Jay-Z is launching a fund to invest in minority-owned cannabis startups in hopes to usher in more Black participation in the cannabis industry, The Wall Street Journal reports.
Jigga's fund stems from the acquisition of two California-based marijuana companies, Left Coast Ventures and CMG Partners, by Subversive Capital Acquisition Corp. The merged company that has now been dubbed The Parent Company will use $10 million in seed money acquired by Hov to start the Social Equity Ventures fund. The Parent Company will then invest two percent of its net annual income to the fund.
The Social Equity Ventures fund was created to promote Black participation in the cannabis space. It serves as a stepping stone for people who have been overly victimized by America's War on Drugs.
"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," Jay-Z said to WSJ. "I wanted to do something in a real, concrete way, where I do my part."
The Social Equity Ventures fund will donate up to $1 million to each cannabis startup it chooses to back. It will be run by Jay-Z and Roc Nation's CEO, Desiree Perez. The fund also follows Hov's own venture into the world of cannabis. In October 2020, Jigga revealed that he would be releasing his Monogram cannabis line which is a collaboration with the marijuana brand Caliva.
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