News December 08, 2020 at 08:30 am

Black-owned cannabis company affected by the pandemic receives $10,000 grant from Beyoncé

Abu Mubarik December 08, 2020 at 08:30 am

December 08, 2020 at 08:30 am | News

Beyonce’s philanthropic organization BeyGood has partnered with the NAACP to offer $10,000 grant to a black-owned business called The Gift. Photo Credit: Beyonce.com

During the general lockdown in the United States due to COVID-19, Beyonce’s philanthropic organization BeyGood partnered with the NAACP to offer $10,000 grants to Black-owned businesses and entrepreneurs.

After receiving nearly 17,000 applications, natural health and wellness company, The Gift, has received the grant from BeyGood and NAACP.
In a statement, The Maryland based company that also specializes in cannabis products and was founded in 2018 expressed appreciation for being selected for the cash grant.

“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 NAAC,” the company posted on Instagram.

It said the grant will be used to launch a new website and an education platform to deal with the stigma and damage drugs have caused in Black communities.

“The grant is helping us re-launch our new sustainable packaging, launch a new website, and our education platform Project 545. 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.’”

Meanwhile, The Gift Co-founder and CEO, Cory Moore, in a statement highlighted the challenges Black firms face in the legal cannabis industry due to nascent regulation around it, especially financing.

“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,” Cory Moore, told to Black Enterprise.

“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. 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,” he added.

In September, Beyonce donated an additional $1 million to the BeyGOOD and NAACP’s fund to help disburse more funds to support Black-owned business struggling due to the pandemic.

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