Basketball Legend Chris Webber Teams Up With Jason Wild To Launch $100M Cannabis Fund

Chris Webber, a five-time NBA All-Star and founder of Webber Wellness, is partnering with asset manager Jason Wild to launch a $100 million private equity cannabis fund. The goal is to invest in "underrepresented entrepreneurs pursuing careers in the cannabis sector," according to a prepared statement.

“As our country moves closer to federal legalization, I believe it is more important than ever to empower the next generation of cannabis leaders in a tangible way,” said Webber.

A 'Wild' Collaboration: Wild is at the helm of JW Asset Management. The former pharmacist is considered one of the most seasoned U.S. institutional investors in legal cannabis and oversees $2 billion in assets. He has led investments in the cannabis space since 2014.

“I’m thrilled to team up with Jason on this endeavor — he’s a visionary in this industry and understands the urgency of supporting minority business leaders in this space," said Webber.

The fund seeks to provide a variety of business resources to people of color, including research and development (R&D), retail licensing, cultivation, distribution, branding and marketing.

Leveling The Playing Field: Webber, best known for his time as a member of the University of Michigan's "Fab Five" in the early 1990s and his seven seasons with the Sacramento Kings from 1998-2005, noted the fund aims to address collateral consequences associated with marijuana-related offenses and the lopsided criminalization of people of color.

“For far too long, minorities have been excessively punished and incarcerated for cannabis while others profited," he said. "Working with JW, we want to equip underrepresented entrepreneurs with the financial resources and industry knowledge to build businesses and thrive.”

Why It's Important: The mission is a personal one for Webber who, in 1998, was charged with marijuana possession. 

Today, marijuana is legal for all adults in 11 states, and for medical purposes in 34. But over 80% of cannabis businesses are owned by white people, while less than 10% of businesses are owned by Black and Hispanic people, Webber explained, citing a report from Marijuana Business Daily.

By teaming up with Wild, Webber hopes to address this racial disparity, diversify leadership and provide entrepreneurs of color access to the industry, which is projected to be valued at $130 billion by 2024.

“The legal cannabis industry can only grow to its full potential when all stakeholders have a seat at the table, and I feel that it is my responsibility to play an active role in eliminating barriers to entry for communities that have been disproportionately targeted by the War on Drugs,” Wild said. “I look forward to partnering with Chris and his team to elevate talented entrepreneurs and build a more inclusive industry.”

Photo via Wikimedia Commons.