Cristina Aranguiz did not inherit a legacy license or walk into cannabis with a Silicon Valley war chest. She started with just $10,000, money she saved from real estate side gigs. Today, she runs seven dispensaries and a cannabis manufacturing facility in three states via her companies, Cannabis & Glass and Iowa Cannabis Co.

And she did it all without any outside investment.

A first-generation Cuban-American from Miami, Aranguiz is a rare presence in an industry still dominated by white male capital and C-suite homogeneity. Her journey wasn't just about building a business; it was about showing what's possible when people like her get a real shot.

"From family stories of their immigration struggles, I learned early that opportunity isn't guaranteed, it must be earned," Aranguiz told Benzinga. "That Cuban-American work ethic instilled in me a relentless drive to not only build something of my own but to do so with integrity, resilience and a commitment to lifting others up along the way."

From Budtender To CEO: How She Did It With $10K

The barriers were high. Capital was tight. Regulations were constantly shifting. But Aranguiz got to work.

"I opened my first retail dispensary with just $10,000 in savings and I wore every hat, from budtending to compliance, meticulously learning and adapting to complex licensing and reporting requirements until our operation proved its worth."

Getting experienced professionals on board was another uphill battle.

"Convincing [them] to join us took relentless hiring," she said.

She focused instead on what she could control: delivering value through pricing, product quality and service. That strategy built loyalty and traction.

She also had to navigate stigma within her own community.

"Breaking cannabis stigma within Latino communities added another layer of challenge. I didn't even tell my family until we had multiple locations running," she said. "By betting on myself, leaning into authenticity, and engaging our communities, I turned each obstacle into a stepping-stone for growth."

Also read: Latino Entrepreneurs Are Thriving In NYC's Cannabis Market--Here’s The Proof

No VC, No Problem

Precious few cannabis entrepreneurs build multi-state platforms without outside capital. Aranguiz is one of them.

"My grit comes from a deep-rooted discipline instilled by my family's immigrant journey, and it's reinforced by our financial rigor. From day one, I committed to reinvesting the majority of our free cash flow back into the business while prioritizing operational excellence before any external expansion," she said.

"We've built a resilient, self-funded platform that confidently competes or exceeds those of well-capitalized peers."

Her intentional approach helped her Washington stores land among the top 5% in the state by revenue.

Lifting As She Climbs

Now Aranguiz is focused on helping others access the same opportunity.

"Mentorship for me is about lowering barriers and sharing hard-won lessons," she said. "I stay approachable, whether it's through the National Hispanic Cannabis Council or one-on-one conversations."

She connects aspiring founders with real tools, from compliance strategies to hiring advice, and advocates for simplified licensing programs that don't block access from the start.

"I also champion ESOP initiatives and advocate for low-fee, straightforward licensing frameworks in new markets so that the next generation doesn't face the same steep climb I did."

Also read: ‘I Thought He Wanted To Be A Drug Dealer’ -- How Cannabis Healed a Father-Son Rift

Do The Work

Aranguiz is blunt about what it takes.

"Start by getting hands-on experience. There's no substitute for understanding the product, the customer and the compliance landscape," she said. "If you're on the retail floor, lean into every interaction… If you're aiming for the C-suite, seek out mentorships and build a track record of delivering measurable results… Above all, bet on yourself."

"Your unique perspective as a Latina is a powerful asset in an industry that thrives on authenticity and innovation."

Why Latinos Still Aren't Leading Cannabis

Two barriers stand out: money and stigma.

"Licensing fees and start-up costs in cannabis can easily run into the hundreds of thousands or millions, and undercapitalized entrepreneurs, many of whom are Latino, struggle to compete," Aranguiz said.

"At the same time, stigma around ';drugs' within some communities discourages talented professionals from entering the industry in the first place."

Still, she sees massive potential--if brands are willing to change course.

"Take Modelo: once a niche import, it climbed to become one of the best-selling beers in the U.S. by embracing its heritage, telling an authentic story and partnering with distributors who believed in its potential," she said.

"To achieve this in cannabis, we need targeted investment vehicles and partnership models, such as alliances between financial backers, established operators, and authentic Latino brands."

Where Equity Works And Where It Doesn't

Some states make it easier to compete than others.

"Washington and Oregon stand out as models to emulate: both kept licensing fees low and application processes straightforward, which has naturally fostered a more diverse operator pool," she said.

"In contrast, Florida's six-figure licensing fees, opaque scoring criteria, and complex applications have made it nearly impossible for undercapitalized entrepreneurs to compete--so much so that I remain one of the only genuinely Latina-led operators in the state."

What States Should Be Doing Instead

Aranguiz has a clear list of changes that could unlock more Latino participation in cannabis.

"I believe the most impactful reforms would be to keep license fees low, like under $1,000, and simplify application forms, maybe to fewer than 50 pages if possible," she said.

She also sees ESOP-friendly policy as key to building lasting equity.

"Adopting ESOP-friendly policies would allow founders and employees to build generational wealth without the burden of major upfront capital," she said. "These changes could transform licensing from a barrier into a gateway for Latino entrepreneurs and employees alike."

Why Brands Still Ignore 20% Of The Market

Latinos make up one-fifth of the U.S. population, but you wouldn't know it from most cannabis brand strategies.

"Many cannabis brands fall into a ';one–size–fits–all' trap, focusing on mainstream, English-speaking consumers and ignoring the Latino market's significant buying power. They shy away from the cultural nuance required, likely because they perceive these investments as too complex," Aranguiz said.

"This mirrors how early beer brands overlooked Hispanic drinkers, missing out on a passionate audience that craved authentic representation."

Her message to cannabis companies: follow Modelo's lead.

"They embraced bilingual advertising and packaging, sponsored Latino cultural events, and partnered with distributors to secure prime placement… Cannabis brands can replicate this success by developing genuine Spanish-language campaigns, embedding themselves in community events, and positioning their products as premium yet approachable."

What's Next: Latino Inclusion Takes The Stage In Chicago

The industry gaps Aranguiz describes will be front and center at the upcoming Benzinga Cannabis Capital Conference, which is taking place June 8–10 in Chicago.

One featured VIP roundtable will specifically focus on the issue: "20% of the U.S., 0% of Your Strategy? Why Cannabis Brands Can't Afford to Ignore Latinos Any Longer"

This session will explore how inclusive campaigns, culturally grounded messaging and Latino-led narratives can drive long-term business value for cannabis operators.

Get your tickets here.

Redefining Success--On Her Own Terms

Aranguiz doesn't measure success only by revenue. It's about impact.

"Success for me means a couple of things. First, continuing to deliver outstanding value and experiences to our customers by keeping prices accessible and product quality high," she said.

"Every time I see a five-star review from a customer, they come directly to my phone via push notification, and I still get so excited."

She's also focused on internal culture: creating a workplace where people grow, not burn out.

"Building a workplace where talent thrives, where employees feel empowered, supported, and excited about what we're building… How amazing is it that we get to bring cannabis to the masses every day?"

And through it all, she keeps the same number in mind.

"That $10,000 first seed investment, raised through my real-estate side gigs, turned into seven dispensaries, a cultivation and manufacturing facility, and a platform for cannabis legalization advocacy," she said.

"Beyond the balance sheet, I'm proud of the partnerships we've forged with regulators, employees, and customers who trust us. All of these partnerships have helped reshape perceptions around cannabis and create genuine opportunities for others."

"That legacy is what I'll carry with me into every new market."

Photo courtesy of Cristina Aranguiz