JAY-Z’S $10M BET ON EQUITY

(Photo by Andrew Burton/Getty Images)

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.
WeedWeek

• 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.

“The real exit in this industry, is the end of prohibition.”

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Related: Illinois is generating tax revenue from legal sales, but its closely watched social equity program has gone nowhere.
Politico