Female-Owned Cannabis Startups Struggle to Secure Funding
LOS ANGELES– Women-owned and operated cannabis companies have been facing difficulty in securing funding equal to their male counterparts. In 2022, only 1.9% of funding went to women-led or owned startups, highlighting a major funding gap. Many women entrepreneurs struggle with the unfamiliar language of the fundraising process and lack access to the same resources as men.
In response to this problem, The Panther Group and Women Employed in Cannabis (WEIC) joined forces to create a free guide called The Roadmap to Funding, designed to help women entrepreneurs navigate the world of fundraising in the cannabis industry. The guide is particularly useful for those in the early stages of their funding journey, as it offers valuable insights and best practices to address the most common questions from entrepreneurs about raising money.
According to First Round Capital, companies with female founders have a higher success rate than male-led companies, outperforming them by 63%. The Panther Group echoes this sentiment, having backed several companies with female founders and finding that their investments in female-led or founded companies outperform their investments in all-male teams.
The gender investment gap is also a documented issue, with women entrepreneurs receiving significantly less funding than men when pitching their ideas to investors. BCG Analysts found that women-owned companies ultimately deliver higher revenue, more than twice as much per dollar invested, making them better investments for financial backers.
Women Employed in Cannabis also hosts a Facebook group tailored to the needs of women working in cannabis, called Women Empowered in Cannabis. This free group provides a platform for women to connect with each other and learn more about the WEIC Community and the women working in the cannabis industry.
As Women’s History Month begins, it is worth noting that steps like The Roadmap to Funding and Women Empowered in Cannabis can help close the funding gap and create more opportunities for women entrepreneurs in the cannabis industry.
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