Two black founders want to disrupt the 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.