Curaleaf Unveils New Hiring Initiative Focused On Social Equity On Heels Of Opening 100th Store
Companies that commercially produce, sell, and profit from cannabis typically have white business owners at the helm.
Curaleaf Holdings Inc. (OTCQX:CURLF), one of the industry's largest players with a market cap hovering $11 billion, is hoping a new initiative can help offset that discrepancy.
'Rooted In Good': The Wakefield, Massachusetts-based company, under the helm of CEO Joe Bayern, pledges to make at least 10% of its 2021 hires those who were previously saddled with cannabis-related offenses or criminal records.
The company will also contribute at least $1 million in community investment to programs that address collateral consequences associated with marijuana-related offenses.
The goal is just one part of Curaleaf's "Rooted In Good" initiative — the company's answer to righting the wrongs that stemmed from the so-called war on drugs era, which resulted in the lopsided criminalization of people of color.
Why It's Important: Curaleaf, which just opened its 100th U.S. store, says the program is intended to provide "mentoring and technical assistance to aspiring business owners," while also creating pathways to ownership for social equity license holders.
“Rooted in Good” also focuses on diversity equity and inclusion, strategic social partnerships, as well as environmental and sustainability goals.
By 2025, Curaleaf aims to do business with 420 new cannabis brands, ancillary suppliers and advocacy organizations from underrepresented communities in the cannabis ecosystem.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.