This month, hip hop icon Jay-Z, in partnership with The Parent Company, a California-based portfolio of brands, launched what is probably the biggest and highest profile cannabis equity effort to date: A $10M investment fund which aims to back cannabis businesses owned by people of color.
- Start-ups backed by the fund also stand to benefit from The Parent Company’s corporate heft and Jay-Z’s cultural megaphone. (He’s the company’s chief visionary officer.)
- I spoke to Michael Auerbach, the SPAC executive who put The Parent Company together, about how the fund will operate, and his goals for it.
Related: Illinois is generating tax revenue from legal sales, but its closely watched social equity program has gone nowhere.