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Millennial Money: Changing the face of the cannabis industry

FILE-In this Tuesday, Aug. 6, 2019 file photo file photo, Marijuana plants growing under special grow lights, at GB Sciences Louisiana, in Baton Rouge, La. Views about medical marijuana appear to be changing across the South, where efforts to legalize it have long been stymied by Bible Belt politics. Medical cannabis is legal now in 33 states, but most Southern states remain among the holdouts. (AP Photo/Gerald Herbert)
FILE-In this Tuesday, Aug. 6, 2019 file photo file photo, Marijuana plants growing under special grow lights, at GB Sciences Louisiana, in Baton Rouge, La. Views about medical marijuana appear to be changing across the South, where efforts to legalize it have long been stymied by Bible Belt politics. Medical cannabis is legal now in 33 states, but most Southern states remain among the holdouts. (AP Photo/Gerald Herbert) FILE-In this Tuesday, Aug. 6, 2019 file photo file photo, Marijuana plants growing under special grow lights, at GB Sciences Louisiana, in Baton Rouge, La. Views about medical marijuana appear to be changing across the South, where efforts to legalize it have long been stymied by Bible Belt politics. Medical cannabis is legal now in 33 states, but most Southern states remain among the holdouts. (AP Photo/Gerald Herbert)

By SEAN PYLES / NerdWallet via The Associated Press 5 min read

Cannabis businesses have transformed from clandestine ventures to glossy lifestyle brands in a matter of years, thanks to an evolving regulatory and business landscape.

The majority of states now have some form of legalized cannabis, whether for medical or recreational use. The 2021 U.S. cannabis market is valued at $33 billion , according to an analysis by market research firm Grand View Research. That number is forecast to balloon to $84 billion by 2028. These trends indicate a fertile environment for seeding a new cannabis venture.

But while the cannabis world continues to expand, the industry remains overwhelmingly white and difficult to break into for people of color and LGBTQ individuals. A 2017 survey from Marijuana Business Daily found that 81% of cannabis business owners and founders were white. The proportion of Hispanic/Latino owners and founders was 5.7%, while 4.3% were Black, and just 2.4% were Asian.

To help spur greater diversity, here’s how people of color and LGBTQ individuals can spark their careers in cannabis.

RECLAIMING CANNABIS