You might remember Chris Webber as the former five-time NBA all-star who played for teams like the Golden State Warriors. Now, he’s on a mission to help get people of color into the cannabis industry.
To do that, he’s teamed up with JW Asset Management to launch a $100 million private equity fund for entrepreneurs of color seeking careers in the cannabis industry.
Frustration With the System
Webber has been a long-time cannabis advocate with his own health and wellness company called Webber Wellness. His company aims to explore cannabis and CBD to aid pain-relief and recovery.
As a veteran of the cannabis industry, he sees the racial disparity of the booming cannabis industry. In an interview with Sports Illustrated, he said:
“…diving down the rabbit hole, I saw how this industry treats people of color, or women, or people from poor neighborhoods.”
Chris Webber wants to stop underrepresented people from getting left behind as the cannabis industry legalizes. In a press release on the new equity fund, Chris Webber says:
“As our country moves closer to federal legalization, I believe it is more important than ever to empower the next generation of cannabis leaders in a tangible way.”
As it stands, over 80% of all cannabis businesses are owned by white people. On top of that, less than 10% are run by black and hispanic people.
People of color have been barred from the burgeoning cannabis industry because of unfair drug laws ramping up in the 1980s and 90s. Black people have been unfairly targeted for decades and, even today, are still four times more likely to get arrested for marijuana.
The criminal records from these unfair arrests leave their mark, making it more difficult to find work, get loans, receive financial aid, and much more. It’s easy to see the cards stacked against people of color in poor neighborhoods who want to get into the industry.
This injustice is what fuels Chris Webber’s dream to get black people into the cannabis industry:
“For far too long, minorities have been excessively punished and incarcerated for cannabis while others profited.”
Chris Webber wants people of color to get a piece of the cannabis pie. After all, the legal cannabis market generated $18.3 billion in 2020 and is expected to grow to over $40 billion by 2025.
Equity Fund
To get people of color on a level playing field, Chris Webber teamed up with Jason Wild, who owns JW Asset Management. JW Asset Management is a hedge fund with over $2 billion in assets and is one of the only hedge funds investing in cannabis businesses.
The $100 million equity fund helps underrepresented entrepreneurs with everything like licensing, distribution, marketing, cultivation, research and development, and more. All of this will help people of color get their cannabis business off the ground to generate wealth within their community.
From there, the sky’s the limit, and we hope to see Webber succeed as he and others attempt to make a more inclusive cannabis industry.
