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Industry Group Wants Marijuana Businesses Focus on Ethical Practices

Industry Group Wants Marijuana Businesses Focus on Ethical Practices

A 45-member marijuana business alliance called Global Cannabis Partnership recently issued guidelines to help reduce greenhouse gas emissions and promote ethical practices in the industry.

Legal marijuana industry takes responsibility

On Tuesday, the Global Cannabis Partnership, which counts Canopy Growth Corp. as a member, sent a message to the world- cementing their status as a responsible legal industry. The partnership has issued guidelines for marijuana businesses to promote responsible and ethical use of pot. They have also decided to reduce emissions and contribute their share to protect the climate.

Industry Group Wants Marijuana Businesses Focus on Ethical Practices

Kim Wilson, the executive director of the group, said in a statement that the marijuana industry is in a unique position that could help it set the benchmark for socially responsible practices. As cannabis is legalized in several states and countries across the globe, the multibillion-dollar sector wants to assure customers that it works with public interest and customer values in mind.

Professor of social entrepreneurship at USC Marshall School of Business, Adlai Wertman, said that cannabis market “is Wall Street now.” The industry seems to understand the comparison very well and is trying to make the right moves from the start. Not only could this help in creating a better public image of the industry but also attract more investors.

The industry is on the right path

According to Adam Spiker, executive director of the Southern California Coalition, anything that the industry does that affirms their responsibility will benefit it. This could also help the community and the policymakers have a much more positive outlook on the industry. This could also translate into a lesser need for overregulation and over taxation.

The five-page social responsibility framework proposed by the Global Cannabis Partnership also aims to highlight that the industry believes in good corporate citizenship. Some of the guidelines that promote responsibility and transparency in the industry include the prohibition of illicit sale of marijuana to minors.

The guidelines don’t provide a specific path for the industry to follow but provide a rough idea on what the group members intend to achieve. Their commitment to climate change includes taking steps such as following responsible farming practices that reduce environmental impact and use packaging materials that reduce the consumption of raw materials.

Other guidelines encourage the responsible use of marijuana and focus on education as well as scientific research in the sector. However, professor Wertman notes that the guidelines only scratch the surface while steering clear of important matters like labor practices.

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Viraj loves to write and express his views on anything related to Finance, Crypto, or Fintech. He has been covering Finance & Crypto for more than five years now. He likes Tesla. He also writes on Healthcare, and Technology among other stuff.