Tag Archives: women grow

Aaron_headshot
Biros' Blog

Election Day is a Decisive Moment for the Cannabis Industry

By Aaron G. Biros
No Comments
Aaron_headshot

In less than two weeks on November 8th, voters in five states will head to the polls to decide if they want to legalize recreational cannabis. California, Nevada, Arizona, Massachusetts and Maine all have initiatives on the ballot that could legalize recreational cannabis for adult use. Polls in each state show a majority of voters support the initiatives.

This New York Times article suggests that November 8th could be a major turning point in the movement to legalize cannabis in the United States. Even if the initiatives fail in most of those states, California’s initiative, which is expected to pass, could be the linchpin for federal legalization. California’s giant economy, coupled with its ability to drive national policy on social issues, sets the stage for rapid industry growth.

COLOR-PIC
Matt Karnes, founder of GreenWave Advisors

According to Matt Karnes, founder of GreenWave Advisors, the significance of California’s measure also lies in the merging of medical and recreational regulatory schemes. His firm sees a trend where “initially bifurcated marijuana markets will merge under a shared regulatory system into substantially larger enterprises.” Karnes believes the California market will conservatively reach $2.6B in 2016 and grow to $6.7B by 2021, which represents a 5-year compound annual growth rate of roughly 21%. “Should California vote to legalize recreational use this November, we expect implementation of a combined regulated market as soon as 2018,” says Karnes. “A combined California market is significant, not only because of its sheer size (~55% of the U.S. market), but it would also mark the first state to implement regulations for a fully legal market without initial oversight of medical use purchases.”

The presidential election is equally as important for the future of the legal cannabis industry. According to Hillary Clinton’s campaign, if she is elected into office then she will “reschedule marijuana from a Schedule I to a Schedule II substance.” This would have a dramatic impact on the growth of the industry, most notably by easing banking and financing restrictions. Whether she will actually follow through with her plans, if elected, to reschedule cannabis is yet to be known. Regardless, this is the first time in history that a candidate with a majority of the country’s support is introducing this concept. That represents a serious shift in mainstream attitude toward cannabis. That represents the normalization of cannabis.

Jane West, CEO of lifestyle brand Jane West and co-founder of Women Grow
Jane West, CEO of lifestyle brand Jane West and co-founder of Women Grow

Jane West, chief executive officer of the lifestyle brand Jane West and co-founder of Women Grow, believes this represents the country finally taking cannabis legalization seriously. “Given the poll results that have been publicly available, it seems likely that three or more of the initiatives will pass,” says West. “By November, about 20% of Americans will be living in states where it is legal to consume cannabis. This will accelerate the process of bringing marijuana out of the shadows, and more adults will be comfortable using this enjoyable, relatively benign substance socially and openly.” Normalizing cannabis can look like a lot of things, but mainly it takes away the counterculture stigma and puts it in a light where its regular use is not frowned upon, which could be instrumental in gaining public support.

Leah Heise, CEO of Women Grow
Leah Heise, CEO of Women Grow

Leah Heise, chief executive officer of Women Grow, agrees with West’s prediction that at least three of those states will vote to legalize recreational cannabis, citing Maine, Massachusetts and California as favorites. “Additionally, with the likelihood that more than half the states in the United States support some type of cannabis program within their boundaries, a clear message is being sent to the federal government regarding legalization on a federal level,” says Heise. “I don’t think the federal government will be able to continue to enact its cannabis policy through executive orders and funding bills. Real legislative attention will have to be given to the issue.” That legislative attention could come in the form of the CARERS Act, which would reschedule cannabis.

If you are in favor of legalizing cannabis and want to see some change within your lifetime, what can you do to help? Vote. There has never been a more important election year for legal cannabis.

jazminHupp

Women & Leadership in the Cannabis Industry

By Aaron G. Biros, Aaron G. Biros
No Comments
jazminHupp

Launched in August of 2014, Women Grow began with the goal of establishing an organization for professional networking that supports women leaders in the cannabis industry. On a platform of fair and inclusive business practices, the organization emphasizes the importance of a social mission in business planning.

women grow event
Women Grow holds various events with thought leadership and networking opportunities

Through a variety of networking and educational events, Women Grow brings together a community of established and new industry professionals that helps connect and empower women to grow their business and succeed in the cannabis marketplace. Jazmin Hupp, CEO and co-founder of Women Grow has been referred to as a “genius entrepreneur” by Fortune Magazine and was named one of the top businesswomen in the cannabis marketplace by Forbes. “Women can be very community and healthcare-minded, providing the backbone for establishing an ethical cannabis industry with a focus on health and wellness,” says Hupp.

According to data from the U.S. Department of Labor, women make approximately 80% of all healthcare decisions for their household. Not only is Hupp’s organization helping to empower women in the workplace and in leadership roles in the industry, it also teaches good business practices. “The primary demographic purchasing cannabis in the future will be women, because they purchase 90% of OTC medicine and do 80% of household buying,” adds Hupp. “Women are the leading purchasers of alternative foods, health and wellness products, and they drink more alcohol by volume than men.” 

jazminHupp
Jazmin Hupp, CEO & co-founder of Women Grow

According to Hupp, women control the majority of consumer spending and will be looking for a safer way to recreate than consuming alcohol, and cannabis products will provide an answer. “If your target market is going to be driven by female spending, it just makes good business sense to put women in executive roles and on marketing teams,” she adds.

Because cannabis is still a schedule I narcotic in the eyes of the federal government, there are issues that involve more than just effective marketing tools. “Child Protective Services has the ability to deem a household with marijuana present unfit for children, largely due to the stigma and federal classification of cannabis,” says Hupp. “Mothers are particularly hesitant to get involved [directly in a cannabis business] because of the possibility of losing their children, hence why some mothers work on the ancillary side of the industry, as opposed to working directly with the plant.”

women grow group
Women Grow connects women leaders both new and established

Women Grow is actively working to address these needs in America’s fastest growing industry on a national scale by advocating for the end of marijuana prohibition. “This is a brand new industry that can be conscious of social, economic, and racial injustices so there are no glass ceilings for women or minorities,” Hupp says. “This comes out of a very socially conscious movement where leaders understand the benefits of inclusion, diversity, and the importance of socially responsible decisions.”

With the cannabis marketplace still in a nascent stage, opportunities to support diversity and inclusive business practices makes this industry particularly unique.