Jay-Z Launches $10 Million Fund to Investbr in Minority-Owned Cannabis Startups.br Jay-Z has launched a startup fund that will encouragebr more Black participation in the cannabis industry.br In a conversation with ‘The Wall Streetbr Journal,’ Jay-Z said he wanted to “dobr [his] part” and help in a “real, concrete way.” .br We were the ones most negativelybr affected by the war on drugs, andbr America has turned around and createdbr a business from it that’s worth billions, Jay-Z, to ‘The Wall Street Journal’.br The Social Equity Ventures fund is thebr result of the merging of two California-based pot firms:br Left Coast Ventures and CMG Partners.br The merged company, dubbed The Parent Company,br will start the fund off with an initial $10 million.br From there, at least 2 percent ofbr The Parent Company’s net incomebr will be contributed annually.br That money will go toward “diversifying” the cannabisbr industry’s “business leadership and workforce.” .br ... To invest in minority-owned andbr Black-owned cannabis businessesbr and contribute to the effort to rectifybr the wrongs of prohibition … , The Parent Company, via statement.br The Social Equity Ventures fund will alsobr support “organizations and programs” that workbr toward diversifying the cannabis industry. .br The fund will also support organizationsbr and programs focused on diversifyingbr the cannabis workforce through job fairsbr and placement, industry training andbr education, as well as Social Equitybr application support, The Parent Company, via statement.br $1 million will be invested in br each of the startups it chooses to back.