The Seattle Office of Economic Development is on the hunt for a research company to scrutinize the city's cannabis market from the perspective of fairness. The department aims to conduct a study assessing equity within the industry, specifically examining the financial performance of cannabis businesses and strategizing for a more equitable future.
As stated on the official city blog, Bottom Line Seattle, this move is part of an overarching initiative to build an inclusive economy in Seattle. Proposals are being called upon by June 7 to address disparities that are historically excluding community members from business ownership opportunities, with a budget of up to $140,000 and a deadline of December 2024 on the table.
Following the 2012 approval of Initiative 502 by voters, recreational use and sales of cannabis shot up in legality, even as data from the Washington State Liquor and Cannabis Board indicated racially skewed patterns of business ownership. The noted barriers causing these racial disparities include but are not limited to, access to capital and the need for specialized knowledge.
Steps to rectify the industry's imbalance were taken by the City of Seattle in 2022 when it enacted a set of laws aiming for a diversified sector. Although the state handles the cannabis licenses, Seattle is taking concrete, evidence-backed actions for the time being and for the future rounds of license granting, as per the city statement. "We’re using the Request for Proposal process to find research firms to study the current state of Seattle’s cannabis industry. Our goal is to conduct an equity study of Seattle’s cannabis industry that includes a comparative financial analysis for businesses in the industry and recommendations to make the industry more equitable. We also want to determine the professional development and advancement needs of industry workers," the post added.
This RFP calls for an in-depth look at how the cannabis industry has impacted Black-owned businesses, exploring potential interventions and strategies for progress that the City can implement. Taking into consideration both a financial comparative and a professional advancement needs assessment, the chosen firm will also delve into crafting broadened career pathways within the field.
Reflecting a commitment to Seattle's businesses and industries that are poised for growth, this endeavor is a constituent of the city's Future of Seattle Economy framework crafted with community input. With the cannabis industry's future at stake, Seattle takes a research-driven leap toward equity and inclusion, hoping to rectify past disparities and pave the way for a more equitable playing field.
