The percentage of executive positions held by women and minorities in the U.S. cannabis industry fell between 2019 and 2021, according to a new report now available from MJBizDaily.
In particular, in 2021, the percentage of women in executive positions, 22.1%, fell below the average recorded in the entire American business landscape, 29.8%, according to the 2021 report, “Women and minorities in the cannabis industry “.
Previously, the share of executive positions held by women in the cannabis industry (36.8% in 2019) consistently exceeded that of mainstream companies.
This change is not driven solely by a decline in female cannabis executives.
The latest data from the U.S. Bureau of Labor Statistics indicates that women occupy a higher percentage of these roles in the overall economy, up nearly 30% from just 21% in 2018.
The percentage of executive positions held by minorities fell to 13.1% in 2021, down from 28.0% in 2019, but in line with the average for all US companies.
This is despite an increased state-level focus to improve racial diversity within the cannabis industry.
In previous years, minorities held a higher proportion of executive positions in cannabis companies than in conventional companies.
Industry experts suggest that competitive markets tend to favor companies with white men in ownership and leadership positions, primarily because of their established access to capital.
In addition, more executives from major sectors are turning to the cannabis industry as a new opportunity, accelerating the rise of white men in positions of power.
The free report, “Women and Minorities in the Cannabis Industry”, can be downloaded here.