Two dozen of the main cannabis corporations in Canada collectively make use of solely 11 ladies on their boards, and most – together with the market leaders – haven’t disclosed written insurance policies referring to the identification and nomination of feminine administrators.
Analysis of regulatory filings for cannabis corporations traded on Canadian inventory exchanges reveals that the ratio of ladies on marijuana-industry boards is 7%.
While that’s a slight enchancment from the earlier yr’s 5%, it’s properly under the Canadian common of 15%-20%.
Of the 154 people nominated for board positions within the newest regulatory filings – or those that have since taken up new directorship positions – 11 have been ladies, in accordance with a Marijuana Business Daily evaluation.
Cannabis boards are rising in measurement, however the quantity of ladies on these boards just isn’t retaining tempo.
‘Need to take leadership’
Cannabis market leaders might be doing extra to advertise gender variety on boards “because it makes good business sense,” stated Deborah Rosati, CEO and founder of Women Get On Board.
“The cannabis industry can be role models, and they can make those changes today,” she stated.
“It has to return from a tradition of eager to do the suitable factor, and it makes good enterprise sense. There’s rather a lot of gifted and certified ladies that may lead and serve on cannabis boards.
“… There’s absolutely no reason why cannabis companies cannot have more diversity on their boards.”
Lisa Campbell, CEO of Toronto-based Lifford Cannabis Solutions, is worried there are so few ladies on the board degree throughout the industry.
“I won’t name names, but the top five cannabis companies in Canada need to take leadership on this,” she stated.
“If the top five licensed producers take this seriously, it will have a ripple effect on the entire industry. We need to promote and champion companies that are taking it seriously.”
Two market leaders in Canada – Canopy Growth and Cronos Group – have one lady apiece on their boards, despite the fact that the quantity of positions collectively is growing to 14.
Neither firm has disclosed a written coverage referring to the identification and nomination of ladies administrators, in line with a current research by the Canadian Securities Regulators.
However, Cronos informed Marijuana Business Daily it plans to undertake such a coverage at its annual basic assembly this yr.
In regulatory filings, Canopy famous it doesn’t keep quotas or targets relating to gender illustration on the board or in government officer positions:
“All board appointments will be made based on merit, in the context of the skills, experience, independence, knowledge and other qualities which the board as a whole requires to be effective, with due regard for the benefits of diversity – including the level of representation of women on the Board.”
Another chief within the industry, Aurora Cannabis, boasts two ladies administrators and a written assertion relating to variety.
“The board recognizes that gender diversity is a significant aspect of board diversity and acknowledges the important role that women with appropriate and relevant skills and experience play in contributing to diversity of perspective and effectiveness in the boardroom,” the corporate famous in its regulatory filings.
Fourteen of the 24 corporations analyzed had no feminine administrators.
Cannabis license holders Aphria, Green Organic Dutchman Holdings, Hexo, Organigram and CannTrust nominated one lady apiece to their respective boards out of the 35 administrators nominated.
Hexo and Aphria are two of solely a handful of cannabis corporations on Canadian inventory exchanges to deal with boardroom gender variety of their regulatory filings.
Noting its lack of a proper coverage on the illustration of ladies in its boardroom, Hexo stated it’s will probably be “committed to increasing the gender diversity of its executive officers going forward.”
“The (human resource) & (corporate governance) committee will, within the purview of its mandate, have the responsibility to take gender into consideration as part of its overall recruitment and selection process in respect of the board,” the corporate said.
Terrascend, which presently is among the many corporations with no feminine administrators, stated it’s “in the final phase of onboarding a strong female leader.”
Companies which might be extra consultant of their buyer base could have a bonus out there, in line with Lifford Cannabis Solutions’ Campbell.
“As we get to peak legalization when it’s very competitive and companies are fighting for shelf space, suppliers that reflect Canada’s diversity will have an advantage,” she stated.
Matt Lamers could be reached at [email protected]
To join our weekly worldwide cannabis enterprise publication, click on right here.