Queen Latifah, Nas, Troy Carter Invest In Cannabis Store Taking Owners From Poverty To $450K+ In Sales

Dispensary concept Sixty Four & Hope will open its second of 21 locations owned by social equity cannabis licensees from South Los Angeles on December 20th, in the Melrose District.

The wellness-focused, culture-rich cannabis store is named after Proposition 64, which legalized cannabis in California, and the Hope for a more equitable future. The store honors the plant culture that came before it with an enlightened, informed and interactive store experience that emphasizes a product-first mentality. Including the social equity and underrepresented cannabis brands it chooses to carry and highlight, providing them with a platform to grow.

Why It Matters

This ethos opened the door to diverse and exclusive collaborations that strive for authenticity, including Angela Rye, Queen Latifah, Talking Terps, Clubber Lang by Ball Family Farms, itsPurpl by Jaleel White and the newly launched RNBW and Insomniac collaboration.

Explicitly developed to produce economic parity for people harmed by the war on drugs, each business is projected to increase licensees’ income from $46,600 (under the poverty line in L.A.) to $450,000+ annually and create 30-40 jobs with benefits. It should be noted that these income estimates are based on average yearly revenue from three comparable dispensaries currently operating in Los Angeles.

Why Celebs Love 4thMVMT

4thMVMT, the company behind Sixty Four & Hope, is a startup built by a local entrepreneurial activist who recognized a deficit in access to resources, financing and business knowledge in the Los Angeles cannabis scene.

With the help of prominent investors Queen Latifah, Nas, Anthony Selah, Troy Carter and Julius "J" Erving III, who see their support as a well-spent investment in underserved communities, $19 million were raised to provide all 21 with an average of $1.5 million in financing and resources to run a thriving cannabis business - at no upfront cost to the entrepreneur.

The dispensary concept will maintain an ambitious schedule to open all 21 singularly branded sites by the Summer of 2023.

Más contenido sobre cannabis en Español en El Planteo.