Business and Finance

Two black founders want to disrupt the cannabis market

Published

2 months ago

October 2, 2024

IAM

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.

Visualizations for the Plant Base clinic

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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Business and Finance

Crypto surges after Trump’s election – but is it a good ethical investment?

Published

19 hours ago

November 21, 2024

IAM

Estimated 18 million Americans are invested cryptocurrency– says the Federal Reserve. And the United States has just chosen pro-crypto-president.

Cryptocurrencies like Bitcoin have change into trendy digital resource. Supporters say crypto undermines capitalism because it bypasses traditional bankers. Crypto perhaps offer quick riches together with an environment of high-tech sophistication.

Early adopters reaped enormous advantages, and plenty of of them became millionaires and billionaires.

Currently, there are approx 100,000 cryptocurrency millionaires. Moreover, cryptocurrency wealth has been built Fairshake, the most important political lobbying group within the US During the last election, it helped elect 253 pro-crypto candidates.

But is cryptocurrency a good ethical investment?

as business professor who studies the technology and its implications, I even have identified three ethical harms related to cryptocurrency which will give investors pause.

Three wrongs

The first harm is excessive energy consumptionparticularly Bitcoin, the primary decentralized cryptocurrency.

Bitcoins are created or “mined” by tens of hundreds of computers in huge data centers, which contributes significantly to carbon emissions and environmental degradation. Bitcoin mining, which accounts for the lion’s share of cryptocurrency’s energy consumption, uses as much as 0.9% of worldwide electricity demand – near Australia’s annual energy demand.

Secondly, unregulated and anonymous cryptocurrencies are the payment system of alternative for criminals fraud, tax evasion, human trafficking AND ransomware – the latter cost victims an estimated $1 billion in fraudulent cryptocurrency payments.

Until about a decade ago, these bad actors generally moved and laundered money through money and shell corporations. However, around 2015, many individuals switched to cryptocurrency, which is a much less cumbersome type of service dirty money anonymously.

The bank cannot store or transfer money anonymously. By law it is a bank passively complicit in money laundering if not enforced get to know your customer measures to curb bad actors resembling money launderers.

However, within the case of cryptocurrency, legal and ethical responsibility can’t be transferred to the bank – the bank doesn’t exist. So who is complicit? Any member of the cryptocurrency ecosystem will be seen as ethically complicit in enabling illegal activities.

Enegix employees work at a data center in Ekibastus, Kazakhstan, certainly one of the world’s largest Bitcoin mines, January 3, 2023.
Meiramgul Kussainova/Anadolu Agency via Getty Images

I find these first two harms to be probably the most ethically troubling. The first harms the Earth, the second undermines global systems of trust – the interplay of institutions that underpin economic activity and social order.

The third problem of cryptocurrency is its predatory culture.

A predatory system, especially without regulatory oversight, exploits small investors. And some cryptocurrencies have enriched their founders by reaping the advantages lack of investor knowledge about virtual currency.

Some cryptocurrencies, especially smaller coins and initial coin offerings, do Characteristics of Ponzi schemes.

For example, the now defunct Bitconnect promised investors big profits who exchanged their Bitcoins for Bitconnect tokens. New investors’ money paid out “profits” to the primary layer of investors with later investors’ money.

Ultimately, Satish Kumbhani, founding father of Bitconnect, decided to achieve this indicted by a federal grand juryand from 2024 his whereabouts are unknown.

A pernicious myth

In addition to the ethical harms of cryptocurrency, there is a pernicious myth surrounding digital coin. The myth of inclusion is the idea that cryptocurrency has the facility to profit especially socially disadvantaged people without a checking account.

The world’s poor who wouldn’t have bank accounts and who could use cryptocurrency for international money transfers to family back home don’t necessarily enjoy the advantages of cryptocurrencies. It’s for this reason need pay conversion and transfer feessay, dollars to cryptocurrency, after which from cryptocurrency to the local currency of the person receiving the cash transfer.

In fact, the distribution of crypto assets is largely concentrated among the many wealthy. A 2021 study found that simply 0.01% of Bitcoin owners controls 27% of its value.

The democratization of finance is often presented as a move geared toward breaking the dominance of traditional financial institutions – private banks and government central banks. However, this narrative didn’t prove true.

Instead, a latest elite emerged: cryptocurrency creatorsearly supporters of i conservatorswho modify the cryptocurrency’s software code and influence its future direction. This group exercises disproportionate control, including over cryptocurrency management. All of this reflects the concentration of power that cryptocurrency was intended to dismantle.

Just a little more ethical?

To be fair, the cryptocurrency community has not ignored the criticism, including calls for greater environmental awareness.

In early 2021, community members founded Cryptocurrency Agreement. The group has recruited around 250 crypto corporations to cut back environmental damage.

The following 12 months, Ethereum took its most important step with its Ether coin. It has reduced its size energy consumption by over 99% by migrating to a coin mining mechanism called “proof of stake”, which doesn’t require miners to unravel complex, energy-intensive puzzles to validate transactions.

It was a daring move. However, Bitcoin, the most important cryptocurrency, has not followed in Ethereum’s footsteps. Bitcoin stands out in that its energy consumption exceeds that of another cryptocurrency.

A worker stands between two rows of bitcoin mining machines along a wall. — A employee installs a latest row of bitcoin mining machines on the Whinstone US bitcoin mining facility in Rockdale, Texas, October 9, 2021.
Mark Felix/AFP/AFP via Getty Images

To address other harms of cryptocurrency, some Regulatory authorities began to regulate the cryptocurrency market in 2023, the European Union, the United Kingdom and the United States have launched efforts to curb criminality and protect investors.

In January 2024, US regulators listed funds allowedthat are popular investment funds for investing in cryptocurrencies. The move was intended to assist small investors trade in a safer market.

However, normalizing cryptocurrency trading could have perverse ethical consequences.

For example, probably the most successful ‘ethical’ fund in 2023, Nikko Ark Positive Change Innovation Fundwas successful with a 68% return because he bet on cryptocurrencies. Its manager rationalized this investment by repeating the parable that cryptocurrency allows “providing financial services to underbanked people“

Where does all this leave the ethical investor?

I consider that investors have two clear ethical options regarding cryptocurrencies: they will abandon Bitcoin or no less than put money into other cryptocurrencies that minimize harm, especially environmental harm.

However, even so-called ethical investments raise hidden ethical issues.

Many ethical investors put money into the so-called ESG funds that emphasize social or environmental impact. Some of those ESG funds may avoid holdings in oil corporations by investing directly or not directly in cryptocurrencies.

This doesn’t seem ethically coherent.

While cryptocurrency offers exciting opportunities and the potential for prime returns, its environmental impact, links to criminality and predatory nature pose significant ethical challenges.

This article was originally published on : theconversation.com

Business and Finance

Daymond John celebrates the fifth annual Black Entrepreneurs Day

Published

2 days ago

November 20, 2024

IAM

shark tank, Black Entrepreneurs Day, Daymond, John, deal, stalker, grants, Black entrepreneurs

Daymond John will have a good time the fifth anniversary of Black Entrepreneurs Day in Atlanta for the first time.

November 22, John’s signature Black Entrepreneur Day (BED) will take over Atlanta’s historic Fox Theater to have a good time Black Excellence and Opportunity. This 12 months’s event is free for all to attend and includes brand activations that enable participants to reinforce their business and brand for the foreseeable future.

From insightful discussions with inspiring guests to the NAACP Small Business Powershift Grant Program, which can award over $1 million in grants to over 40 Black-owned businesses, Black Entrepreneurs Day offers the whole lot a Black business owner needs to raise take your corporation to the next level the next level. This 12 months’s event is special for John; In addition to hosting BED in Atlanta for the first time, the event shall be streamed live for all to enjoy.

“We’re doing it live this year and we’re always trying to improve what we have,” John says BLACK ENTERPRISES.

“I think we added another element to it called ‘Entrepreneur Square,’ where if you want to come early, you can come in and a company like Constant Contact takes photos. Hilton for Business, Chase, Chase Wealth Management is there, US Navy. You add a lot of different things to it.”

It shall be a star-studded event featuring Grammy-winning artist and philanthropist Kelly Rowland, iconic artist Flavor Flav, influential media personality Charlamagne tha God, Olympic gymnast Jordan Chiles (presented by JP Morgan Wealth Management), financial educators Rashad Bilal and Troy Millings with “Earn Your Leisure” and a live performance by multi-platinum Atlanta rapper 2Chainz presented by Raising Cane’s.

Through the NAACP small business Powershift grant program, entrepreneurs can do exactly that use to the Powershift Grant program and grow to be one in every of 40 firms awarded a share of grants value over $1 million. This 12 months, partners including JPMorgan Chase, Hilton, T-Mobile for Business and Constant Contact will contribute a complete of $100,000 in grants, with each grant valued at $25,000.

“We are very passionate about what we do,” John says of the Black community. “I think we can now gain more power by democratizing the retail space with solutions like artificial intelligence and social media. Let’s support each other and support each other.”

Given the strong sponsorship support for BED 2024, John sees it as clear evidence that giant corporations recognize the value of investing in the Black community, even in the face of opposition from anti-DEI efforts.

“There are many other cultures that love to support us as well. They love our music, they love our food, they love everything about us and they just want to know how they can support us,” notes John.

“I think if we look at it this way, it means we can never gain or thrive on our shortcomings, but we can always find those gems and ways to grow from what we are. We are a resilient nation loved by all.”

Launched in 2020 to handle the challenges facing the community in the wake of the events surrounding George Floyd, Black Entrepreneurs Day was established to shift the focus from hardship to empowerment. Designed to uplift Black entrepreneurs, the event goals to teach and encourage through conversations with iconic Black leaders and celebrity guests, features celebrity musical performances and offers key financial support through the NAACP Powershift Grant program.

Tickets for Black Entrepreneurs Day 2024 are free and may be purchased at: BlackEntrepreneursDay.com Now. Press play to learn more about this 12 months’s event.

This article was originally published on : www.blackenterprise.com

Business and Finance

Black Girl Digital on a mission to empower diverse creators

Published

2 days ago

November 20, 2024

IAM

Black girl digital, LaToya bond, LaToya shambo

Meet Black Girl Digital (BGD Media), one among the fastest-growing multicultural, independent marketing agencies within the makerspace, is led by two dynamic Black women entrepreneurs.

Founded and led by CEO LaToya Shambo and CMO Latoya Bond, Digital black girl goals to deliver revolutionary, data-driven marketing solutions tailored to the brands and creators who’re shaping the longer term of promoting and commerce. With a long time of combined experience, these two business leaders have come together to create an agency uniquely equipped to navigate the complexities of multicultural marketing.

“The mission of Black Girl Digital is really about how to bring brand and creators together to go beyond partnerships and build a deeper relationship,” says Shambo BLACK ENTERPRISES.

The pair first met while collaborating on the 2023 Black Girl Digital Awards. While many individuals discuss women competing in business, Shambo and Bond saw a chance to mix their strengths and platforms.

“We went through the process of working together and I saw her talent and she saw my talent. We noticed that we both had these unique skills that worked really well together,” Shambo says.

Combining Black Girl Digital’s expertise in influencer marketing with the BBM Agency’s strength in celebrity business management, BGD Media is uniquely equipped to handle the intricacies of multicultural marketing.

“Because her company was more involved in paid marketing, brand management and communications strategy, it really complemented what we did on the Black Girl Digital side, through partnerships with corporate brands and diverse creators,” Shambo explains.

“Together, we have been able to join forces and offer our brands and creators a full range of media and marketing services, thanks to which the partnership goes deeper rather than superficial.”

Shambo attributes BGD Media’s success to its multimarketing service offering that “brings the customer closer to the creator and the creator closer to the customer.” One of the newest initiatives is the inaugural Black Influencer Weekend, which goals to showcase to major brands and corporations how Black creators are usually not only setting trends, but additionally driving significant cultural and economic change across industries.

During the three-day event, over 1,500 participants engaged in vigorous discussions and activations focused on community, connection and variety amongst creators. Highlights included the VIP Creator Games Night featuring bowling competitions and life-size Connect 4 video games, creating what Shambo describes as a “creator playland.”

On October 2, participants took part in a day stuffed with inspiring and influential discussions in the course of the Influencer Summit. Speakers included media personality Yandy Smith; creative director of beauty and lifestyle Tiarra Monet; and NCAA champion and ladies’s basketball coach Sydney Carter. Conversations covered topics equivalent to balancing a profession outside of social media, maintaining mental health, and constructing meaningful partnerships.

The weekend concluded with the third annual Black Girl Digital Awards, where content creators equivalent to Druski, Monet McMichael and Kai Cenat were honored for his or her power, position and recognition across various platforms. Additionally, business leaders equivalent to Yandy Smith, Marvet Britto and Mona Scott-Young have been recognized as pioneers of influence and visionaries redefining the digital landscape.

At its core, Black Girl Digital is about tackling the complexities of multicultural marketing, demonstrating that representation matters and that success comes when brands connect with communities on a human and private level.

“It’s not a monolith. This is not just one group of Black people. There are many people and many cultures in the Black community,” Shambo says. “Being able to express it. But that’s really why brands work with us. Because we are able to accommodate the different cultures found in each community.”