Since the legalization of cannabis for recreational use in the United States, the industry has experienced an increase in the study participation of blacks from all socioeconomic backgrounds. Marvina Thomas, the creator of Fourtwenty Collections, is the latest black entrepreneur to make waves in the multibillion-dollar market.
According to EIN Presswire, the company is a BIPOC-owned, Arizona-based cannabis company that sells CBD skincare, THC, and CBD-infused edibles and just secured a vertically integrated medical dispensary license in Safford, Arizona.
She is now the first black woman in Arizona to own and operate a cannabis business. In addition to her most recent purchase, she also has a license in Las Cruces, New Mexico, making her one of the first black women to become a multi-state operator (MSO).
“It has always been my dream to become the first black women-owned, Arizona dispensary. We are excited to inspire others to reach for the stars and have made history with our acquisition of the Safford license. We look forward to becoming a part of the community there,” Thomas said in a press statement.
She debuted in the cannabis market in 2016 with the release of a CBD-infused soap bar. She has since expanded her enterprise to include a whole line of THC- and CBD-infused items.
In 2022, she will open her first dispensary and manufacturing facility in Las Cruces, New Mexico. She relied on her savings as a former nurse to start her dispensary plant, a formant commonly utilized by black entrepreneurs because to a lack of finance.
“It was extremely important to me to follow my dream and not be beholden to investors,” she said.
According to available statistics, black women in the cannabis industry account for only two percent of the nation’s cannabis businesses and only 20 percent of cannabis businesses are owned by women.
However, Thomas says she never allowed these statistics to deter her when she first decided to make moves in the sector.
“I founded my business with a bar of soap to help a friend with a skin condition. To this day, I make it my mission to help others, and that has been the key to my personal and professional success,” she said.
The cannabis industry in the United States is estimated to pomp up to $130 billion on an annual basis into the economy by 2024, according to Marijuana Business Factbook.
The Marijuana Business Factbook further estimates that legal cannabis sales will increase from $38 billion-$46 billion in 2019 to $106 billion-$130 billion by 2024, projecting a 181% increase. Also, according to the U.S. Bureau of Economic Analysis, the $130 billion figure is similar to the 2019 gross domestic product of Nebraska’s $129 billion.