Jay-Z has announced plans for a fund to help minority cannabis startups and adding another to the list of many philanthropic endeavors that Hov has been involved in. That news comes just a month after Jay-Z’s cannabis brand Monogram launched its first round of products.
Jay-Z raised $ 10 million in funds from a newly formed California cannabis company called The Parent Company – following a major merger between Left Coast Ventures and CMG Partners. Jay-Z’s initiative is called the Social Equity Ventures Fund and will allocate up to USD 1 million to selected cannabis companies.
In a statement, Jigga emphasized that the fund will serve as a jump-starter for minority-led startups: « We were the ones hardest hit by the war on drugs, and America turned around and started a business worth billions. I wanted to do something really concrete where I could do my part. “The parent company will invest at least two percent of its annual net income in Social Equity Ventures every year.
In other news, the UN commission no longer regards cannabis as one of the most dangerous drugs.
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