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TILT Holdings’ (CSE:TILT) (OTC:TLLTF) announced Monday that its subsidiary Blackbird is launching the Blackbird Social Equity Program with a focus on racial inequality and remove obstacles to entry in the regulated cannabis market.
The long history of cannabis prohibition has disproportionately affected black and brown communities, and the legal recreational cannabis market hasn’t worked enough on making these communities a part of the industry, according to Blackbird.
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What makes Blackbird's social equity program special is its main focus on the barriers that impact disadvantaged entrepreneurs in the cannabis space such as cost, access to infrastructure and regulatory compliance, the company said.
The program tackles these issues by offering technology and expertise to participants of cannabis equity license programs at lower rates.
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“Research from Marijuana Business Daily shows that 80% of cannabis business owners and founders are white. Yet in California, African-Americans are 24% of the prison population serving time for cannabis offenses, while comprising just 6% of the state’s population,” Jamal Barghouti, equity outreach manager at Blackbird, said in a statement.
“Blackbird’s founding principle is to 'be good people, and to help good people every day.' Social equity is core to our business. The Social Equity Program is a pathway for these individuals and businesses that wish to enter and support a robust adult-use cannabis marketplace. If they succeed, we are successful.”
The company reported that nine equity license holders have enrolled and had success in the program, including Mary’s Flowers.
Tilt Holdings shares were down 4.98% at 32 cents at the time of publication Monday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.