This week, the entertainment mogul announced the launch of a new investment fund geared toward minority-owned cannabis businesses. The Social Equity Ventures fund was formed in partnership with the new company formation and will provide up to $1 million for each cannabis startup it chooses to invest in, starting with an initial $10 million fund to start working with companies to foster growth.
The fund will also be used to spearhead diversity initiatives for the cannabis industry, including providing job fairs and training workshops. Investors include celebrities such as Rihanna, DJ Khaled, and Meek Mill. The Wall Street Journal reports that the marijuana industry is expected to reach $70 billion by 2030 and is currently valued at $20 billion.
[Black Enterprise by Dana Givens]