The cannabis industry is proving to be a welcoming environment for female entrepreneurs; at the very least, more so than many other industries. We are seeing a more balanced gender distribution across management and executive positions in cannabis.
However, there are still barriers that make it hard for women to be given credibility at the same level as their male peers. To make matters more complicated, cannabis is still considered a Schedule I drug by the federal government; the same designation given to heroin and cocaine.
Despite the circumstances, more and more women are making their claim to the industry by becoming cannabis investors and business owners. Here are a few ways they have been approaching the market to raise capital:
Seek out cannabis business incubators
More specifically, seek out incubators specific to the cannabis industry. The best incubators will provide guidance along with the expected support in training, networking, and branding.
In the modern day, it pays to work smarter, not harder. You don’t have to do everything yourself; business incubators are there to help with your startup and provide resources you may not have access to on your own.
Find a mentor
Seek out women who successfully raised capital and started their own businesses.
Reaching out to potential role models will only ever have positive results. You might be able to work under them; you might not. You will at the very least grow a list of network contacts, which is always good. With nothing to lose, you should never hesitate to make that first contact.
With that being said, it would be limiting to only contact women in the cannabis industry. There are many successful female entrepreneurs and business owners in other fields that have successfully raised capital. There are a lot of business insights that can be applied broadly, and it would be a shame to miss out.
Think outside the box
Many people are looking at the cannabis industry and thinking about opening their own dispensary, but it’s limiting to only think of the industry in regards to selling recreational and medical marijuana.
There are many ancillary business models that can participate in the cannabis industry without directly handling the plant. There is a high demand for industry-specific marketing, packaging, and software development companies.
Setting yourself apart from other entrepreneurs is always an effective way to get the attention of potential investors.
Attend industry pitch forums and conventions
With the industry still in its infancy and the lucrative market it’s generating, there should be no shortage of investors gathering to evaluate proposals by attendees.
Being able to communicate your plans to contribute to the industry in a meaningful way is key to successfully raising capital, but finding the right platform to pitch your ideas is what will carry you through your financial goals.
The key point to take away from all this is to be aware that the cannabis industry is still mailable and going through constant evolution. Ingenuity isn’t gender restrictive, and we are seeing more opportunities for women in the cannabis industry.
The potential to follow your ambition is there and united, we can challenge the preconceived notions on sex and gender.