Journey to Purposeful Profiteering in the Cannabis Industry
The global cannabis market size has significantly grown over the years, generating over $92 billion in 2021 in the United States’ alone. As the Marijuana Business Daily continues to monitor the economic impact of the industry, data shows no sign of the industry slowing down any time soon. Whether you are a supporter of this industry’s growth or not, examining the business model can provide key insights into purposeful profiteering. As sited in a recent article by Fortune Business Insights, key factors driving growth are product innovation, global legalization, and increase in demand.
When we examine the increase in opportunity within the cannabis industry, history cannot be ignored. The prohibition of cannabis and the war on drugs disproportionately impacted people of color. Now that the evolving industry is becoming more accessible, states with legal cannabis have implemented equity programs for either medical or recreational businesses. The programs aim to increase opportunities for those disproportionately affected by the war on drugs, cannabis arrests, and unjust incarceration. Opportunities include the provision of loans, grants, technical assistance to cannabis license applicants, training on how to run businesses in the cannabis industry, and potential Expungement Initiatives.
With economic growth comes the opportunity to evolve the industry into one that leads with social equity and environmental sustainability as its core principles. Entrepreneurs, innovators, and leaders are coming together to be a #ForceForGood within an industry on the rise. The cannabis culture is one that cares for its community and the planet. Companies are addressing climate change, demanding environmental justice, and improving cannabis sustainability by leveraging green packaging, regenerative farming, anti-pollution efforts, outdoor growing, and solar energy. One of the many examples is hempcrete, which is a carbon negative, concrete-like building material made from cannabis plants that could be the future of eco-friendly construction.
Other industries are learning from the cannabis leaders that are paving the way for environmentally sustainable practices and socially equitable standards for business. Thank you to the companies like The Peak Beyond who are actively assessing their current state of social and environmental impact and committing to action plans in the pursuit to be more positively impactful.
Read the full Pact Three & The Peak Beyond Case Study on how the partnership increased their social and environmental impact score by 19.6%.
Your dollars can directly support BIPOC business owners and organizations that are leveraging the power of business to positively impact employees, communities, and the environment. Check out more impact-driven companies below:
Cannaclusive was created to facilitate fair representation of minority cannabis consumers. We were inspired by the growing opportunities yet disappointed by the diversity issues taking root in mainstream cannabis culture.
Sana Packaging is a sustainable packaging brand that designs and develops cannabis packaging for a circular economy using plant-based, reclaimed, and recycled materials.
GPA Global Packaging is a renowned managed packaging solutions provider leading in luxury lifestyle, CPG, Cannabis, CBD and display.
Green Heffa Farms produces botanical tea and herbal steam blends featuring hemp flower. Green Heffa Farms was developed with a commitment to “the four Es:” economic empowerment, equity, education, and environment, as well as reverence for Indigenous, heritage farming.
Life Grows Green is a lifestyle brand that is passionate about providing all natural products to their customers. From the lifestyle, to the community, to their healing properties, plants evoke a sense of joy and wellness in us all.
The Peak Beyond, an omni-channel retail solution, has a mission focused on sustainable economic development and consumer empowerment. They provide in-store, digital shopping stations and mobile e-commerce platform solutions to enhance the customer experience.
