Jay-Z putting his money where his mouth is and donating to minority-owned companies in the cannabis industry.
Jigga’s fund stems from the acquisition of two California-based marijuana companies, Left Coast Ventures and CMG Partners, by Subversive Capital Acquisition Corp. The merged company that has now been dubbed The Parent Company will use $10 million in seed money acquired by Hov to start the Social Equity Ventures fund. The Parent Company will then invest two percent of its net annual income to the fund.
The Social Equity Ventures fund was created to promote Black participation in the cannabis space. It serves as a stepping stone for people who have been overly victimized by America’s War on Drugs. (LoveBScott)