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Cannabis companies are hopping on the rainbow Pride bandwagon and selling to the LGBTQ market, one of the most powerful markets as the industry continues to grow with legalization.
The LGBTQ market is estimated to have $5.4 trillion in spending power globally.
Here are four cannabis companies currently supporting the LGBTQ community:
The state’s hemp sector has come a long way since it began as a research and development program under the 2014 Farm Bill, Nevada Senate Bill 305 and Senate Bill 396. In its first year in 2017, there were only 26 growers.
“Now in our fourth growing season, we have certified 207 registered growers, 53 handlers and 37 seed producers to date,” said Ashley Jeppson, Nevada Department of Agriculture (NDA) Plant Industry division administrator. “The program has grown by more than 600 percent since 2017, and we are proud that Nevada is on the forefront of the hemp industry.”
This past week saw the second-highest amount of money raised through equity in three months in the North American cannabis industry – even as merger and acquisition activity slowed to a complete halt.
A total of $251.93 million was raised in equity in the most recent week, the second-highest amount since the week ending May 10. In all, $275.25 million was raised through a combination of equity and debt.