Jay-Z is leading a new effort that will put $10 million toward investing in minority-owned and Black-owned cannabis businesses.
The musician and business mogul, born Shawn Carter, will be teaming up with cannabis company TPCO Holding Corp., also known as The Parent Company, as part of the effort, the company announced in a recent release.
The fund, the company said, is aimed at rectifying “the wrongs of prohibition through diversifying both the business leadership and workforce of the cannabis industry.”
For the fund, the company said it will be putting up the initial multimillion-dollar amount and commit to contributing “at least 2% of its net income” to investing in minority-owned and Black-owned cannabis businesses.
“Beyond investing, the fund will also support organizations and programs focused on diversifying the cannabis workforce through job fairs and placement, industry training and education, as well as Social Equity application support,” the company said.
The California-based company revealed the new effort in a release that also announced its completion of its qualifying transaction to acquire cannabis companies CMG Partners Inc., also known as Caliva, and Left Coast Ventures, Inc.
According to The Wall Street Journal, Monogram, a cannabis line Jay-Z started last year, will also be working with the company as a joint venture.
Jay-Z, who serves as…
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Jay-Z is leading a new effort that will put $10 million toward investing in minority-owned and Black-owned cannabis businesses.
The musician and business mogul, born Shawn Carter, will be teaming up with cannabis company TPCO Holding Corp., also known as The Parent Company, as part of the effort, the company announced in a recent release.
The fund, the company said, is aimed at rectifying “the wrongs of prohibition through diversifying both the business leadership and workforce of the cannabis industry.”
For the fund, the company said it will be putting up the initial multimillion-dollar amount and commit to contributing “at least 2% of its net income” to investing in minority-owned and Black-owned cannabis businesses.
“Beyond investing, the fund will also support organizations and programs focused on diversifying the cannabis workforce through job fairs and placement, industry training and education, as well as Social Equity application support,” the company said.
The California-based company revealed the new effort in a release that also announced its completion of its qualifying transaction to acquire cannabis companies CMG Partners Inc., also known as Caliva, and Left Coast Ventures, Inc.
According to The Wall Street Journal, Monogram, a cannabis line Jay-Z started last year, will also be working with the company as a joint venture.
Jay-Z, who serves as…