NBA Legend Chris Webber and Black Wall Street Leaders Manage $ 200 Million Cannabis Fund in New York – Business News
nba legend chris weber Black is working closely with Wall Street executives to operate a $ 200 million fund to support social capital investments in the cannabis industry in New York State.
New York Gov. Kathy Hochul, as a step toward further growth in the state’s growing adult marijuana trade, announced in a press release that she is sponsoring and managing Social Equity Impact Ventures LLC, a minority-led investment firm. decided to do. York Social Equity Cannabis Investment Fund.
Impact Ventures is a joint venture between an NBA Hall of Fame member and Weber and an entity run by its partner and owner, Lavetta Willis. The company includes Seibert Williams Shanks (SWS), the largest national financial company owned by minorities and women, led by CEOs. Suzanne Shankeywith William ThompsonChief Administrative Officer of SWS and former New York City Controller.
Organizers say the public-private state fund will fund the rental and equipping of 150 retail cannabis stores in New York, operated by individuals adversely affected by the state’s former marijuana laws, which are now a legal industry. You want to enter, say the organizers. This fund will help people set up cannabis dispensaries. According to a press release, SWS will receive $ 150 million from the private sector to finance the project.
“New York today is taking an important step forward in creating jobs and opportunities for people who have historically been disproportionately targeted by cannabis violations,” Hochul said. “As we build a new industry in New York, I’m proud to see real progress in meeting the economic needs of our future entrepreneurs.”
For Weber, the project in New York is based on his involvement in the pot trade. In September last year, Black Enterprise announced its new facility in Detroit.
According to a press release, Chris Weber, founder of Weber Wellness, said: ,Together, we look forward to launching a community-wide treatment process across the country and beginning by providing education, resources and training for start-ups in that country to thrive in the cannabis sector. We expect New York’s holistic approach to be repeated in other markets, helping to accelerate the growth of under-represented businesses across the country.
Shank of SWS thought in the statement, “As the regulated adult cannabis trade sector grows, the right approach should include removing barriers to equal participation in this multibillion-dollar sector. The Cannabis Social Equity Investment Fund is funded by the licensing of the State of New York and nationwide. This regulatory proposal will help disadvantaged entrepreneurs compete fairly. “
Hochul also announced the appointment of new members to the New York Cannabis Advisory Council. It was announced that the council would work with the Office on Cannabis Management to “create a fair and inclusive legal cannabis industry in New York.”
More comments and details about the effort can be found here.
Source: www.blackenterprise.com
Source
