Growing CBD Industry but Lack of Diversity

According to the Brightfield Group, by 2025, the CBD industry is expected to reach up to $16 billion in sales. The market has continued to blossom as more people continue to give CBD products a try. While that’s the case, there is a general lack of diversity in the field. Women and minorities only comprise a small percentage of the total number of business owners in the space.

How bleak are the numbers? In 2017, women accounted for 27% of owners, and minorities only represented 19% of the industry. However, these numbers also represent the vast potential of the CBD industry and the opportunities it presents for all.

Economic and Inequality Impacts

While these numbers may not seem like a huge deal, they represent money that vulnerable communities lose out on at any given time. It also symbolizes growing inequality in a burgeoning field with room for many actors. To combat the problem, places like Denver and San Francisco have implemented programs to remove barriers that prevent women and minorities from entering the industry.

Diversifying the Field

However, the situation is not without hope. As awareness of the issue grows, more and more previously excluded groups are finding their way into the industry. Women are coming together to establish their brands, and the same is true for minorities. This trend not only suggests a more diverse future for the CBD industry but also highlights the significant role that women and minorities are playing in shaping that future.

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