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The need to recruit minority entrepreneurs in cannabis industry

| Aug 10, 2020 | Uncategorized

Advocates in Portland and the rest of Oregon are pushing for more equality within the cannabis industry, seeking to see additional minority entrepreneurs benefit from potential opportunities. They hope the state remove barriers, while also recruiting and encouraging more people of color to participate.

Portland actually has taken the biggest steps in the state to discuss this issue in order to boost business prospects for potential cannabis entrepreneurs hailing from socially disadvantaged backgrounds. And like nearly all start-up business owners, this group, too, would benefit from guidance along the way.

Capital continues to remain a challenge

The state offers relatively low licensing fees in the industry without limiting the number of permits. Such a small-business-friendly move allows any entrepreneur to compete. With the cannabis industry’s recent correction along with rising wholesale marijuana flower prices, many entrepreneurs with limits placed on them by socioeconomic factors can more successfully apply for cannabis-related business permits.

But even with the advantage of low-cost obstacles in securing permits, cannabis entrepreneurs continue to experience challenges securing capital from investors. This has always been a difficulty for start-up businesses and will continue to be.

Opening more doors and removing unnecessary obstacles for minority marijuana entrepreneurs could lead to a more diversity within the cannabis industry. Other considerations include a significantly greater number of statewide grants as well as improving the tax benefits.

The cannabis industry remains a relatively new one that continues to experience growing pains, regulatory uncertainties and potential obstacles for minority entrepreneurs. But opportunity remains.

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