Beyoncé awards $10,000 grant to Black-owned cannabis company
The singer’s BeyGOOD and the NAACP partnered to launch their Black-Owned Small Business Impact Fund this summer.
Over the summer, Beyoncé’s philanthropic organization BeyGOOD partnered with the NAACP to offer $10,000 grants to Black small business owners and entrepreneurs. Over 17,000 entrepreneurs owners applied for the grants and now, one lucky business has announced their win.
According to Black Enterprise, The Gift — a Maryland-based natural health and wellness company — has received a $10,000 grant from BeyGOOD and the NAACP. On Instagram, The Gift, which also specializes in cannabis products, revealed how the grant would help them grow their business.
“We are so humbled and grateful to be selected out of 17,000 applicants for a grant from the Queen Bee herself, Beyoncé and BeyGOOD in partnership with the NAACP!” a post from the company read.
“The grant is helping us re-launch our new sustainable packaging, launch a new website, and our education platform Project 545,” it continued. “We hope that our work will not only bring relief to millions of people but also break down the stigma and the damage that was done to black and brown communities from the ‘War on Drugs.’”
In a statement issued to Black Enterprise, The Gift co-founder and CEO Cory Moore added, “Companies in the legal cannabis industry face higher costs for just about everything from insurance to banking, even if they are working strictly with hemp, not marijuana.”
“Banks are reluctant to lend to us because the regulations around hemp are new and still developing in some respects. Black‐owned businesses are challenged even further when it comes to financing,” Moore continued. “This grant from NAACP and Beyoncé has made us feel seen, and we are grateful to them for the opportunities we will create with these funds.”
According to The Gift’s website, the brand’s Project 545 is an education platform with the goal of “educating the public on the biodiversity of plants” and using whole plant extractions as a means for self-care.
Black Enterprise also writes that The Gift co-owners plan to launch their own farm, hemp fiber processing plant and a learning campus in North Carolina next year.
Back in September, Beyoncé donated an additional $1 million to the BeyGOOD and NAACP’s fund to make more grants available for Black small business owners. See The Gift’s celebratory post below.
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