News — NBA STAR

Former NBA player and entrepreneur Chris Webber has announced that he is launching a $100 million private equity cannabis fund in partnership with Jason Wild and JW Asset Management L.L.C. (“JW”). This fund will invest in companies that are led by entrepreneurs of color who are pursuing careers in the cannabis sector.

“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 in a written statement. “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.”

The collaboration between Webber’s Webber Wellness and Wild’s JW Asset Management will work to invest in underrepresented entrepreneurs in the cannabis industry. The partnership will provide them with an ecosystem of resources for the businesses that will facilitate research and development (R&D), cultivation, retail licensing, distribution, branding, and marketing. JW has been actively investing in the cannabis industry since 2014 with more than $2 billion in assets under management. They have also invested in numerous industry leaders spanning multistate operators, technology, and retail companies.

“It’s crucial that we diversify leadership within the cannabis industry and level the playing field for people from our communities,” said Webber. “For far too long, minorities have been excessively punished and incarcerated for cannabis while others profited. Working with JW, we will equip underrepresented entrepreneurs with the financial resources and industry knowledge to build businesses and thrive.”

“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 individuals that have been disproportionately targeted by the War on Drugs,” said Wild, founder and chief investment officer of JW Asset Management. “I look forward to partnering with Chris and his team to elevate talented entrepreneurs and build a more inclusive industry.”

Bridgeman Sports and Media, a company owned by former NBA star and entrepreneur Junior Bridgeman, has become the new owner of Ebony Magazine after a successful bid to purchase the bankrupt media firm for $14 million.

Founded in 1945 by John H. Johnson, the magazine enjoyed a wide readership before a drop in ad revenues and the internet led to its fall. According to the Wall Street Journal, a bankruptcy judge was expected to approve the deal on Tuesday.

The magazine was forced into Chapter 7 Bankruptcy in July by its creditors for defaulting on $10 million in loans, according to Chicago Tribune. However, the bankruptcy was converted into a voluntary Chapter 11 reorganization in September, the Tribune added.

Despite the woes of Ebony, Bridgeman, 67, is optimistic of returning the once-revered Black-owned publication in America to profit and to a place of prominence in American culture. He said, with “the right ideas and execution”, the plan could materialize in no time. “Nothing is ever easy, but this would be, I think, a labor of love,” Bridgeman said.

He told the WSJ that Ebony portrayed Black excellence adding that he sees no reason it could not regain its old status. He also said that while there will be monthly print publications, it will remain largely digital. “When you look at Ebony, you look at the history not just for Black people, but of the United States,” Bridgeman told the Tribune. “I think it’s something that a generation is missing and we want to bring that back as much as we can.”

The ex-NBA star played for Milwaukee Bucks for 10 seasons before moving to the Los Angeles Clippers to ply his trade for two seasons. Upon retiring, he built and sold one of the largest U.S. restaurant franchisees.

Ebony wasn’t his first attempt to buy a media organization. He made an effort to acquire Sports Illustrated but later abandoned the idea last year. He is now the owner of Lenexa-based Heartland Coca-Cola Bottling Company whose distribution territory includes Kansas, Missouri, and Southern Illinois.

The coronavirus pandemic disproportionately affected Black business owners more than any group. As such, many initiatives were initiated by the state and corporate America to support Black business owners.

Some of the initiatives have been led by celebrities and sports personalities to mitigate the effect of the pandemic. NBA star Jrue Holiday has also joined the fray and decided to support Black businesses and charity groups in line with the season of giving.

The Milwaukee Bucks guard announced that he will be donating the remaining of his NBA salary to small Black-owned businesses and nonprofits.

“With the COVID-19 Pandemic and heightened racial injustices in 2020, many of us have been looking for answers. Lauren & I found ourselves searching for ways to help our community at a time when they needed it most,” Jrue said in an Instagram post.

“Pledging the remainder of our 2020 NBA salary to small black-owned businesses, nonprofits and initiatives is how we felt we could make a lasting impact.”

Jrue continued, “According to @google, in 2020, worldwide searches for “support small business” doubled compared to the previous year. It’s encouraging to know that in a time when we could all use a helping hand, we are still searching for ways to help one another. Know that you are not alone in your search for answers.”

The NBA star did not disclose the exact amount he was donating but according to Revolt, he earned around $26 million for the 2019-20 season.

According to NBA, this is not the first time the NBA star has donated money to support people and nonprofit organizations. In New Orleans, he donated up to $1.5 million to non-profit organizations and Black-owned businesses.

In Los Angeles/Compton he donated $1.5 million and $1 million to Black-owned businesses in 10 other cities across the country. Also, he donated $500,000 to HBCUs and other educational institutions.