The Parent Company (NEO: GRAM.U) (OTCQX: GRAMF) on Thursday named the members of its social equity fund advisory, which include George Atallah, Marcia Dyson, Jeff Gray, Faith Leach, Carmen Perez, Mary Pryo and Angela Rye.
The vertically integrated cannabis company noted that its new fund secured an initial backing of $10 million, plus 2% of all future net income. Its main focus is on finding and supporting entrepreneurs of color in the cannabis space. Aside from providing the business people with the necessary finances, the fund will provide guidance to help them reach “generational wealth” in the diverse cannabis industry.
“We established this fund to help break down the systematic barriers that Black and other minority entrepreneurs face as they seek to secure meaningful participation, growth, and leadership in this multi-billion-dollar industry,” said Desiree Perez, The Parent Company board member and chief social equity officer.