Here’s what the release says
The People’s Group Fund Aims to Provide Growth Capital for Diverse and Competitive BIPOC and Women-led Cannabis Businesses
Despite efforts to repair the damage of the War on Drugs and its disproportionate impact on BIPOC communities, less than 10% of cannabis business owners are BIPOC. The People’s Group (TPG) led by Christine De La Rosa, one of the most influential women in cannabis, aims to change that with its $50 million nationwide fund. The fund will invest in BIPOC- and women-led cannabis businesses with the goal of breaking the pattern of oppression and creating a representative future for the growing industry.
The group is fueled by a powerhouse of sought-after industry experts with diverse backgrounds. TPG is led, directed and advised by BIPOC women, queer people, the disabled, veterans and people with chronic illness as a catalyst for community empowerment. The fund will draw attention to the lack of social equity, capital and investment opportunities within the field. It also will work toward eliminating the barriers of prosperity and unlocking efficient pathways to profitability. The fund’s mission is to deploy its total capital by 2024. This allows for advisory, management services and enhanced technology to be distributed across diverse and competitive companies over the course of the next 10 years.
“The cannabis market is projected to be a $70 billion industry by 2028, and BIPOC continues to struggle to benefit from this lucrative field,” explains De La Rosa. “Recently, initiatives have been established to contribute to minority-owned cannabis business growth. However, many programs have failed due to the lack of access to capital, business spaces and technical support provided to this demographic. Through this fund, our objective is to break this cycle by supplying minority-owned cannabis companies with the capital they need to bring their companies to probability and the mentorship required to contribute to a more diverse cannabis industry. Our social equity initiatives will also shed light on unjust laws that have been disproportionately affecting minority communities.”
