Jay Z Launches Fund for Minority Cannabis Owners

a year ago   •   3 min read

By Juana Know Staff

Cannabis use has long-standing roots in many cultures. In the United States, many people have found using cannabis a great way to relax, interact with others and explore new sensations. At the same time, while cannabis offers a great many pleasures, it also carries potential risks.

One celebrity is looking to shake up the field, make it easier for customers to have access to the cannabis products they love, and allow sellers no matter what their background to earn a possible profit. That celebrity is rapper Jay Z. The singer and songwriter has long been known by his many fans for his willingness to think out of the box in see where it might lead him.

A Brand New Direction

Jay Z is used to thinking about things in brand new ways. His work explores many themes and grapples with varied topics. Given his ability to offer something fresh and new, it is no wonder that he feels compelled to apply this understanding to the world of business. With that in mind, he aims to shake up the marijuana industry.

The Jay- Z cannabis grant has been created in order to help foster diversity in a readily growing field. The fundamental aim of the grant is to invest in cannabis startups that are owned by minorities. While cannabis use is popular among all races, most marijuana startups are owned by white people. The purpose of the Jay- Z cannabis grant is to change this up and provide ways for minorities to enter this industry. Jay Z wants to encourage African-Americans to have the same shot at being part of a potentially lucrative field as their white counterparts.

Challenging Norms

The rapper is used to challenging the normal way people do business. His own personal cannabis line, MONOGRAM has been a huge success since it was launched in December. Like many other creative and visionary people, this was not enough for him. In his opinion, the marijuana industry has an inherent problem with racism. By offering financing for new minority entrants in this field, he hopes to enable the entire community of marijuana users and sellers to connect on a level playing field.

The War on Drugs

As Jay Z and many others point out, what has been dubbed the war on drugs has a long and sadly disproportionate effect on communities of color. Each year, more than six hundred thousand people are arrested for cannabis violations. Over nine in ten arrests are merely for cannabis possession. Even worse, minorities face far greater risks of being penalized for such use even though members of the minority community are no more likely to engage in cannabis use than members of other races. Shockingly, this is a huge issue even for residents of Colorado where cannabis is legal for recreational users.

A Foot in the Door

Under these circumstances, it is no wonder that leaders of the black community are looking for ways to help undo this disparity. They point to the reality that many white cannabis business owners are making lots of money from participating in this industry. The legalization of marijuana in many states has opened even more doors. People are earning profits, providing high-quality products to happy consumers. Unfortunately for minorities, many members of their community lack access to what they need to join in.

The Jay- Z cannabis grant is designed to help remedy this issue. The Social Equity Ventures fund is all about the needs of black entrepreneurs. Jay Z hopes to bring in more African Americans into a field that can yield potentially impressive returns and serve the needs of the entire community in the process.

Jay Z has been able to access ten million dollars in capital investment. Funds come from a cannabis company based in California. Known as The Parent Company, this company aims to sustain ongoing minority participation in the cannabis industry on an ongoing basis by donating two percent of their income. Minority-run cannabis business ventures are being given a million dollars apiece in seed capital.

Harnessing the power of the cannabis industry to help minority business owners offers a fundamental and much welcome chance to remake the world of cannabis consumption.

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