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Two black founders want to disrupt the cannabis market

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Meet The Black Founders Looking To Disrupt New Jersey’s Cannabis Market


As cannabis regulations across the country proceed to loosen together with a booming cannabis sector, two black men are poised to independently transform New Jersey’s cannabis market.

Meet Kevon Carter and Prince Abidoye, founders of Plant Base, New Jersey’s premiere Black-owned and operated cannabis dispensary and cultural center. However, in the development phase, Plant Base’s vision goes beyond simply opening a store; goals to create a key space where culture and cannabis intersect, redefining how this ancient plant is integrated into modern life.

Plant Base envisions making a welcoming space for cannabis consumption together with a flexible event space able to hosting branded meetings, podcasts and social functions – unique in the New Jersey market. While their approach is straightforward, Carter and Abidoye’s ambition to transform the traditional dispensary model while remaining the proud owner and operator of a pharmacy has proven harder than anticipated.

Five years have passed since the company was founded in 2019. However, Carter and Abidoye’s friendship dates back to after they were 16 years old on the basketball courts in New York. Over the next twenty years, Carter earned a bachelor’s degree from Georgia State University, then earned a master’s degree from Canisius and pursued a profession in strength training. Meanwhile, Abidoye graduated from California State University Stanislaus and put his skills to work in the field of social work. Drawing on their diverse skilled experiences, two childhood friends have reunited to develop into pioneers in an industry where independent Black-owned cannabis businesses make up for less than 2%.

In July, Governor Phil Murphy (D) signed The New Jersey Cannabis Regulation, Law Enforcement Assistance and Market Modernization Act, legalizing and regulating the use and possession of cannabis by adults 21 years of age and older, and decriminalizing the possession of marijuana and hashish. The policy change could help but hinder Plant Base’s growth, allowing an off-the-cuff economy to flourish with low cost bulk marijuana that bypasses legal boundaries while offering an emerging company a probability to break right into a billion-dollar industry, bringing founders closer to achieving generational wealth.

In an exclusive interview with BLACK ENTERPRISESCarter reveals the plans he and Abidoye have to revolutionize the industry and develop into the first black men to achieve it independently. Although there are other Black-owned dispensaries in New Jersey, outside investment has often prevented them from remaining entirely Black-owned. However, the founders of Plant Base managed to retain 90% ownership of the license, with only 10% going to them investorsall without support from multi-state operators.

Tell us about Plant Base and what inspired it.

Plant Base is a life-style brand that mixes community, wellness and cannabis. The name “Plant Base” is a play on words, reflecting many layers of meaning. Growing up in Flatbush, Brooklyn, a densely populated a part of Brooklyn, Prince and I were aware of the plant-based lifestyle, or “Italian” living. As a strength and conditioning coach, I even have integrated wellness concepts from my education and culture into the brand. My
my growing awareness of plant-based living prolonged into my approach to food and cannabis, which led me to consciously use the plant.

Prince, with a background in social work, saw the brand as representing the community and foundation. He dedicated himself to strengthening communities and families right into a bond that created a foundation. In one other sense, Plant Base plants seeds that may lead to wealth for our families and entrepreneurial ventures beyond what we will see.

When we returned to Brooklyn from college—Prince from Northern California and I from Atlanta—we met up with friends again and discussed our experiences. We were inspired by the evolution of the cannabis industry in California, from medicinal use to adult use. Knowing that cannabis would eventually come to the East Coast, we founded Plant Base in 2018 with the goal of becoming a trusted brand in the New York and New Jersey tri-state area. An awesome inspiration for us as we start this journey is our family’s experiences with the war on drugs and mass incarceration; Creating a brand that embodies our culture and lifestyle felt right since it has directly impacted us in so some ways.

Despite initial setbacks with our medical license application in 2019, after which the world suddenly stopping due to Covid, we persevered. We built a stronger team, gained more experience and picked up over 500,000. dollars. As a Class 5 Annual License holder, we’re developing an revolutionary cannabis retail experience. We want to contribute to the emerging cannabis culture on the East Coast by promoting wellness, creativity and community
through our unique offers.

How do you propose to use Plant Base to disrupt the cannabis market in New Jersey?

In New Jersey, where the cannabis industry continues to be establishing its identity, our goal is to develop into a number one brand by supporting communities and showing how cannabis will be intentionally incorporated into on a regular basis life. As a part of this effort, we’re currently constructing a 4,200 square foot facility with creative community space called Home Base. This space will host podcasts, brand installations and community events, and may even provide members with an area to work – a novel feature not present in many New Jersey dispensaries.

In 2022, we began our own business podcast at the licensing stage to document our journey and educate recent Black applicants about the process. Home Base will enable content creation from us and a further source of income for people in need of space
brand installations, product demonstrations and even consumption. It is designed as a creative and productive space where people can work, create and eat safely.

In addition to our retail services, we are going to launch a delivery service to reach surrounding cities which have opted out of cannabis businesses. Given the evolving nature of the New Jersey market, we plan to collaborate with other brands to create recent products consistent with our identity and construct relationships with growers and small batch producers to ensure quality.

Why do you’re thinking that there aren’t many black-owned clinics in New Jersey and across the country?

Nationally, Black cannabis business owners are merely complementary 4.3% of industrywith a good smaller percentage being small business owners. The cannabis industry is capital-intensive, and traditional banking has not been helpful due to the lack of federal legalization. Many people in our community don’t have the tens of millions of dollars or network of investors needed to start a cannabis company.

Locally, challenges include securing properties and navigating municipalities, lots of which were unprepared for regulations to enable this recent industry to operate. Finding the right property and reaching out to municipalities to support cannabis businesses is difficult, especially since only one-third of New Jersey residents initially selected to accomplish that. A high cannabis tax is frequently added to the rental or purchase of land, adding to the cost
makes it difficult to enter the industry.

As a result, many black operators face significant barriers, often having to sell majority shares to overcome these challenges or, unfortunately, sell their licenses.

What challenges did you face while launching Plant Base?

We experienced quite a few delays during the inaugural licensing process. It took almost a 12 months to secure our property, after which we had to hold it for 2 years without generating any revenue – the long state and city deadlines took up a good portion of the capital. Finding a general contractor to price our project was a challenge. It was difficult to get the opportunity to have specific discussions until we had legal representation because plenty of the process on this process relies on relationship aspects that influence how things go.

Additionally, we didn’t qualify for state subsidies. Under the provisions, your cannabis business couldn’t have been incorporated before 2020. Banking stays a significant hurdle because cannabis just isn’t legal at the federal level, limiting our access to loans and traditional banking services.

Do you face particular barriers based on race/ethnicity?

Yes, but the barriers are more about where we come from. Most Black entrepreneurs face capital challenges in various industries because we regularly don’t come from wealthy countries or don’t have extensive investment networks, especially in a capital-intensive field like cannabis.

What was the financing process like for you? Would it’s different in the event you selected not to remain an independently Black owned and operated business?

We created a five-person top-level team that helped us raise over PLN 500,000. dollars in the first round of financing. Many investors consider in our team’s knowledge of cannabis and the business. Faced with unexpected delays from the state and the municipality, we realized that we wanted to raise additional capital. However, we still have funds from the first round of investments and we’re getting closer to creating our first retail space. I’ll sell the majority stake
upfront would speed up our opening, but could also lead to predatory trading or minority ownership.

Are there plans to expand Plant Base beyond the New Jersey market?

Yes, we plan to develop into a number one brand in our own market. Although our first store is situated in Downtown Plainfield, New Jersey, we currently have retail space in the Crown Heights neighborhood of Brooklyn, New York, and the application is under review. As our initial focus is retail, we intend to expand into manufacturing to further construct our brand and company.

How can people become involved in bringing Plant Base to life?

We are currently searching for $300,000 in financing, available in equity or as a debt investment. This capital will support our goal of opening in fall/winter 2024. Interested parties can contribute by connecting with us crowdfunding campaign or by contacting us directly at kcarter@plantbasellc.com regarding Kevon, Co-Founder/CEO.


This article was originally published on : www.blackenterprise.com
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No, the boom in battery factories in America is not over – construction of the largest factories is proceeding as planned and it is planned to employ over 23,000 people

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The United States is experiencing the largest-ever boom in investment in clean energy production, driven by laws such as the bipartisan bill Act on infrastructure investments and employment and Act on reducing inflation.

They have these rights used billions of dollars government support to drive private sector investment in clean energy supply chains across the country.

For several years, one of us, Jay Turner, and his students at Wellesley College have been tracking clean energy investments in the U.S. and sharing the data on the website The big green machine website. This study shows that since the Inflation Control Act went into effect in 2022, firms have announced 225 projects with a complete investment of $127 billion and the creation of greater than 131,000 latest jobs.

You could have seen on the news that these projects are in danger of failure or significant delays. In August 2024, the Financial Times reported this. 40% of over 100 projects he assessed that they were delayed. These include battery production, renewable energy and metals and hydrogen projects, as well as semiconductor manufacturing plants. The technology industry magazine The Information recently warned of this 1 in 4 firms left from government subsidies for investment in batteries.

Workers assemble battery packs for electric vehicles in Spartanburg, South Carolina. New battery factories in the state will help move the supply chain closer to U.S. electric vehicle factories.
BMW

We checked all 23 battery cell factories announced or prolonged since the Inflation Reduction Act was signed into law – just about all of them are gigafactories which might be expected to produce greater than 1 gigawatt-hour of battery cell capability. These factories have one of the highest employment potentials of all the projects supported by the Act.

We wanted to discover whether the U.S. clean energy production boom was about to fizzle out. Most of what we learned is reassuring.

The largest battery factories are on the right track

While exact investment amounts are difficult to determine, our study shows that planned capital expenditure shall be $52 billion, which would supply 490 gigawatt-hours of battery production capability per 12 months – enough to put about 5 million latest electric vehicles on the road.

While not all 23 firms have announced hiring plans, the facilities are expected to create nearly 30,000 latest jobs, with projects primarily in the U.S. Southeast, Midwest and Southwest.

We wanted to know whether these projects were progressing as planned or whether there have been delays or problems.

To do that, we first contacted local and state economic development agencies. In many cases, local and state tax incentives support these projects. Where possible, we now have tried to confirm the status of the project through public data Or formal announcements. In other cases, we looked for messages to see in the event that they existed construction proof Or hiring.

Our study shows that 13 of 23 projects are on the right track, with total planned capital investment exceeding $40 billion and production capability of nearly 352 gigawatt hours per 12 months. Importantly, they include most of the largest projects with the largest investments and expected production.

Our calculations show that 77% of total planned capital investment, 79% of proposed jobs, and 72% of planned battery production are on the right track, meaning the project is likely to be accomplished roughly on time and overall as expected. result. level of investment and employment.

Three projects are on the bubble. These have shown progress but have experienced delays in construction or financing.

Five others show deeper signs of distress. We do not yet have enough information to draw conclusions about the two projects.

An example of an ongoing project is the Envision AESC battery plant in Florence, South Carolina. His the scale has been enlarged twice since it was first announced in December 2022. It is now a $3 billion investment with the goal of producing 30 gigawatt-hours of batteries per 12 months supplies the BMW factory in Woodruff, South Carolina.

In early October 2024, South Carolina Secretary of Commerce Harry Lightsey visited the Envision i facility published a video. Construction of the plant began in February 2024, and 850 employees are working six days per week to complete the 1.4 million square foot facility by August 2025. Once full production begins, the project shall be accomplished expected to hire 2,700 people.

The 2024 elections could end or speed up the boom

However, much relies on what is going to occur in the upcoming elections.

Our data suggests that the real risk facing these projects and projects like them is not sluggish demand for electric vehicles, as some suggest – in fact demand continues to grow. It’s not the local opposition that did it either it only slowed down a number of projects.

The the biggest risk is policy change. Many of these projects are counting on advanced manufacturing tax credits approved by the Inflation Reduction Act through 2032.

During the campaign, Republicans are promising to repeal key laws under Biden, including the Inflation Reduction Act, which incorporates funding for grants and loans to support clean energy, as well as tax incentives to support domestic manufacturing.

While an entire repeal of the Act could also be unlikely, an an administration hostile to clean energy redirect unspent funds to other purposes, slow the pace of grants or loans by slow project approvals, or find other ways to make tax incentives tougher to obtain. Although our research focused on the battery industry, concerns concern investments in wind energy AND solar energy too.

So will the great U.S. boom in clean energy production soon come to an end? Our data is optimistic, but the policy is uncertain.

This article was originally published on : theconversation.com
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Jaylen Brown is launching his own sports brand thanks to Kobe Bryant

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NBA champion Jaylen Brown did the other of most superstars once they were offered a giant contract. He turned down the offer, but as a substitute decided to start his own brand, crediting the thought to the late Kobe Bryant.

In an exclusive interview with and , a Boston Celtics player discussed his latest enterprise, 741, a footwear and sports brand. After meeting with several firms and never feeling the offers thrown at him, Brown announced that he followed the trail that the nice Kobe planned. The Lakers legend was planning to start his own sports company, so he decided to do the identical.

After turning down $50 million in sponsorship deals, he launched 741 in September.

“Honestly, I got the thought from Kobe (Bryant), rest in peace. Before his death, he planned to launch his own shoe brand, sign contracts with athletes and offer them higher deals and percentages. I remember reading an article about it and pondering it was bullshit. I analyzed my own experiences of working for big corporations and the way they value your creativity and also you. I’ve tried every brand and none of them stood out. Everyone approaches things the identical way. I used to be on the lookout for a brand of the long run, not a brand of the past. I could not find it so I had to start.

Brown also stated that he also helped design products for his line. Outside of design, he said that creating 741 allowed him to explore his creativity.

“I designed all the pieces myself. I used to be just on the factory in South Korea, on the road, ensuring all the pieces was done the way in which I believed it must be. I’ve done probably close to $50 million value of deals (from other brands) to start something on my own. And it wasn’t because I didn’t like the cash they were offering. It’s because these contracts pigeonholed me and didn’t allow me to be creative.

Brown also said he didn’t want to force anything when it comes to brand promotion. He favors a slow-build approach and admitted that “it doesn’t have to be the hottest brand on the street tomorrow.”


This article was originally published on : www.blackenterprise.com
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The next president will play a key role in shaping US trade policy – here’s what voters need to know

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From the ports of Los Angeles to the cornfields of Iowa, U.S. international trade policy is a force shaping the lives of each American. With the November 2024 presidential election approaching, discussing trade policy will not be just an educational exercise – it’s a civic responsibility.

as economistI even have spent years studying this topic. Trade policy has a huge impact on the best way industries operatefrom production locations to competitive dynamics. These changes impact on a regular basis life, from the associated fee of your morning coffee to job security in your area people.

And since the president has broad control over trade policy, each presidential election is a referendum on the difficulty.

The two most up-to-date administrations – President Donald Trump and Vice President Mike Pence from 2017 to 2021, and President Joe Biden and Vice President Kamala Harris from 2021 to present – ​​have taken very different approaches to trade policy. The contrast shows how the president’s economic philosophy can reshape the country’s global business strategy.

Both Trump and Harris will be on the ballot in November. Harris is Biden’s trade policy is anticipated to proceed if he wins. This comparison provides insight into how the next U.S. president will manage trade.

2017–2021: Trump and Pence on trade

During his time in office, Trump pursued a protectionist trade agenda.

Protectionism refers to government policies that restrict international trade to profit domestic industries. These measures include tariffs – taxes on imported goods – quotas and regulations that make imports costlier.

One of the Trumps first official acts was withdrawal from the Trans-Pacific Partnership, a colossal 12-nation pact that might cover 40% of world production. His decision cost America each access to lucrative Asian markets and a powerful counterweight to China’s economic influence.

Closer to home, Trump renegotiated the North American Free Trade Agreement (NAFTA). United States-Mexico-Canada Agreementtightening regulations for automotive manufacturers. Effect? However, the remuneration of employees in the automotive industry and vehicle prices for American consumers increased, it hardly stimulated any additional domestic automotive production.

Trump also introduced tariffs trade war with China and the European Union, claiming that it might solve unfair practices and reduce the US trade deficit. This strategy, nonetheless, triggered retaliatory tariffs that resulted in higher consumer prices and job losses in American industries depending on imported components. While some sectors have benefited from this approach, U.S. farmers have suffered from export losses, requiring government subsidies.

Trump and his latest running mate, J.D. Vance, have signaled their intention to revive their “America First” trade strategy. Their campaign platform calls for large tariffs, including: general rate of 10% on all goods and more aggressive 60% customs duty aimed specifically at Chinese products.

2021-today: Biden and Harris on trade

In turn, the Biden-Harris administration has adopted a multilateral approach, emphasizing cooperation between countries.

Administration kept most of Trump’s tariffs on Chinese goods in place and part for importing steel and aluminum from other countries. However, they’ve reframed the measures under: wider push stop climate change and protect staff’ rights.

The administration has also launched initiatives equivalent to An Indo-Pacific economic framework for prosperityor IPEF, signaling a return to Obama-era trade strategies that prioritize regional partnerships in the Pacific. IPEF goals to strengthen economic ties with Asian countries by coordinating policies to increase supply chain resilience and promote clean energy, relatively than focusing solely on tariff reductions.

The Biden-Harris approach emphasizes international cooperation while valuing domestic job creation, particularly in the clean energy and manufacturing sectors. However, lots of Trump’s tariffs on Chinese goods, steel and aluminum have been maintained costs high for some US businesses and consumers.

Building on Biden administration policies, Harris’ campaign has signaled that its goal is to protect lower- and middle-income households from latest tariffs this might raise prices while maintaining a tough stance on China through existing tariffs and trade restrictions.

Presidential powers and influence on trade

The president plays key role in determining US trade policy.

The president can negotiate international trade agreements, although Congress must approve them to grow to be law. The executive branch also controls tariffs; under laws equivalent to the Trade Act of 1974, the president can impose them without the consent of Congress.

In addition, the president can declare a nationwide trade emergency, appoint trade representatives, issue executive orders to administer federal trade policy, and impose sanctions that may affect global trade dynamics.

Free trade agreements can boost exports and promote economic growth, but they may displace some staff. However, import tariffs protect some domestic industries, but raise prices for American consumers. Studies show that tariffs imposed under Trump and continued by Biden have led to higher prices, reduced production and declining employment, harming US economy.

Trade policy also affects diplomatic relations and global supply chains. So when voters review candidates’ trade policy positions, they need to look beyond the bits they hear. Understanding how each approach affects labor markets, consumer prices and global competitiveness will help voters solid informed votes that align with their vision for the country’s future.

In the world of trading, every vote counts.

This article was originally published on : theconversation.com
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