Former NBA Player Chris Webber Launches $125 Million Fund To Help Minority Entrepreneurs Enter Marijuana Industry

Many are tipping the marijuana industry to explode in the next few years, Chris Webber being one of those people.

And in a bid to help out, the NBA great has set up a US$100million (AU$125million) equity fund that minority entrepreneurs can tap into to get their businesses off the ground.

California became the first state to legalise cannabis for medical use back in 1996 while Colorado and Washington were the first two states to legalise it for recreational purposes.

Since then more states across the United States have began decriminalising it, meaning a boom in the industry is expected to come in the next few years - that's if it hasn't already.

And former first overall draft pick Webber wants minority entrepreneurs to benefit financially from it.

"People need help. So we're gonna come in these places and we're gonna train, we're gonna make sure we provide jobs, and we're gonna make sure you have a hub to understand how you can enter the cannabis industry not just as a cultivator or grower or some star, but also to make a great living by providing certain services that the industry allow," Webber told TMZ.

Mike Tyson/Instagram

The global market for marijuana is estimated to sit at over US$340billion (AU$429billion) in 2020.

And that's taking both legal and illicit use into consideration.

And with it's legalisation across the US, the opportunity for people to invest in cannabis is growing rapidly - I mean, there's good reason why so many celebrities have got onboard.

But while the rich and famous can easily invest, others aren't always afforded that chance.

It's understood some states require huge five-figure deposits to even apply for a dispensary license.

But Webber's equity fund hopes to financially support young entrepreneurs in minority communities that are hoping to get involved in the cannabis business.

PA

"It's crucial that we diversify the leadership in the cannabis industry and level the playing field for people from our communities," Webber added.

"For far too long, minorities have been excessively punished and incarcerated for cannabis while others profited."

Topics: Basketball, NBA, Australia

Max Sherry

Max Sherry is a journalist for SPORTbible Australia. After migrating Down Under from London as a teenager, he instantly fell in love with Aussie sport and its culture. From NRL to AFL, cricket to rugby — you name it, Max watches it (with a beer in hand, of course). During his time at Fox Sports, he worked in the football department covering the Premier League, A-League, Socceroos and Matildas. Born a stone's throw away from West Ham's training ground, Max is obviously a die-hard Liverpool fan.

@maxysherry