The People’s Group (TPG) led by Christine De La Rosa, one of the most influential women in cannabis, aims to create positive change for BIPOC with a $50 million nationwide fund. This money will be invested into BIPOC and women-led cannabis businesses.Â
Photo by Clear Cannabis on Unsplash
The People’s Group is Fighting to Even the Playing Field for BIPOC Cannabis CompaniesÂ
“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.”
Christine De La Rosa
TPG Aims to Deploy the Entirety of the Fund by 2024
Alongside Christine De La Rosa, The People’s Group is ran by a diverse group of powerhouse industry experts. BIPOC women, members of the LBGTQ community, people with disabilities or chronic illness, and veterans lead TPG. The group aims to deploy the total capital of the fund by 2024.
The money will be distributed to diverse cannabis companies over the next decade. These companies will use the resources to leverage advisory, management services, and enhanced technology throughout the next 10 years.
Photo by Christina @ wocintechchat.com on Unsplash
The War on Drugs has had Lasting Effects on the BIPOC Community
Due to the discriminatory nature of the War on Drugs, the BIPOC community has seen huge discrepancies in arrests and incarceration for marijuana possession and small-scale violations.Â
“There’s a lot of fear with getting into the industry for minorities because there are so many people who look like us getting thrown into jail,” said Sam Adetunji, founder of Veriheal. Adetunji created a company that helps patients navigate the medical side of marijuana. His experience creating a cannabis company is not the norm.
The USA’s history of incarcerating BIPOC contributes to the lack of participation. As a result, many BIPOC aren’t benefitting from the legal cannabis industry.Â
“For over 50 years, lives have been taken, time has been lost, and communities have been devastated due to the disparate enforcement of policies attached to the war on drugs.”
Frederika Easley, the director of strategic initiatives at The People’s Ecosystem
BIPOC are Underrepresented in the Cannabis Industry
Selling and distributing marijuana is now legal in many states. However, BIPOC people are not benefitting equally. Less than 10% of American cannabis business owners are BIPOC.
“The cannabis market is projected to be a $70 billion industry by 2028, and BIPOC continues to struggle to benefit from this lucrative field.”
Christine De La Rosa, CEO and cannabis entrepreneur
More Information on The People’s Group
For more details and updates on The People’s Group, visit https://thepeoplesgroup.fund/.
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