Coleman Young Jr. On Social Equity In Cannabis: 'A Rising Tide Lifts All Boats'

Social equity, the idea of righting historical wrongs, has always been a hot button issue within the cannabis industry.

At the Benzinga Cannabis Capital Conference on Thursday, Ira Weinstein, a partner at CohnReznick; consultant Coleman Young Jr.; and Ken Bryant, owner of Medicine Man of Ann Arbor and member of the Michigan Regulatory Agency's social equity advisory board, sat down for a panel discussion on how companies can embrace this idea and even utilize it as a competitive advantage. 

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Social Equity As A Competitive Advantage

While Americans of all races and ethnicities consume drugs at roughly the same rates, black Americans are more than four times as likely to be arrested for them than whites.

At its core, the vehicle for social equity is the pursuit of the American dream. 

"States with social equity programs averaged $12 billion in revenue, while other states who didn't comparatively only did $4.1 billion," said Young, former Michigan state senator and representative and son of the late Detroit Mayor Coleman Young. 

"A rising tide lifts all boats. Capitalism doesn't have to be used just for a profit, but it can be used to contribute to social good." 

Click here more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago. 

Coleman Young Jr., left, Medicine Man of Ann Arbor's Ken Bryant and Ira Weinstein of CohnReznick at the Benzinga Cannabis Capital Conference on Thursday in Detroit. Photo by Dustin Blitchok.