"We are very aware of three things that we can do socially by Uber playing in the space that have a profound commercial impact," shares Jesse Young, the Global Lead of New Ventures from Uber Technologies UBER, at the Benzinga Cannabis Capital Conference in Miami.
Uber, a titan in the ride-sharing industry, has long expanded beyond its traditional transportation services. Now, it's tapping into the burgeoning cannabis sector, and according to Young, Uber's entry into this industry is about more than just financial gain.
Young explains the first prong of Uber's approach. "By elevating cannabis on the Uber Eats app, we believe that we're able to help combat some of the illicit market; not to get rid of it, but to say that you don't need to choose the illicit market anymore."
She highlights that roughly 50% of cannabis in Canada comes from this illegal market. "This will be a level of quality and an experience that you simply wouldn't get elsewhere," says Young, emphasizing Uber's commitment to elevating standards in terms of both safety and quality.
The second aspect of Uber's strategy focuses on safety, specifically reducing impaired driving incidents. Young points out, "One in seven cannabis users have admitted to driving under the influence, and we believe that with safe and affordable delivery options that can help combat it, that's a huge downstream impact."
Lastly, Young unveils his personal passion within this venture, highlighting the potential for positive social impact. "We think we can elevate the experience of underrepresented small to medium businesses in particular." This point underscores Uber's potential role as an empowerment tool for smaller ventures struggling for visibility and success within the saturated cannabis market.
Aspiring to learn more about the industry? Benzinga Cannabis Capital Conference is scheduled to return to Chicago on September 27 and 28, with more information available at bzcannabis.com.
How @uber's entry into the #cannabis market will have a profound commercial impact on the industry.
— Javier Hasse (@JavierHasse) May 31, 2023
Key insights by Uber's Jesse Young from the @Benzinga Cannabis Capital Conference
cc. @JasonRaznick
Join us in Chicago, Sep 27-28 - https://t.co/qLjHwC5sZW pic.twitter.com/yeQYNEhXTn
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