Connect with us

Publications

Former NBA forward Al Harrington wants to make 100 Black individuals millionaires through the cannabis business

Avatar

Published

on

Al Harrington who played 16 seasons in the NBA talks about entrepreneurship and his company Viola that is involved in the cannabis industry during the Legends National Basketball Retired Players Association Conference at Caesars Palace on July 9, 2019 in Las Vegas, Nevada.

John McCoy | Getty Images

Former National Basketball Association forward Al Harrington says he’s on a mission to turn 100 Black individuals into millionaires using the cannabis sector, he told CNBC.

Harrington, now CEO of cannabis company Viola Brands, said one of the ways he’ll achieve the mission to help 100 Black people through an incubator program that allows black market cannabis products to turn legitimate with the help of his company.

“A lot of brands that are on the black market that has a lot of credibility and unbelievable following, have market share, but they just don’t know how to get into the legal market,” Harrington said. 

Harrington said entrepreneurs in the cannabis field find it “nearly impossible to get a license” to grow and monetize products in states where marijuana is legal. Harrington added some products could have “million dollar valuations” if promoted and disturbed correctly.

As states like New Jersey and New York (which projects $772 million in tax revenue) are getting closer to the legalization of cannabis, Harrington has advocated for diversity in the sector, especially when considering that Blacks have received harsher prison sentences for marijuana offenses before legalization. 

“That is something I will continue to harp on; continue to bring awareness to because once again, I feel like the war on drugs was aimed towards our community, and they used cannabis as pretty much the main drug to continue to lock us up,” Harrington said “All this money being made now, we’re not represented; we’re not there. I feel like we pioneered this industry.”

Viola closed on a $16 million Series A funding round last October, adding new investors from ex-athletes, including Harrington’s close NBA brethren, Stephen Jackson, who made headlines after calling for justice in the death of George Floyd who died on May 25 in Minnesota.

“We’re going to continue to support him as he supported us,” Harrington said of Jackson, adding he plans to donate 20,000 CBD topical creams to protesters who suffer from chronic pain. 

Floyd’s death has sparked a renewed conversation around police brutality and racial and social injustice against Black people. Harrington said he wants the discussion about the lack of economic opportunities in Black communities to continue, especially with its spending power.

Former NBA player Stephen Jackson, a friend of George Floyd’s, speaks at a memorial on June 3, 2020 in Minneapolis, Minnesota.

Stephen Maturen | Getty Images

According to a 2018 study completed by global research firm Nielsen, Black spending power reached $1.3 trillion and is projected to increase to $1.54 trillion by 2022. Harrington said he wanted to bring more awareness about the influence of the “Black dollar.”

“What I’m hoping is that we use this time to educate ourselves and realize that we have a lot of power amongst ourselves if we just pay attention and support one another,” Harrington said.

Corporate assistance 

The former NBA forward also called on corporations who have donated money in the wake of Floyd’s death to access Black athletes. Harrington said sports figures could help “because they are really in the neighborhood or know people from the neighborhood” and can “see if [the funds] have an impact on people.”

Corporations including Bank of America ($1 billion), PayPal ($530 million), and the National Football League ($250 million) have all pledged funds to help combat social injustice and bring economic stability to Black communities.  

Quentin Williams, the chairman and CEO of New York-based sports and entertainment Butler Lappert Williams Firm PC said companies who pledge money to Black communities should also provide funds for “proper accountability.”

Williams, a long time business strategist and former executive with the NFL and National Basketball Association, said that in some cases, 80% of the funds go to operations of the “strategists” with little remaining to “trickle down to communities that need the financial assistance.”

He called for corporate donors to create groups “to examine exactly what is happening to the money. When you’re spending that kind of money, it’s worth it to ensure that it’s not wasted,” Williams said. 

Harrington added companies need to offer more than a “big statement that we’re donating money” and offer more opportunities. “And that’s what my company is all about,” he said. “I want to use Viola as a platform to educate, uplift, and empower people.”

Source: https://www.cnbc.com/2020/06/13/al-harrington-wants-to-make-100-black-people-millionaires-with-cannabis.html

Publications

Security and Sustainability Forum-With Hazel Henderson and Claudine Schneider. 10/22/2020

Avatar

Published

on


Steering Societies Beyond GDP to the SDGs

With Hazel Henderson and Claudine Schneider

October 22, 2020

1:15 pm to 2:15 pm EDT

The next webinar in the SSF series, with ecological economist and futurist Hazel Henderson, will address how the UN SDGs can and should replace GDP as the basis for valuing society leading to an economy based on planet protection and human wellbeing. Claudine Schneider is Hazel’s guest.

GDP accounts for all the public expenditures as “debt” while ignoring the value of the assets they created. If GDP were to be corrected by including the missing asset account, these debt-to-GDP ratios would be cut by up to 50% — with a few keystrokes! Learn why money isn’t what you think it is and why that matters to life on Earth in the next two webinars with Hazel and guests.

Register

Claudine Schneider is a former Republican U.S. representative from Rhode Island. She was the first, and to date only, woman elected to Congress from Rhode Island. She is founder of Republicans for Integrity, which describes itself as a network of “Republican former Members of Congress who feel compelled to remind Republican voters about the fundamentals of our party and to provide the facts about incumbents’ voting records.”

October 22nd webinar with Claudine Schneider and Hazel

Sincerely,

Ed.

Edward Saltzberg, PhD

Executive Director

Security and Sustainability Forum

www.ssfonline.org

[email protected]

Sincerely,

Ed.

Edward Saltzberg, PhD

Executive Director

Security and Sustainability Forum

www.ssfonline.org

Source: https://www.ethicalmarkets.com/63564-2/

Continue Reading

Crunchbase

The Briefing: RVShare raises over $100M, Google disputes charges, and more

Avatar

Published

on

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

Subscribe to the Crunchbase Daily

RVShare raises over $100M for RV rentals

RVShare, an online marketplace for RV rentals, reportedly raised over $100 million in a financing led by private equity firms KKR and Tritium Partners.

Akron, Ohio-based RVShare has seen sharp growth in demand amid the pandemic, as more would-be travelers seek socially distanced options for hitting the road. Founded in 2013, the company matches RV owners with prospective renters, filtering by location, price and vehicle types.

Previously, RVShare had raised $50 million in known funding, per Crunchbase data, from Tritium Partners. The company is one of several players in the RV rental space, and competes alongside Outdoorsy, a peer-to-peer RV marketplace that has raised $75 million in venture funding.

Funding news

  • BrightFarms closes on $100M: Indoor farming company BrightFarms said it secured more than $100 million in debt and new equity capital to support expansion plans. The Series E round of funding was led by Cox Enterprises, which now owns a majority stake in the company, and includes a follow-on investment from growth equity firm Catalyst Investors.
  • Anyscale inks $40MAnyscale, the Berkeley-based company behind the Ray open source project for building applications, announced $40 million in an oversubscribed Series B funding round. Existing investor NEA led the round and was joined by Andreessen Horowitz, Intel Capital and Foundation Capital. The new funding brings Anyscale’s total funding to more than $60 million.
  • Klar deposits $15M: Mexican fintech Klar closed on $15 million in Series A funding, led by Prosus Ventures, with participation from new investor International Finance Corporation and existing investors Quona Capital, Mouro Capital and Acrew. The round brings total funding raised to approximately $72 million since the company was founded in 2019. The funds are intended to grow Klar’s engineering capabilities in both its Berlin and Mexico hubs.
  • O(1) Labs rakes in $10.9M: O(1) Labs, the team behind the cryptocurrency Mina, announced $10.9 million in a strategic investment round. Co-leading the round are Bixin Ventures and Three Arrows Capital with participation from SNZ, HashKey Capital, Signum Capital, NGC Ventures, Fenbushi Capital and IOSG Ventures.
  • Blustream bags $3M: After-sale customer engagement company Blustream said it raised $3 million in seed funding for product usage data and digital transformation efforts for physical goods companies via the Blustream Product Experience Platform. York IE led the round of funding for the Worcester, Massachusetts-based company with additional support from existing investors.Pillar secures another $1.5M: Pillar, a startup that helps families protect and care for their loved ones, raised $1.5 million in a seed extension to close at $7 million, The round was led by Kleiner Perkins.

Other news

  • Google rejects DOJ antitrust arguments: In the wake of a widely anticipated U.S. Justice Department antitrust suit against Google, the search giant disputed the charges in a statement, maintaining that: “People use Google because they choose to, not because they’re forced to, or because they can’t find alternatives.”
  • Facebook said to test Nextdoor rival: Facebook is reportedly testing a service similar to popular neighborhood-focused social Nextdoor. Called Neighborhoods, the feature reportedly suggests local neighborhood groups to join on Facebook.

Illustration: Dom Guzman

Venture investors and leaders in the fintech space can visualize a future where such startups will move toward again rebundling services.

Root Inc., the parent company of Root Insurance, launched its initial public offering and is looking at a valuation of as much as $6.34 billion.

Clover Health posted rising revenues and a narrower loss in its most recent financial results, published in advance of a planned public market debut.

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

Source: https://news.crunchbase.com/news/briefing-10-21-20/

Continue Reading

Crunchbase

Syte Sees $30M Series C For Product Discovery

Avatar

Published

on

Online shopping has become the norm for most people in 2020, even coaxing traditional retail brands to up their presence to stay competitive. However, now that shoppers can’t see and touch products like they used to, e-commerce discovery has become a crucial element for customer acquisition and retention.

Subscribe to the Crunchbase Daily

Enter Syte, an Israel-based company that touts creating the world’s first product discovery platform that utilizes the senses, such as visual, text and voice, and then leverages visual artificial intelligence and next-generation personalization to create individualized and memorable customer experiences, Syte co-founder and CEO Ofer Fryman told Crunchbase News.

To execute on this, the company raised $30 million in Series C funding and an additional $10 million in debt. Viola Ventures led the round and was joined by LG Technology Ventures, La Maison, MizMaa Ventures and Kreos Capital, as well as existing investors Magma, Naver Corporation, Commerce Ventures, Storm Ventures, Axess Ventures, Remagine Media Ventures and KDS Media Fund.

This brings the company’s total fundraising to $71 million since its inception in 2015. That includes a $21.5 million Series B, also led by Viola, in 2019, according to Crunchbase data.

Fryman intends for the new funding to be put to work on product enhancements and geographic expansion. Syte already has an established customer base in Europe, the Middle East and Africa, and will now focus expansion in the U.S. and Asia-Pacific.

Meanwhile, Syte has grown 22 percent quarter over quarter, as well as experienced a 38 percent expansion of its customer base since the beginning of 2020.

“Since we crossed $1 million annual recurring revenue, we have been tripling revenue while also becoming more efficient,” Fryman said. “We can accelerate growth as well as build an amazing technology and solution for a business that needs it right now. We plan to grow further, and even though our SaaS metrics are excellent right now, our goal is to improve them.”

Anshul Agarwal, managing director at LG Technology Ventures, said Syte was an attractive investment due in part to its unique technology.

“They have a deep-learning system and have created a new category, product discovery that will enable online shopping in a way we never had the ability to do before,” Agarwal said. “The product market fit was also unique. We believe in the strong execution by the team and the rapid growth in SaaS. We looked at many different companies, and the SaaS metrics that Syte showed are the strongest we’ve seen in a while.”

Illustration: Li-Anne Dias

Venture investors and leaders in the fintech space can visualize a future where such startups will move toward again rebundling services.

Root Inc., the parent company of Root Insurance, launched its initial public offering and is looking at a valuation of as much as $6.34 billion.

Clover Health posted rising revenues and a narrower loss in its most recent financial results, published in advance of a planned public market debut.

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

Source: https://news.crunchbase.com/news/syte-sees-30m-series-c-for-product-discovery/

Continue Reading
Blockchain News41 mins ago

New Darknet Markets Launch Despite Exit Scams as Demand Rises for Illicit Goods

Blockchain News44 mins ago

Bitcoin Millionaires at an All-Time High as Analysts Warn of a Pullback Before BTC Moves Higher

Fintech54 mins ago

The Impact of BPM On the Banking And Finance Sector

Energy2 hours ago

New Found Intercepts 22.3 g/t Au over 41.35m and 31.2 g/t Au over 18.85m in Initial Step-Out Drilling at Keats Zone, Queensway Project, Newfoundland

Energy2 hours ago

Kennebec County Community Solar Garden Reaches Project Milestone

Energy2 hours ago

Kalaguard® SB Sodium Benzoate Registered Under EPA FIFRA

Energy2 hours ago

LF Energy Launches openLEADR to Streamline Integration of Green Energy for Demand Side Management

Energy2 hours ago

Thermal Barrier Coatings Market To Reach USD 25.82 Billion By 2027 | CAGR of 4.9%: Reports And Data

Blockchain News3 hours ago

$1 Billion in Bitcoin Moved, Making It the Largest Dollar Value Crypto Transaction in History

AR/VR4 hours ago

Digital Catapult’s Augmentor Programme Reveals 10 new XR Startups

Singapore
Esports4 hours ago

erkaSt joins NG

AR/VR4 hours ago

Hands-on: Impressive PS5 DualSense Haptics & Tracking Tech Bodes Well for Future PSVR Controllers

Blockchain News5 hours ago

Alibaba Founder Jack Ma Criticizes Current Financial Regulations

EdTech5 hours ago

Google Classroom Comments: All You Need to Know! – SULS086

Blockchain News5 hours ago

Bank for International Settlements to Issue a PoC CBDC With the Swiss Central Bank Before the End of 2020

Blockchain News6 hours ago

Ripple CEO Disagrees with Coinbase CEO’s Apolitical Work Policy, Considers Relocating Overseas

Cyber Security6 hours ago

Smart Solutions to Screen Mirroring iPad to Samsung TV

Esports8 hours ago

Video: TeSeS vs. Vitality

Big Data9 hours ago

Seven Tools for Effective CDO Leadership

Big Data9 hours ago

Key Considerations for Executing a Successful M&A Data Migration or Carve-Out

Cyber Security9 hours ago

Best Powered Subwoofer Car Reviews and Buying Guide

AR/VR10 hours ago

Jorjin Technologies announcing J7EF, the latest of its J-Reality

Big Data10 hours ago

Parallel ways of Data Scientist and Machine Learning

Supply Chain11 hours ago

The New Role of Agricultural Machinery to Work the Land

Energy13 hours ago

LONGi fornece 101 MW em módulos bifaciais para uma usina de larga escala no Chile.

Energy13 hours ago

LONGi suministra 101 MW en módulos bifaciales para una planta de energía ultra grande en Chile

Energy14 hours ago

Unabhängige Test bestätigen, dass der neue flüssigkeitsgekühlte Brennstoffzellenstapel von HYZON Motors bei der Leistungsdichte weltweit führend ist

Cyber Security14 hours ago

Francisco Partners to Buy Forcepoint from Raytheon Technologies

Energy15 hours ago

WHO experts acclaim Arawana as an oil of the 5G era, and they recommend the consumption of trans-fat-free cooking oils

Energy16 hours ago

FIBRA Prologis Anuncia a Carlos Elizondo Mayer Serra como nuevo Miembro Independiente del Comité Técnico

Payments16 hours ago

Post Office to close 600 ATMs

Payments16 hours ago

Westpac rolls out customer complaint resolution system

Cyber Security16 hours ago

Threat Landscaping

Ecommerce16 hours ago

VTEX Opens Office in Singapore to better serve its Global Customers in…

Ecommerce16 hours ago

StrikeTru Accelerates Momentum with New Client Wins & Strategic…

Ecommerce16 hours ago

Guidance Celebrates Winning BigCommerce 2020 Partner Award

Ecommerce16 hours ago

Introducing A Brand New Revolutionary Tech-Infused Apparel Company…

Ecommerce16 hours ago

giftya, the Easiest Way for Consumers to Give Back to “Main Street”…

Ecommerce16 hours ago

X-Rite Makes It Easier for Printers to Measure Color on Credit Cards

Energy16 hours ago

FIBRA Prologis Appoints Carlos Elizondo Mayer-Serra as a New Independent Member of the Technical Committee

Trending