Jay Z launches fund for minority owned-cannabis-startups

A $10 million fund has been set up by Rap Mogul and businessman JAY-Z. The fund will contribute to minority-owned cannabis companies. The rap tycoon has his own cannabis brand and has been very vocal about the Cannabis industry’s diversity problem. “We were the most adversely influenced by the war on drugs. America has turned now around and made commerce from it worth billions,” he added. “I needed to do something in a genuine, concrete way, where I do my part”.

(Photo: Getty Images, Kevin Mazur)

What You Should Know

To take those steps, Jay Z joined forces with The Parent Company. This combined venture moved forward with the procurement of two California-based cannabis firms. The firms are Cleared out Coast Wanders and Caliva, by Subversive Capital Securing Corp.  The Parent Company poured “Social Value Venture” support with $10 million and include 2 percent of net income to the fund each year.

2-gram flower, Monogram

With Jay’s consideration, the fund will contribute up to $1 million. These funds will go to selected cannabis businesses. The Grammy Award-winning artist co-runs the fund in conjunction with his RocNation CEO, Desiree Perez. The fund will try to “redefine what cannabis means” and will hopefully make a “new chapter in cannabis characterized by the nobility, care, and consistency.”

Probation Reform Bill/Fund

To celebrate, the Grammy award-winning artist made other social equity strides. Through Roc Nation’s philanthropic arm, Team Roc, and his REFORM Union. The two platforms celebrated a lawful triumph in California, where Gov. Gavin Newsom signed a probation reform bill. “I need to thank Gov. Newsom for his administration in signing AB1950, the foremost transformative probation bill in this nation to date,” he added. “This could be a step that I trust presents a wave of much-required change.”

Racial inequality in Cannabis

The fund is a much-needed push for fair monetary freedom. Studies revealing that minorities have been prosecuted more for cannabis use. The National Institutes of Health highlighted did a study in 2017. There are studies stressing how black and brown individuals are imprisoned at higher rates. This is more than white people in comparable medication-related offenses.

In November, voters in Arizona, Montana, New Jersey, and South Dakota affirmed recreational cannabis use. Mississippi endorsed medicinal use, bringing the number of states with authorized cannabis to 35. New York Gov. Andrew Cuomo declared an authorization proposition for the state, which includes creating an office that will permit business help for minorities.

Leave a Reply

Required fields are marked *