As we celebrate Black History Month this February, the ever-crucial issue of social equity—programs promoting equitable ownership among marginalized groups—within the legal cannabis industry has taken on an even greater significance, as the wheels of economic justice still too often turn against those who need it the most.
For example, last year, the Illinois CPA Society in 2023 felt compelled to publish an article on the shortcomings of social equity programs, in which they noted social equity licensees still face greater challenges due to a lack of funding capital, critical connections with industry insiders, as well as resources, compared with their often more well-connected and financially solvent competitors.
Complicating the matter even further have been reports of predatory practices—aka “scams”—being perpetrated by those taking advantage of social equity applicants, such as having their information stolen by con artists, as well as contractual swindles where social equity companies have to turn over all their profits to a third-party company that provided them with funds to initially enter equity lotteries.
Yet there have been many positive developments as well, from new programs to some corporations reinforcing their dedication to helping social equity owners and brands achieve genuine prosperity.
In order to present a broader picture of current cannabis social equity developments, we made contact with city and state equity program government administrators, as well as connecting with a corporate equity department.
Boston Mayor’s Office Devotion to Social Equity
The City of Boston’s Cannabis Equity Program, established in 2019, has put into place a number of requirements as established by the State Legislature’s 2022 “An Act Relative to Equity in the Cannabis Industry and Beyond.”
To learn more about these specific exigencies, we reached out to Shekia Scott, the Cannabis Business Manager in the Economic Opportunity & Inclusion Cabinet. …
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Author: Mark Miller / High Times
