Some of the most successful companies in the cannabis business were founded by women because they see the opportunity in the industry. It’s not easy to achieve success in the heavily regulated legal cannabis industry, it’s a field that remains highly accessible to “savvy entrepreneurs” – most of them men. Check out the stories of three founders who have already made a huge impact on this industry.
In the United States, the cannabis market is expected to reach $44.8 million by 2024, but the industry is still extremely dominated by men, with few women in cannabis holding leadership positions, making it even worse for black entrepreneurs.
According to the Green Entrepreneur website, only a third of the sector’s leaders are women.
However, despite the challenging scenario, many women are determined to make the market more inclusive. Below we list three of these executives who have left the traditional market to invest in cannabis.
Shanel Lindsay, Jeanne Sullivan, and Victoria Flores are all successful women in cannabis. Let us check the trajectory of each one of them.
Contributing original content and curating quality information on only the most promising cannabis companies and the most influential investors, Hemp.im allows you to save time as you stay on top of the latest trends in this dynamic industry of cannabis.
How one arrest lead to being one of the few women in cannabis
Lindsay’s idea in college was clear: to achieve a career that had both societal and financial benefits. So she chose to be a lawyer, which worked.
One day, one of the executive women in cannabis was arrested for possession when it was not yet legalized in the state of Massachusetts. Lindsay used cannabis to relieve the pain of a cyst on her ovary and to help her relax. Although she was in possession of a smaller amount than what was banned, Lindsay was still placed in a prison cell.
That situation made the lawyer even more interested in the cannabis market and she realized the disadvantages for the black market in this scenario.
At home, Lindsay started experimenting with turning cannabis into something edible. In 2013, when it was legalized in Massachusetts, she took her tests to a laboratory where she was able to develop a prototype of the New Decarboxylator, allowing anyone to do the process at home.
Two years later, she founded Ardent Cannabis and began selling Nova and other related products.
Women show big interest in big cannabis investments
When Sullivan decided to enter the cannabis market as one of the few women in cannabis, she scared all her friends and family.
“I argued with my husband and children about using it,” she said.
When she started researching, the executive discovered the injustice that was occurring. Founder of venture capital and investor for years, Sullivan also realized the capacity for growth in the market.
Therefore, she became one of the few women in cannabis by partnering with the Arcview Group, the first and largest group of investors in cannabis companies. To date, more than $280 million has been invested.
Women in cannabis take on the beauty market
Flores is the first in her family to go to college and had a successful career in financial markets. However, working 18 years on Wall Street, she realized that this was just one stop before following her dream to open a business.
As a cannabis user, the entrepreneur and one of the few women in cannabis began to pay attention to the market and, compared to her current job, seemed to be more egalitarian towards women. Moreover, if she could succeed, she could help keep it that way.
Flores and her childhood friend, Leslie Wilson, then formed a partnership and realized an opportunity in the beauty industry.
Thus, in 2016, they opened the Lux Beauty Club, with $750,000 of investments. At that time, they were one of the only ones to offer beauty products with cannabidiol (CBD), and today it is one of the largest brands.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Hemp.im, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Hemp.im assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Hemp.im is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.