Legalized Cannabis Part 2: Social and community considerations

Legalized Cannabis Shalon Part 2: Social/Community Recap

Cannabis is currently (as of July 2021) legal in 34 states in the US, medicinally or “recreationally” for adults in 14 of those states. The business of this evolving industry is complicated from a legal, financial and logistical perspective. It also raises questions around personal and community opportunities, rights that need to be wronged, social justice, equity, and policy change. Below is a quick recap – for the full conversation, check out the recording!

We started by discussing why the legalized cannabis industry needs to be explored and how it differs from other industries available for public consumption and investment. Responses centered around a few areas:

• Social equity & reforms including the ongoing rectification of damages caused by the “War on Drugs”

  • Most people don't understand the snowball effect of these policies including households with only one parent, lower income, lower education and more.

  • Schedule 1 drugs were inserted by government and then communities were punished.

• ·       Untapped opportunities for neighborhoods, families and individuals

  • Ability to earn legally in targeted districts, and for people looking to build generational wealth.

  • Tax dollars for infrastructure, medical benefits and increased research in all areas

• Enormous potential for growth and innovation across sub-industries

  • Agriculture, retail, supply chain, medical, finance/operations

• Progression for corporate social responsibility

  • Organizations are working on self-regulation and tangible, quantifiable restorative measures and long-term initiatives to avoid people being adversely affected.

The group celebrated some of the positive outcomes of legalized cannabis, including:

• Educational institutions (like community colleges) are creating cannabis certificate programs, focused on licensing, retail, finance, etc.

• In the nonprofit space – organizations like Code for America are building systems to help people to apply for expungement.

• From an investment perspective: SPACs are being created for social equity licensees to make capital easier to access.

• Regulatory commissions are being set up which educate entrepreneurs with opportunities to become business savvy (innovation, funding, access to resources, etc.) This valuable knowledge is relevant in all industries – not just cannabis.

• Growing employment and business ownership in marginalized communities.

Our experts then shared their opinions on what will happen in the industry and in communities that embrace the evolution of legalized cannabis over the next 10 years:

• Things will be more normalized and some of the taboo will wear off.

• We will begin to see efforts grow around development, education, reforestation and more.

• There will be more research and studies done to highlight benefits and to grow knowledge in adjacent (primarily health and environmental fields.)

• With the implementation of equity regulation, new businesses will have opportunity to succeed and there will be more even distribution of wealth.

• There will be a move towards federalization for banking which will help the industry to normalize (which is impossible while it’s an all-cash business.)

Expert Insight

The Shalon community was privileged to speak with four cannabis industry experts recently about the social and community considerations of legalized cannabis and came away with deep insight into progress that is happening around legalization and the benefits and drawbacks it brings.

Thank you to our generous, insightful and passionate speakers (who can be contacted by clicking on their names)

• Shaheidah Shabazz, Associate, Arent Fox LLP | Attorneys at Law

• Carlton Williams, CEO and Founder, New Life CA

• Jocelyn Kane, Vice President, Coachella Valley Cannabis Alliance Network

• Sheena Roberson, Founder and CEO, Cannabis Noire

Next Steps

There are countless ways to improve the world through the efforts of and in support of the legalized cannabis community. All of us can be advocates, whether we use cannabinoids in any way. In order to see the transformations discussed during Shalon, citizens must:

• Work to eliminate stigma and breakdown barriers by knowing who we’re talking to, what their priorities are and helping them understand the history and potential of the industry.

• Use personal privilege to be in spaces that other people aren't in to fight for equity and justice and hold ourselves accountable to promote what is right.

• Support the launch of diverse and equitably focused businesses, collaborations with the arts and education institutions and look for brands with official equity seals on their packaging.

This was an exceptional conversation. If you were not able to make it, please listen to the recording, check out the event page and reach out to our speakers to stay updated and involved. We look forward to connecting with everyone at future Shalon events – as always, feel free to send topic requests and ideas!