Diverse Voices, One Industry: Cannabis Social Equity Stories, What Worked & What Didn't

“This is incredibly hard,” said Tahir Johnson, CEO of Simply Pure Trenton, at the recent Benzinga Cannabis Capital Conference in Chicago.

These words encapsulated the journey of individuals who strived to succeed in the cannabis industry, a sector filled with challenges and opportunities for growth, social equity and community engagement.

See Also: Social Equity Stories In Cannabis: Advocates Discuss Inclusion As Legislative Changes Loom

Balancing Challenges and Triumphs

Ernest Toney, founder of BIPOCann, kickstarted the conversation, shedding light on the hurdles they had faced while trying to break into the cannabis market.

Annu Khot, founder of Sociale Dispensary, painted a vivid picture of the obstacles faced in Illinois, a testament to the multifaceted challenges emerging entrepreneurs must navigate. “The barriers to entry are really high. Even with a social equity license, you need luck by your side,” Khot said.

In her experience, acquiring a license was just the beginning. Location, compliance, and community engagement emerged as integral elements of the journey, each carrying its own set of challenges.

Johnson echoed Khot's sentiments, sharing the journey that marked his foray into the industry. Applications, rejections and persistence characterized his early steps.

“The construction aspect has been a challenge,” Johnson confessed, pointing out the significance of perseverance and building relationships. His third-time application for licenses highlighted the competitiveness of the market.

Leah Bailey, CEO of Blounts & Moore Illinois, provided a different view. Stepping into a brand that was already established presented its own set of complexities.

With a consumer market for cannabis that was “unbelievably good,” the juxtaposition of financing difficulties was a stark contrast, underscoring the unpredictable terrains of the cannabis industry. However, she emphasized the importance of consumer satisfaction, diversity and job creation as essential components of their business model.

See Also: Diversity Driving Profits: How Inclusion Is Reshaping The Cannabis Industry

Business Success, Social Equity And Giving Back

The discussion shifted to successes in the industry, with Annu Khot sharing her achievement of having raised $3 million for her second dispensary. "After knocking on many doors I realized that I need to approach people with who have who share my worldview and then ask for money,” she said.

She emphasized the importance of being a skilled salesperson, this shift in approach was not just a funding strategy but extended to assembling a team and seeking mentorship.

Tahir Johnson highlighted the advantage of being a first mover in the market, which had allowed him to secure licenses and raise capital. He underlined the significance of reputation and values, urging entrepreneurs to treat everyone with respect and integrity. In his words, “Your reputation is everything… keep that in mind."

Leah Bailey's most significant success was the opening of their dispensary and its positive impact on the community. She stressed their focus on customer service and the intention to employ a diverse workforce, ultimately giving back to the community.

See Also: EXCLUSIVE: Gov. Pritzker Champions Chicago's Crucial Role In Illinois Cannabis Equity Push

These Triumphs Were Not Insular

The commitment to social equity and community upliftment resonated across the narratives.

Khot emphasized the intentionality of social equity through employment and reinvesting in the community, while Johnson balanced a local and global business approach, rooting his company in local organizations and workplaces.

“I’ve made a commitment to hire employees from New Jersey Reentry Corporation and also given back money from the company,” Johnson shared. His commitment extended to supporting local entrepreneurs, embodying the ethos of community upliftment and shared progress, and helping individuals with cannabis-related convictions.

Bailey spotlighted support for craft growers and social equity. The commitment to diversity and inclusivity was not just theoretical but practical, an embodied principle guiding hiring and training within her organization.

Want to hear more stories reflecting the importance of social equity in this burgeoning industry? Tune in to the Benzinga Cannabis Capital Conference in Chicago. For existing subscribers, you can get direct access through our research platform. For new users, you can get instant access here! 

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