Cannabis industry and ESG criteria Daily news

Washington, May 04, 2022 (GLOBE NEWSWIRE) -- New Frontier Data(https://newfrontierdata.com), the premier data, analytics and technology firm specializing in the global cannabis industry, in its latest report, highlights the imperative for leaders in the emerging global cannabis industry to adopt a robust Environmental, Social & Governance (ESG) framework. The report will be released at Regenerative Cannabis Live: Sustainable Development for and by the Cannabis & Hemp Industry, a one-day event hosted by Regennabis at the United Nations in New York City on May 5, 2022.

With a global total addressable market (legal and illicit) of nearly $500 billion and legal access quickly expanding as more than 70 countries have liberalized their policies, cannabis is an increasingly influential component of the global economy. The growth of the industry and the diversity of the plant’s applications present a breadth of opportunities that align with U.N. sustainable development goals (SDGs). The emergence of legal cannabis is legitimized by the welcoming of the industry to the U.N. to explore the ways in which ESG can help build a positively impactful and globally sustainable industry.

“It is imperative for North American companies to be proactive and intentional with environmental, social and corporate governance, as they will set the standard the rest of the world will follow,” said John Kagia, New Frontier Data’s Chief Knowledge Officer. “As a newly emerging industry, cannabis has the opportunity to get it right from the start, and this U.N. conference shows just how seriously global policy and industry leaders are taking this issue.” 

The new report, ESG + Cannabis: The Promise and Path to a New Paradigm, published in partnership with Regennabis, the industry’s leading ESG advisor, highlights key areas in which the industry can align with the SDGs, including reducing inequality; prioritizing responsible consumption and production; promoting good health and wellbeing; and advancing peace, justice, and strong institutions. ESG in alignment with the SDGs, offers an especially valuable framework for the industry given the history of cannabis, the industry’s resource use, and the timing of the legal market’s emergence:

 

• Inequitable prohibition enforcement: There have been over 17 million arrests for cannabis in the U.S. since 1985, and black Americans are nearly four times more likely to be arrested than white Americans, perpetuating the pernicious social impact of inequitable prohibition enforcement and creating a burden of responsibility for the industry to redress prohibition’s legacy.
• Climate change and cannabis: At least 40% of the U.S. has been under drought conditions for more than a year, with the water shortages most acute in the most productive cannabis producing regions, creating new multi-dimensional challenges for legal market producers and driving the imperative for resource use efficiency.
• North America will set the standard: With the U.S. and Canada accounting for nearly 97% of global legal sales in 2020, ESG practices adopted in North America will be significantly influential as more countries legalize and begin to capitalize on the half-trillion-dollar global cannabis opportunity.

SOURCE: Globe Newswire