Women-Owned Cannabis Businesses Aim for Success Amid Challenges
It’s important to recognize and celebrate the hardworking female entrepreneurs who are making strides in the male-dominated cannabis industry. Although the past year has presented numerous challenges for small businesses, research shows that women-owned businesses have persevered through it all.
Six out of 10 female small business owners who opened their business prior to 2022 reported that the past year has been the most challenging for their business (63%). However, despite the difficulties, these women continue to aim high for the future. Over the next year, they are setting goals to grow their profit (59%), gain more clientele/customers (53%), and expand their business (28%). This positive outlook speaks volumes about the resilience and determination of women entrepreneurs in this industry.
Furthermore, it’s worth noting that women entrepreneurs are making progress in areas of previous concern. Funding concerns have decreased since last year, and fewer women worry about it (47% last year vs. 42% this year). This demonstrates that women entrepreneurs are not only able to navigate the challenges of running a business, but are also making strides in overcoming obstacles that have previously held them back.
It’s also important to recognize that owning a business always comes with its ups and downs, and female business owners are no exception. They understand the importance of persistence and putting in the necessary time and effort to make a business thrive. In fact, they offer some valuable advice for those looking to follow in their footsteps, including the importance of staying the course through challenging times (56%) and putting in the necessary time and effort to make a business succeed (52%).
Despite the obstacles they face, female small business owners in the cannabis industry are proving that they have what it takes to succeed. They are continuing to set ambitious goals for themselves and are making progress in areas of previous concern. By highlighting their successes and perseverance, we can celebrate and support the women entrepreneurs who are making a difference in the industry.