Former NBA All-Star Chris Webber to spearhead cannabis equity fund

Published Feb 27, 2021 02:00 p.m. ET
iStock / Aleksandr_Kravtsov

At one time, it might have been taboo for a famous athlete to get involved with anything involving cannabis, but now that we’ve uncovered the truth about what it can do for players, especially when they end up wounded while or as a result of playing sports, it’s becoming a trend that can’t be stopped. The one and only former NBA All-Star Chris Webber is just the most recent to walk into the green spotlight, and his fans and fellow cannabis activists couldn’t be happier with the difference he’s about to make.

Diversification, an essential movement

Leadership within the cannabis industry must come from a wide range of professionals who prioritize diversity as well as choice. For a number of years minorities and more specifically, people of color, have been tossed in jail and unjustly punished for association with a plant that is now making a huge number of white CEOs millions year after year. Those same minorities have been barred from fair and equal involvement with the legal cannabis industry, something that Chris Webber hopes to help combat by spearheading an equity fund.

The $100 million private equity cannabis fund

Christ Webber is taking on a $100 million private equity fund and working in partnership with JW Asset Management to provide cannabis-inspired entrepreneurs of color with resources that may assist with things like marketing, research, and retail. The hope is that this fund will help to funnel some of the financial benefits from the cannabis industry into minority groups, many of which face greater hurdles when they try to get in on this fresh and “green” money today.

The cannabis industry is set to be worth billions

Activists have long requested a fair minority representation in this new booming industry, and initiatives such as the one Chris Webber is taking on will help to turn those cries into a reality. Moving forward, the cannabis industry is expected to grow exponentially, and in as little as 3 years, it’s predicted to be worth more than $130 billion. That’s a huge amount of money, and Webber is hoping to close these glaring gaps in the industry before it explodes so that everyone has a chance to get in on the action; An honorable cause that even those who aren’t sports fans can agree with.

Who is Chris Webber?

Chris Webber is a professional basketball player, 5 times NBA All-Star and All-NBA Team member, who also earned the title of NBA Rookie of The Year. His journey began in college sports just like many professional athletes, but he made it big over the course of his 15-year career in the NBA, taking home an estimated $176 million as a reward for his dedication and passion for the sport. Since Webber’s retirement from basketball, he’s become an analyst, business owner, and executive producer.

The power in lending a name

Until recently, Chris Webber was relatively quiet about his support for the cannabis industry, shocking some fans with his choice of charity. However, it is important to note that it wasn’t too long ago that we were shunning the use of the plant, especially in professional sports. Just this year, drug testing for some professional athletes finally came to an end, so its slowly turning into a safer topic of choice.

You can’t really blame someone for putting their career ahead of their preferences, at least for a little while. What we can do instead is praise the kind of choice to openly pour time, money, and support into the diversification of the cannabis industry, something that consumers, activists, and victims know is overdue.

These athletes went from professional sports to cannabis

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