In an effort to boost social equity in the cannabis industry and provide resources and support for early-stage entrepreneurs, the Washington State Department of Commerce will partner with the Social Equity in Cannabis Task Force to host the first-ever Cannabis Equity Summit at Highline College in Des Moines, Washington on March 11.
The summit comes at a crucial time for the Washington cannabis industry, with the Liquor and Cannabis Board (LCB) set to release over 40 retail licenses starting this month. Aspiring cannabis retail owners can attend the summit to learn how to navigate the cannabis industry, from business development instructions to advice from experts.
Here’s a closer look at what attendees can expect from the Cannabis Equity Summit:
New Social Equity Portal
The Cannabis Equity Summit will provide attendees with an opportunity to learn about the new Social Equity Portal, an online platform that aims to improve equity practices within the cannabis industry. The portal will provide resources and support for marginalized BIPOC communities, including mentorship programs and other tools to help applicants navigate the license process.
Q&A Session with the LCB
The summit will also feature a Q&A session with the LCB, giving attendees the chance to ask questions and receive guidance on the license application process.
Networking Opportunities
In addition to learning about the license application process and equity practices within the industry, attendees will also have the chance to network with other entrepreneurs and industry experts. These networking opportunities will help attendees build valuable relationships and connections that could prove beneficial in their cannabis business ventures.
Changing the Demographics of Cannabis Owners
One of the primary goals of the Cannabis Equity Summit is to change the narrative around Washington cannabis owner demographics. Currently, most cannabis retail owners in Washington are white, with only 4% of retailers being Black-owned, according to King 5 News. The summit hopes to provide the assistance needed to change this narrative and boost social equity within the industry.
A Vision for Equity
For Alison Beason, the Department of Commerce’s director for Life Science and Global Health, the Cannabis Equity Summit represents her life’s work and vision of equity. Beason is part of the Social Equity in Cannabis Task Force, which was formed in 2020 to make recommendations to the LCB and establish the Social Equity in Cannabis Mentorship Program that helps issue cannabis licenses.
Beason says she has met many people with the skill sets to be successful business owners in cannabis, but because they were part of groups marginalized by the war on drugs, they couldn’t thrive. The Cannabis Equity Summit aims to change that by providing extra resources and support to help these individuals get on the same playing field as their counterparts.
