The recent move towards the rescheduling of marijuana has sparked conversations across the industry, particularly among small ancillary businesses looking to carve out their niche. The rescheduling of marijuana could serve as a significant catalyst for economic growth, especially for minority and women-owned businesses. One of the most promising avenues for this growth is through the utilization of supplier diversity programs noted in federal procurement.
The Impact of Rescheduling on Small Businesses
The rescheduling of marijuana is expected to have a broad range of benefits, not only for the larger corporate cannabis companies but also for small ancillary businesses. These businesses provide essential services to the cannabis industry, from packaging and marketing to technology and security solutions. Rescheduling can lead to increased access to capital, reduced legal and financial barriers, and greater acceptance and integration into mainstream business ecosystems.
Corporate cannabis companies, recognizing the potential for a more inclusive and diversified vendor base, should seize this opportunity. Now is the time to pay it forward and include others in the economic boom by opening up the vendor pipeline and starting to bid out work. By doing so, they not only enhance their bottom line but also contribute to a more equitable and dynamic industry.
Leveraging Supplier Diversity Programs
Supplier diversity programs have long been a part of federal procurement strategies to ensure that minority and women-owned businesses have fair access to contracting opportunities. These programs can be instrumental for small ancillary businesses looking to enter or expand within the cannabis industry. By prioritizing supplier diversity, corporate cannabis companies can foster a more inclusive market, driving innovation and growth while supporting underrepresented communities.
A Case in Point: M4MM's Virtual Cannabis Supplier Diversity Summit
On May 11, 2024, Minorities for Medical Marijuana (M4MM) hosted a free virtual cannabis supplier diversity summit focused on this very topic. With over 175 RSVPs, the full-day virtual conference featured a mix of seasoned and new industry speakers, all aligned under the theme "Are You Contract Ready."
Highlights from the Summit
Keynote Address: Paths to Prosperity The day began with an inspiring keynote entitled "Paths to Prosperity: Fostering Inclusive Growth from Prison to Business Success." King Jermaine Jones shared his powerful story of rising to success through hard work and determination, offering a beacon of hope and motivation to attendees.
Strategies for Supplier Diversity Dasheeda Dawson, the NYC Cannabis Czar, spoke about state regulatory strategies to make supplier diversity a priority for all state-licensed operators. Her insights underscored the importance of regulatory support in fostering a more inclusive industry.
Panel Discussions and Real-World Insights A panel discussion featuring ancillary business owners currently contracting their services in the cannabis industry provided invaluable insights. Panelists shared real-world experiences and practical advice on building successful businesses in this sector.
Mastering Communication Industry expert John Calloway delivered an impactful presentation titled "Mastering the Lingo: Strategies to Communicate Effectively with Cannabis Buyers and Secure Profitable Contracts." His talk highlighted the nuances of navigating conversations with potential clients in the cannabis space.
Business Case Studies Gia Moron presented real-world business case studies, offering examples of successes and failures to help attendees navigate the heavily regulated cannabis industry.
Building a Sustainable Brand The afternoon session featured Anthony Alegrete, co-founder of 40 Tons Cannabis, who highlighted the challenges and triumphs of building a sustainable cannabis brand in today's market.
Corporate Cannabis and Minority Business Inclusion The day concluded with a discussion featuring executives from Ascend Wellness and Green Thumbs Industries. This conversation focused on how corporate cannabis can create opportunities for minority businesses, emphasizing the importance of diversity and inclusion in vendor contracting.
Moving Forward: Matchmaking and Beyond
The summit's success has paved the way for future events aimed at furthering these initiatives. The next event will focus on an invite-only buyer matchmaking session where businesses will pitch their services to buyers from various cannabis corporations interested in expanding their vendor lists. This will provide a direct avenue for minority and women-owned businesses to secure contracts and grow their footprint in the cannabis industry.
Conclusion
The rescheduling of marijuana presents a golden opportunity for small ancillary businesses, particularly those owned by minorities and women. By leveraging supplier diversity programs and engaging with corporate cannabis companies, these businesses can achieve significant growth. The M4MM summit showcased the power of collaboration and the importance of being contract-ready. As the industry continues to evolve, now is the time for corporate cannabis companies to open up their vendor pipelines and foster an inclusive economic boom.
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