Tuesday, May 24, 2022

Washington State Law Helps Minorities Get into the Cannabis Industry

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The legalized cannabis industry is a booming business for many who have tapped into the industry and are making huge monetary profits. However, the majority of entrepreneurs who have tapped the industry are white.

Leaving the same old story regarding the fact that black-owned and other minority businesses simply can not get a foot in the door to get a loan to get started in the business, nor do they have the political connections. However, a recent article addressed the fact that Washington state has taken a giant step to give help to minorities who want to enter the cannabis industry.

The article basically stated that licensed applicants can qualify for special grant funding and even help or aid from experts to get into the cannabis industry. This includes minorities who have been in trouble with pot-related crimes and prior convictions as they can qualify too.

The Democratic Governor, Jay Inslee, signed the bill into law recently as this was partly done because of data that was gathered from the Washington State Liquor and Cannabis Board. The report showed that only 2 percent Hispanic, 3 percent Black, 4 percent multiracial 7 percent Asian; with the larger percentage going to whites at 82 percent were in the business.

Hopefully, this special funding will help to get more minorities into the cannabis industry and get the numbers a little more balanced.

Many of the state representatives have spoken only positive words regarding the signing of the new law as many already realize and accept that the political landscape plays a big part in helping minority-owned businesses in general as many minorities do not have connections politically nor the knowledge and skills to get into entrepreneurship.

This has plagued the minority-owned businesses for years but with this step, Washington state is trying to correct that.

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