How Village, A Cannabis Brand Backed By Al Harrington with Other Black Investors, Plans To Diversify The Industry
According to a recent study, the cannabis industry has witnessed a growth of 50.92 percent in 2020 alone and the numbers are projected to increase to 32.04 percent within the decade. While this may be a celebration for some as marijuana continues to become steadily legalized in more states, the reality is minorities are not reaping the benefits.
Village — founded by Al Harrington and Dan Pettigrew — is looking to change that by ensuring women and minorities will be at the forefront of the industry. with reports, the company plans to become a multi-state operator distinct from its competitors and promote social equity in the cannabis industry.
“The concept for Village is to work through the application process as well as through mergers and partnership, to develop a platform so that minority-owned cannabis brands can exist,” Pettigrew has said. “Every state is regulated differently. Getting into these markets has proved challenging.
With states such as New York planning to issue social equity cannabis business licenses to African Americans and other groups displaced by the War on Drugs, Village LLC is positioning itself as a Black-led player in the space.
Entrepreneur Dan Pettigrew and 16-season NBA player Al Harrington launched Village LLC in 2019, about eight years after the launch of Viola, the premium cannabis brand named after Harrington’s grandmother who treated her glaucoma with cannabis.
Their goal for Village is to build a multi-stateoperator not unlike larger businesses, but with a majority of key executives being women or minorities.
At the moment, only about 3% of cannabis companies are run by women or minorities. While states have awarded valuable business licenses to people of color in the past, it’s been costly and challenging to get financing and build a viable business. Many license holders are then forced to sell to larger companies led by a less diverse lineup of executives.
Village LLC has raised $6 million in backing from African-American investors and their family offices. The company is currently completing a $30 million debt deal and a joint venture valued at about $18 million. Since the transactions are not yet complete, Village declined to provide details.
-“This initial route is competitive and exciting for many of us. Some of us have been at this for a while.
However, remember, Only the strong willed, will survive.”
Steven M Smith
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