Proposition 64: Minorities eye role in business side if marijuana plan is approved

OAKLAND (KTVU) -- A conference held Monday in Oakland's Jack London Square was aimed at educating minorities who want to play a role in the business side if voters next month approve Proposition 64, which would legalize recreational marijuana use.

The "Opportunities in Legal Cannabis" conference, which was supported by the NAACP, was held at Yoshi's jazz club and several people attended to hear from entrepreneurs who are already legally working in the marijuana field.

According to recent polls, Prop. 64 was leading with support pegged at 50 percent in one poll and 64 percent in another.

If voters do approve the measure, it is expected that recreational marijuana will be a booming business.

"It will be a multi-billion dollar industry growing at a 29 percent compound-annual growth rate," said Troy Dayton, CEO of Arcview Group Investors.

Dayton said cannabis has no multi-national or large institutional investors involved because they are waiting for the federal government to legalize the drug, and that could still be several years in the future. But the absence could translate into a huge advantage for small and medium investors, especially minority ones.

"Among my group of investors, diversity is a big issue," Dayton said. "We are really wanting to make sure that they're backing diverse teams, because diverse teams are the ones that do the best."

Former San Francisco Mayor Willie Brown said minorities should try to stake a claim and deserve a seat at the table.

"The tech world is devoid of people of color. We don't want that to happen in the cannabis industry," Brown said. "There's no reason in the world why the people who formerly did it illegally on the street can't do it for a fee legally."

People who have had previous felonies can work in the cannabis industry if Prop. 64 passes.

"It will stop the incarceration of many people of color (and) especially black men," said Sue Taylor, the first African American senior citizen in California to be awarded a permit to open a marijuana dispensary.

The former Catholic School principal and senior activist, who works on the Alameda County Commission on Aging, hopes to open her facility soon in Berkeley. 

"Most seniors use cannabis for pain and for sleep," Taylor said. "I find that the cannabis helps many, many of the patients that I've worked with."

By KTVU reporter Tom Vacar.