On Wednesday (March 31), New York became the 15th state to legalize the recreational use of marijuana. The historic legislation was signed by Governor Andrew Cuomo just one day after lawmakers passed the bill in Albany. Governor Cuomo stated the bill is expected to create up to 60,000 jobs and generate $350 million in annual tax revenue.
Meanwhile, adult residents will now be allowed to legally possess up to three ounces of marijuana, smoke in areas tobacco usage is permitted and grow up to three pot plants in their homes. The new bill comes equipped with promising initiatives that are slated to reinvest millions of dollars of tax revenues from marijuana into minority communities impacted directly by the city’s brutal war on drugs. Specifically, 40% of the tax income from new drug sales will go to Black and brown communities and previous marijuana convictions will be expunged.
JAY-Z, who recently launched his own cannabis brand called Monogram seems high off the news. In a statement to The Grio, the “Empire State of Mind” entrepreneur called the state’s legalization efforts “incredibly exciting.”
“It represents a long-overdue opportunity for New Yorkers, for the cannabis industry, and for social equity and social justice,” JAY said. “I’ve seen first-hand the harm inflicted for generations against Black and minority communities by the war on drugs right here in New York. Today, I’m proud to see my home state join The Parent Company in paving the way for a thriving and equitable cannabis market.”
The opportunities for cannabis entrepreneurs in the state are endless. The Parent Company, which is one of the largest marijuana businesses in America, has teamed up with Hov to ensure their growth is socially equitable. Mr. Carter will lead The Parent Company Social Equity Ventures, and oversee an ambitious campaign that has already pledged to invest $10 million into Black and other minority cannabis business leaders. 2% of The Parent Company’s profits annually will also go towards promoting diversity within the industry.
“JAY-Z has been instrumental to what we do,” said Steve Allan, The Parent Company’s CEO. Allan also shared with The Grio that he believes Jay “just gets it.” “JAY-Z has really pushed for the social equity venture fund within our business,” he said.
There’s a quote from JAY written above the application form on The Parent Company Social Equity Ventures’ site: “We were the ones most negatively affected by the war on drugs, and America has turned around and created a business from it that’s worth billions. I wanted to do something in a real, concrete way, where I do my part.” Enterprising individuals looking to receive funding from The Parent Company can apply here to be considered.