Shawn "Jay-Z" Carter has opened up a $10 million investment fund aimed at supporting minority-owned cannabis ventures. The Social Equity Ventures Fund is sponsored by Carter and the Parent Company, the parent company of Left Coast Ventures and CMG Partners. Through this fund, Carter aims to bridge the gap between the profitable, growing field and those that were negatively impacted by the Reagan administration's "War on Drugs" initiative.
“It’s really unbelievable how that can happen,” Jay-Z told the Wall Street Journal.
“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.”
Carter is entering the cannabis industry as well. Through his own brand, Monogram, he will be launching his own line of cannabis products. He's also launched his own content series discussing cannabis called High Tales.
"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. We are paving a path forward for a legacy rooted in dignity, justice, care, and consistency. The brands we build will redefine growth, social impact, and social equity. This is our time. I'm proud and excited to lead the vision of The Parent Company," Parent Company Chief Visionary Officer Shawn Carter said.
"This is an industry-defining moment. With its experienced management team, advanced infrastructure, industry-leading operational efficiencies, proven strategy of brands, and cultural influence, The Parent Company will help shape the future of cannabis in the U.S. and beyond as well as begin to repair and rectify the wrongs of prohibition," Parent Company Founder Michael Auerbach added.
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