What is the future of the budding cannabis industry in Massachusetts?
That was the topic of BostInno’s State of Innovation: The Future of Cannabis meetup last night. The event was presented by General Assembly at its 13th-floor space at 125 Summer St. The panel featured Beth Waterfall, executive director of ELEVATE Northeast; Dr. Marion McNabb, co-founder and CEO of C3RN; and Adam Fine, a partner at Vicente Sederberg. Over the course of the evening, these experts explored topics like reducing the stigma around marijuana consumption, how small businesses can break into an industry already fraught with consolidation, and some of the Bay State's biggest hurdles for the cannabis business.
Here are some key takeaways from the discussion.
Know the Regulations Before You Go In
Massachusetts' marijuana regulations are infamously unstable (we recently put together a timeline of the changing rules and policies). If you're planning on going into the cannabis industry, make sure you know your stuff. Ancillary businesses face less scrutiny than those that handle the plant directly, but the law applies to all.
Fine noted that if you can, you should hire a consultant to make sure you're in line.
The Time to Destigmatize is Now
As Waterfall put it, the cannabis industry is working against a multi-decade marketing campaign that effectively stigmatized the use of marijuana, ultimately fueling the War on Drugs. It's imperative for professionals in this space to destigmatize—in their businesses, at home, and at events like this.
Bake Restorative Justice Principles Into Your Business
As opportunity in cannabis-related business and innovation opens up, Massachusetts stakeholders have a responsibility to make space for people of color who were hit disproportionately hard by enforcement and policing when recreational marijuana was illegal (as recently, you'll recall, as 2016).
One way the state is working to fix that imbalance going in is through social equity programs. Business leaders can and should take advantage of that framework. Plus, be thoughtful when it comes to the people you hire and the vendors you work with. How can you support your local community?
There's Plenty of Opportunity for Small Businesses to Get a Foothold
In the face of major consolidation moves—think Surterra Wellness's acquisition of New England Treatment Access and the planned merger of Curaleaf Holdings with Cura Partners—there's still plenty of space for the little guys. In fact, the prevalence of big cannabusiness can create buyout opportunities for entrepreneurs who want an exit strategy for their business.
Thank you to all who came out last night. Join us in August for BostonFest, our summer pillar event and celebration of the city’s best cultures in the innovation class. Before the party, make sure to vote in our Coolest Companies Competition. Reader's choice voting closes July 25.
