Tag Archives: mentorship

3 Ways to Increase Cannabis Market Accessibility via Diversity

By Dale Sky Jones
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Entrance into the cannabis industry is not equally accessible; it’s no secret it tends to be easier for those who are male and white. As a business leader, why should you take on the problem of equal market entrance opportunities? This just may become your company’s competitive advantage.

As a female entrepreneur with a first name associated with being male (and white, maybe a rancher in Wyoming), I have been accidentally invited to and witnessed the consequential shock of more than one exclusive, male-centric event, where any ladies were intended to be accessories and not present for business-talk with the boys. After enjoying their discomfort (and getting over my own), I see these moments as opportunities to advocate for inviting diversity into their discussion, seeking to make small changes to open doors for exponential progress. After all, it wasn’t so bad to have invited the woman, albeit accidentally; it was actually better because it happened.

In a dynamic and challenging industry, increasing diversity access is how to become future-ready. As will be discussed, companies see measurable financial performance and adaptability improvements with relatively small changes in leadership makeup. Here are three overarching tactics for you to increase cannabis market accessibility and champion diversity.

  1. Facilitate Access to Capital for Cannabusinesses with Diverse Perspectives

The past two years of pandemic hardship have posed unique challenges for women, especially Black, Latina, and Indigenous women, who have had to put careers on pause to pick up additional heavy burdens of caregiving. Women’s unemployment is four times higher than men’s, and according to Forbes, the situation is worse for women of color.

Overall deal activity for female-founded companies is discouraging and downright dismal for Black female founders, who receive less than 1% of all venture capital investment. This is particularly vexing when considering that women-led or co-founded start-ups generated 78 cents of revenue compared to 31 cents for male-only-led startups over five years. EBIT margins were nine percentage points higher than companies with below-average diversity on their management teams. Relatively small changes exponentially improve operating earnings over operating sales.

Relatively small changes exponentially improve operating earnings over operating sales. 

It’s always been difficult for women to access capital. Women have historically been cordoned into home-keeping and caregiving roles and are often still expected to balance those capacities alongside a full-time career. Accordingly, female entrepreneurs receive fewer invitations to extra-work events and business relationship-building opportunities, such as pursuing financing, mergers, or joint ventures.

Companies with diverse leadership teams have reported nearly twenty percent higher revenue from innovation. Investors would do well to recognize these are the businesses better able to respond and adapt to changes in customer demand quickly.

  1. Increase Diversity Awareness and Facilitate Equal Opportunity

While financial investments are imperative, consider the following non-pecuniary methods of support as part of a full-picture, equitable accessibility solution.

Invite Activity, Provide Mentorship

Businesspeople can play a critical role in accelerating inclusion by actively seeking out people they do not already know. Employers can do this through the non-financial investment of time and resources to grow the pipeline of underrepresented people with skills to serve on investment teams. When under-invested groups bolster one another, the likelihood that investment pans out increases.

Mentoring must be a part of this process, as it provides essential guidance and support for individuals looking to enter or advance within these fields. By creating opportunities for mentorship and collaboration, you can play an active role in breaking down barriers and building a more inclusive economy for everyone.

Open the Door to Accessing Opportunities

Businesses can increase diversity awareness and facilitate equal entry into the cannabis industry by opening the door to events that help connect underrepresented candidates to professional development and capital.

Hosting free webinars is a great way to facilitate learning, conversation, and the exchange of empowering ideas. Webinars allow attendees to ask personalized questions and present your business with a stage from which you can speak about the importance of equity and inclusion.

Consider attending, sponsoring, or running a job fair with a focus on diversity hiring. Diversity hiring practices help businesses identify qualified candidates from different backgrounds, leading to a less homogenous workforce.

Make Continued Education Central

As the President of Oaksterdam University, I see firsthand the importance and empowering quality of ongoing education. I also recognize that not everyone can afford or receives equal access to continued education and accordingly offer this advice to help bolster equitable educational opportunities.

Make partnerships with educational institutions to offer your workforce chances to learn, and ensure they have paid working time to do so. If you can reduce the burden of learning for candidates with extra-work responsibilities, they have a greater chance of absorbing and putting that information into practice. If you have an employee with an incredible entrepreneurial idea, boost them up by offering to pay for a capital-raising class or a fundamental business course they may not be able to afford otherwise.

No one solution will “fix” equal access to education. Every step from open-source databases and free webinars to full college degrees is an incremental movement toward increased cannabis industry participation for traditionally disadvantaged populations.

  1. Realize Social Equity Programs Are Not a Catch-All

Rather than focusing on any one aspect of diversity, the goal should be to invest in and build diverse teams across many dimensions.

Even the best-intentioned social equity program cannot accommodate every disadvantage a potential candidate will encounter. Take women as an example: There are many accommodations to consider for female-identifying participants, as they are at a more significant disadvantage in the licensing/permitting and job preparedness process. Some call for women participants qualifying for cannabis equity program services to receive additional funds and services (e.g., funding for childcare) to ensure equal access to opportunity.

The cannabis industry cannot atone for all the damages of the drug war, nor can a nascent industry that is not federally legal pay to uplift all of society. With that said, cannabis industry investors, executives, and workers might be the tipping point back toward baking justice, equity, and access to the laws we operate under. Better yet, we can raise expectations of one another as we do business and ask, “What do you do to increase fair play, diversify your leadership team, and address the imbalance?”

A Person is Not Diverse, But the Cannabis Industry Can Be

Addressing social equity and the concept of diversity can feel amorphous and confusing. Above all, it’s imperative to remember that a single person is not diverse; rather, a group of people is. A team can be diverse, and within your team is a great place to begin shaping the industry you wish to see. Rather than focusing on any one aspect of diversity, the goal should be to invest in and build diverse teams across many dimensions. Value comes from a range of differences, such as the national origin of executives, the variety of industry backgrounds, education levels, ages, and finding gender balance. The goal is that these different people feel they belong.

Equal market accessibility is not a problem you can solve passively — it must constantly be spoken of, worked toward, and embodied within each business decision and entrepreneurial move. An industry full of entrepreneurs making such decisions will undoubtedly result in a more equitable market than the one we’ve built so far. You will find yourself in a room of folks just like this. Lean into the awkward and invite the unfamiliar in – you will find you and your company are better for it.

The Women in Cannabis Study: A Q&A with Jennifer Whetzel

By Aaron G. Biros
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Ladyjane Branding and Wolfe Research & Consulting are leading an ambitious study to explore and document the experiences of women working in the cannabis market. Women in Cannabis: A Living History officially kicks off on December 10th at the National Women of Cannabis Conference.

Jennifer Whetzel, founder of LadyJane Branding and founder of the Women in Cannabis Study

Jennifer Whetzel, founder of Ladyjane Branding, says this is an opportunity for women to tell their stories about their experience working in the cannabis industry. Women can participate in the study by going to womenincannabis.study and sign up to take the survey. You can also sign up to be a sponsor or partner of the study at that website. Sponsors will get access to content like press releases and the opportunity to incorporate the study’s findings in their messaging. We invite our readers to participate, sponsor, partner, share and encourage friends to take the survey.

With beta testing starting the week of November 18th, we caught up with Jennifer Whetzel to talk about why she decided to start this project, what they expect to learn from it and what the future may hold for professional women in the cannabis industry.

Cannabis Industry Journal: Can you tell us a bit about your background and how you came into the cannabis industry? 

Jennifer Whetzel: My entrance into the cannabis industry was certainly a culmination of my personal experience and professional journey.

After moving to Maine, I became a medical user to ease symptoms of an immune and an auto-immune disorder. When I sought out treatment for PTSD, I found that a combination of cannabis, therapy, meditation and brain retraining was the most helpful and healthy solution.

This course of treatment for PTSD was life-changing as it allowed me to resolve symptoms from all of my medical issues, and I wanted to find a way to give back to the community that supported me. I had been working in marketing for over 25 years and realized I had quite the diverse professional background. My experience included retail merchandising and operations, public relations on a military base, research design and strategy for ad agencies, new product development and launch for animal health companies, and experiential marketing strategy and design. I’ve been lucky enough to work with small companies and Fortune 500’s which has led to finding solutions in unexpected places.

When pairing my knowledge and skills with the cannabis community, I realized I could make an impact by advising new entrepreneurs who needed help making their brands stand out. That’s how Ladyjane Branding was born.

CIJ: Can you give us an overview of the Women in Cannabis Study?

Jennifer: The Women in Cannabis study aims to understand how women are faring in the cannabis industry and whether we are doing enough to support women, their careers and their professional goals. It’s well documented that women in corporate America do not have the same opportunities for career advancement as men, holding fewer executive or board positions, having fewer opportunities for mentorship, sponsorship and career progression.

The study is comprehensive, with more than 80 quantitative questions along with qualitative telephone and video interviews of female-identifying professionals working in the cannabis industry – whether they are involved with cannabis, CBD or hemp. Through monthly infographics, video summaries, quarterly in-depth themed reports and a comprehensive year-end report, we will be telling the stories of women’s professional experiences in cannabis with the goal of transforming the industry into one where women can succeed and thrive.

Painting a picture of the women in cannabis, and understanding them as a group, we look at demographics to explore their diversity and reveal whether personality differences may affect their experiences, as well as experience with stigmas regarding cannabis use and working in the industry.

To understand professional trajectories and roadblocks on a path to success, we dive into work history, reasons for entering the cannabis space and the barriers they have faced on their journey. We explore opportunities for mentorship, support and leadership, the types of harassment, discrimination and disrespect they’ve experienced and how that may have impeded their careers.

We’d like to understand how (or whether) women find balance in their personal and professional lives, what sacrifices they’ve had to make for a career in cannabis, as well as best practices for women to foster success.

CIJ: Why did you decide to take on this endeavor and lead the work on this study? 

Jennifer: While there are numerous studies looking at how women fare in corporate America, we found that there’s a lack of a recent and comprehensive deep dive into this topic specifically for cannabis. As an emerging industry, we have a unique opportunity to make valuable recommendations to potentially increase inclusivity for women in this early stage of industry culture before it becomes too entrenched. Our goal is to ensure we have the hard numbers to document a baseline now, then follow-up over time to understand how the industry changes.

By surveying and speaking to women in the industry, and understanding where strengths and weaknesses in the industry lie, we can make recommendations to improve the lived experience for women working in this industry.

The only way to make improvements to a system is to understand it.

CIJ: How do you think we can create a more inclusive industry?

Jennifer: I think it begins with an understanding of where we are starting – we don’t know what we don’t know. Being in the cannabis industry, we often hear the argument that anecdotes are not data. Just like we need the scientific data to prove efficacy for medicine, we need the data that shows the hard numbers about diversity and inclusion, the stigma and shame of cannabis use or working in this industry, about sexual harassment, disrespect and bullying.

This study is about generating information and creating knowledge on this issue so we can determine the education, policies, procedures and actionable recommendations that can help make the industry a welcoming space for everyone.

One of the best ways to create a more inclusive industry is through education.

CIJ: What hurdles do women face in the cannabis industry? How is that different from other, more established industries?

Jennifer: As we review research results from more established industries, it seems clear that women face similar hurdles in cannabis. Various studies have shown that working women are faced with unequal pay, fewer opportunities for mentorship or sponsorship, as well as discrimination and disrespect. The issues for female entrepreneurs are even greater as women are significantly less likely to receive venture capital funding, which certainly speaks to experience in the cannabis industry.

Because there’s little data specifically focused on the cannabis industry, we are just guessing. This study will provide us those answers.

CIJ: Looking ahead, how do you think women will fare in the evolution of the cannabis market?

Jennifer: I’d like to think that if we are all purposeful and intentional about creating an equitable, inclusive, and representational industry, that women will fare significantly better than they have in other industries typically dominated by men. If that can happen, everyone will feel welcome and respected, and it will no longer be surprising news when a woman is promoted to CEO or becomes a successful founder.