NBA Legend Chris Webber And Black Wall Street Leaders To Run $200 Million Cannabis Fund In New York


Lifestyle / Culture 24 Views comments

NBA legend Chris Webber is teaming with Black Wall Street leaders to run a $200 million fund to support social equity investment in the cannabis industry in New York state. As part of a move to advance the state’s growing adult-use marijuana business, New York Gov. Kathy Hochul announced in a news release that she had chosen Social Equity Impact Ventures L.L.C., a minority-led investment business, to sponsor and manage the New York Social Equity Cannabis Investment Fund. Impact Ventures is a joint venture between an entity led by NBA Hall of Famer and entrepreneur Webber and his partner and business owner Lavetta Willis. The enterprise includes Siebert Williams Shank (SWS), the nation’s largest minority-and-women-owned financial firm led by CEO Suzanne Shank, along with William Thompson, SWS chief administrative officer and former New York City comptroller. The public-private state fund will finance the leasing and equipping of up to 150 retail cannabis dispensaries in New York to be run by individuals negatively impacted by the state’s former marijuana laws and who now wish to enter the legalized industry, organizers say. The fund will help people set cannabis dispensaries. SWS will raise $150 million from the private sector to fund the...