Millennial Money: Changing the face of the cannabis industry

By The Canadian Press

Cannabis businesses have transformed from clandestine ventures to glossy lifestyle brands in a matter of years, thanks to an evolving regulatory and business landscape.

The majority of states now have some form of legalized cannabis, whether for medical or recreational use. The 2021 U.S. cannabis market is valued at $33 billion , according to an analysis by market research firm Grand View Research. That number is forecast to balloon to $84 billion by 2028. These trends indicate a fertile environment for seeding a new cannabis venture.

But while the cannabis world continues to expand, the industry remains overwhelmingly white and difficult to break into for people of colour and LGBTQ individuals. A 2017 survey from Marijuana Business Daily found that 81% of cannabis business owners and founders were white. The proportion of Hispanic/Latino owners and founders was 5.7%, while 4.3% were Black, and just 2.4% were Asian.

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