Although the percentage of women holding executive positions within the cannabis industry has reached its highest level, female business owners appear to be on the decline.
According to MJBizDaily’s 2023 report on diversity, equity and inclusion in the cannabis industry, women account for 39% of executives in the space, a substantial increase from last year, when women held 23.1% of executive positions, and 2022, when the annual report indicated an all-time low of 22.1%. The previous high came before the coronavirus pandemic, in 2019, with 36.8% of executive positions being held by women.
However, the percentage of cannabis businesses owned by women fell to 16.4% in 2023, nearly six points shy of its mark of 22.2% in 2022.
According to the report, the trend of women holding executive positions is similar to that of racial minorities, who account for 24.3% of executives — up from an all-time low of just 12.1% last year. In 2019, racial minorities accounted for 28% of executive positions, so that number still has not reached its pre-pandemic level.
Meanwhile, the percentage of cannabis businesses owned by racial minorities rose to 18.7% this year — up from 15.4% in 2022, but still lower than the 20.7% in 2021.
MJBizDaily’s report was based on a survey of 220 self-described cannabis business owners and professionals across a variety of sectors within the cannabis realm. This was the fifth year MJBizDaily has conducted a DEI survey/report (the company did not publish one in 2020).