In late June retired NBA Power Forward and Hall of Famer Chris Webber announced he was teaming up with Wall Street leaders to run a $200 million fund to support social equity investments in the cannabis industry in the state of New York.
“I’m incredibly honored to work with New York’s esteemed officials to right the wrongs for individuals who were unjustly victimized by outdated cannabis policies…”-Chris Webber, Press Statement
New York Governor Kathy Hochul announced that they have selected Social Equity Impact Venture, LLC – a minority investment team, led by Chris Webber and entrepreneur Lavetta Willis to manage the fund. The fund will finance and facilitate the startup of up 150 cannabis retailers in the state of New York, which focuses on providing an opportunity to entrepreneurs looking to enter the cannabis industry that was negatively impacted by the state’s former laws.
With an opportunity to change the landscape, Chris Webber hopes to change the approach;
“Our hope is that New York’s holistic approach can be replicated in other markets and help accelerate the growth of underrepresented businesses across the country…”-Chris Webber, Press Statement
In addition, the State of New York has also appointed new members to its Cannabis Advisory board, which will oversee and manage the allocation of funds from the New York State Community Grants Reinvestment Fund.