Jay-Z plans a $10 million fund for minority Cannabis business owners

Jay-Z plans a $10 million fund for minority Cannabis business owners

After creating his own weed brand, Jay-Z now plans to help minority owners get a push in the industry.

Speaking on the small number of people of color making money in the industry to the Wall Street Journal, Jay-Z says “It’s really unbelievable how that can happen. 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.”

The fund will invest up to $1 million in each business they choose. It will be run by Roc Nation Chief Executive, Desiree Perez.

According to Marijuana Business Daily in 2017, only 4.3% of cannabis owners were black and 19% who founded or owned a business identified as a racial minority.