Shawn “Jay-Z” Carter is making waves in the cannabis industry. With the help of The Parent Company, Carter is launching the $10 million Social Equity Ventures investment fund. Carter hopes that this fund will help usher in a new generation of Black entrepreneurs into the cannabis industry.
“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 told the Wall Street Journal.
“I wanted to do something in a real, concrete way, where I do my part.”
Through the fund, Carter and company will provide funding and resources for a select group minority-owned cannabis venture. Initial reports indicate that each venture will receive a $1 million grant.
Carter is not only looking to help others enter the cannabis industry, but he is also jumping into the industry himself. Last year, he announced the launch of his own cannabis line, Monogram. He has also launched his own cannabis-themed content series, High Tales.