Former NBA player Chris Webber is helping to start a cannabis fund and will be spearheading the $100 million private equity fund to help people of color get into the marijuana arena.
Webber will work alongside JW Asset Management to funnel resources to the entrepreneurs in order to help them with research, marketing and retail.
“It’s crucial that we diversify leadership within the cannabis industry and level the playing field for people from our communities,” Webber stated. “For far too long, minorities have been excessively punished and incarcerated for cannabis while others profited. Working with JW, we will equip underrepresented entrepreneurs with the financial resources and industry knowledge to build businesses and thrive.”
“The legal cannabis industry can only grow to its full potential when all stakeholders have a seat at the table, and I feel that it is my responsibility to play an active role in eliminating barriers to entry for individuals that have been disproportionately targeted by the War on Drugs,” said Jason Wild, the founder of JW Asset Management.
Webber has said that the main goal of his venture is to close that gap in an industry that could be worth north of $130 billion in the next three years.