JAY-Z is Investing Millions into Minority-Owned Cannabis Startups

The rap mogul established a $10 million fund to increase minority participation in the booming cannabis industry.

Fresh off the launch of his own cannabis company, JAY-Z is already clearing the path for entrepreneurs in marginalized communities to join him in a rapidly expanding legal market.

According to The Wall Street Journal, the Roc Nation founder is creating a $10 million fund to invest in minority-owned cannabis startups. The fund was established in the acquisition of two major cannabis operations in California, CMG Partners and Left Coast Ventures, by Subversive Capital Acquisition Corp. The newly forged entity is now called The Parent Company and is allocating seed money for their Social Equity Ventures fund, investing an additional two percent of net annual income into the fund. Selected startups will receive up to $1 million from The Parent Company’s Social Equity Ventures fund.

“This is an incredible time for this industry. The end of cannabis prohibition is here, and The Parent Company will lead the charge to a more expansive and inclusive cannabis industry,” the mogul said in a press release for the merger. “We were the ones most negatively affected by the war on drugs, and America has turned around and created a business from it that’s worth billions,” Hov added in a statement to the WSJ.

READ THE FULL STORY AT OKAYPLAYER

Views: 15

Reply to This

Best guide to hip hop, soul, reggae concerts & events in San Francisco Bay Area, Los Angeles & New York City + music, videos, radio and more

Connect

Bookmark and Share

Subscribe to E-Blast

TOP PICKS

Members

Photos

  • Add Photos
  • View All

Groups

Latest Activity

TEAM BIGGA RANKIN posted blog posts
7 hours ago
Editor's Pick posted discussions
10 hours ago
An event by Editor's Pick was featured
Thumbnail

Who Sampled? Hip Hop Trivia Game with guest cohost Selecta (Pittsburgh) at World Wide Web

March 14, 2021 from 12pm to 1:30pm
Sunday, don't miss "Who Sampled?", Hip Hop Trivia Game with Ren the Vinyl Archaeologist and special guest Selecta (Pittsburgh). Test your hip hop knowledge! Tune in at 12pm PST/3pm EST >> http://twitch.tv/trueskoolSee More
10 hours ago
Editor's Pick posted an event
Thumbnail

Who Sampled? Hip Hop Trivia Game with guest cohost Selecta (Pittsburgh) at World Wide Web

March 14, 2021 from 12pm to 1:30pm
Sunday, don't miss "Who Sampled?", Hip Hop Trivia Game with Ren the Vinyl Archaeologist and special guest Selecta (Pittsburgh). Test your hip hop knowledge! Tune in at 12pm PST/3pm EST >> http://twitch.tv/trueskoolSee More
10 hours ago
Editor's Pick posted discussions
Saturday
realmuzik posted a discussion

INTRINZIK RELEASES GROUNDBREAKING ANIMATED VIDEO FOR "DINOSAURS" FROM NEW ALBUM "LASERS & POISON"

Phoenix raised and Hawaiian hip-hop transplant Intrinzik has released his new video for "Dinosaurs" with best in class stop motion animation and set design by American Girl content creator Hans Voegeli. "Dinosaurs" can be seen online now at Majik Ninja Entertianment's YouTube Channel https://youtu.be/qDwWoxEm36Y. The film depicts the world being saved from a cosmic catastrophe by protagonist dinosaur with a homemade…See More
Saturday
DJ FLARE is now a member of True Skool Network
Friday
Editor's Pick posted discussions
Friday
TEAM BIGGA RANKIN posted blog posts
Friday
realmuzik posted discussions
Friday
realmuzik posted discussions
Thursday
Dj Smoke (@PromoMixtapes) posted discussions
Wednesday

© 2021   Created by Ren the Vinyl Archaeologist.   Powered by

Badges  |  Report an Issue  |  Terms of Service