hire the lawyers and consultants needed to put together a competitive application to open a dispensary, Littlejohn said.
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The SAFE Banking Act — a bill in Congress that experts say has a high chance of passing this session — is looking to resolve issues around access to banking and loans for cannabis entrepreneurs.
But it's unlikely to be a quick fix.
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