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The Parent Company's social equity fund invests in Josephine & Billie’s, a cannabis retailer bringing back the 'tea pad' with a focus on women of color

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TPCO Holding Co (The Parent Company) (NEO:GRAM) (OTCQX:GRAMF) has selected Josephine & Billie’s, a Los Angeles-based cannabis brand and retail concept, as its first social equity corporate venture fund investment, the company announced. 

Founded and led by black women, Josephine & Billie’s was developed to create a welcoming and educational retail experience for women of color and to fill a void within the LA marketplace, the company said. With The Parent Company’s investment, Josephine & Billie’s is expected to open its first retail location before the end of the year. 

Josephine and Billie’s retail location will offer a unique speakeasy-style cannabis concept inspired by the Jazz Age, taking consumers back to the ‘tea pads’ that served marijuana in black communities in the 1920s and 30s.

READ: The Parent Company assembles ‘powerhouse group of thought leaders’ to advise its corporate venture social equity initiative

“We are so pleased to partner with The Parent Company to bring Josephine & Billie’s to life and create a cannabis experience led by and for Women of Color — the first of its kind in the world,” Josephine & Billie’s founder Whitney Beatty said. “Communities of color have been disproportionately disenfranchised by the War on Drugs, and in legalization, these individuals deserve prioritization to access the healing properties of cannabis. The Parent Company shares this vision for a more equitable cannabis marketplace, and I know that together, we have the opportunity to change lives.”

Josephine & Billie’s carries a wide range of products from POC-owned and women-owned brands, along with favorites from The Parent Company’s portfolio of products. Josephine & Billie’s also expects to use its space to host intimate wellness and cultural events to continue to create a space for women of color within the cannabis community.

“We are committed to using our resources and leadership position to play a significant role in molding a more inclusive cannabis community,” Parent Company CEO Steve Allan said. “Whitney is a singular leader in cannabis with a truly standout mission – creating a space specifically for women of color. Her innovative business plan is the perfect complement to our growing omnichannel footprint, and Whitney herself is exactly the kind of visionary entrepreneur for whom our social equity fund aims to clear the path to success and leadership in this complicated and challenging industry.”

With initial funding of $10 million, plus 2% of all future net income, The Parent Company’s social equity fund’s goal is to discover the industry’s future entrepreneurs of color and provide them the capital and mentorship necessary to build generational wealth as part of a more equitable and diverse cannabis industry, the company said. 

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors


Source: http://www.proactiveinvestors.com/companies/news/951363/the-parent-company-s-social-equity-fund-invests-in-josephine--billies-a-cannabis-retailer-bringing-back-the--tea-pad--with-a-focus-on-women-of-color-951363.html


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