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Tag: Black-owned company

  • Black Woman-Owned GŪD Essence Opens Florida Dispensary

    In a significant move for diversity within the cannabis industry, GŪD Essence, a Black woman-owned medicinal cannabis brand, has officially opened its first retail dispensary in Clearwater, Florida. This milestone is particularly meaningful for founder Jasmine Johnson, a native Floridian, who sees this opening as more than just a business achievement—it’s a homecoming.

    Breaking Barriers in a Challenging Market

    Breaking into the Florida cannabis market is notoriously difficult. Johnson expressed immense pride in achieving this feat, especially with the support of her family and without compromising the integrity of her vision through outside investment. Statistics highlight the disparity: Black individuals own less than 2% of national dispensaries, and in Florida, there are fewer than five Black-owned dispensaries.

    High entry costs and the challenges faced by equity candidates without substantial corporate backing contribute to this lack of diversity. Johnson herself faced significant setbacks, including a costly and lengthy application process for a state license that ultimately wasn’t awarded.

    Pivoting to Partnership and Acquisition

    After the initial disappointment, Johnson pivoted her strategy, pursuing a partnership and acquisition route. “Right now, we are waiting on the license to be awarded,” Johnson stated. “We have entered a purchase agreement to purchase one of those licenses.” Despite the ups and downs, her commitment never wavered: “It has never been, ‘Let’s give up or look at a different state.’”

    The GŪD Essence Philosophy: Unity and Education

    What truly sets GŪD Essence apart is its focus on the “good part” of the cannabis industry and its culture. The “Ū” in the brand name symbolizes unity. Johnson emphasizes centering oneself and understanding the ‘why’ behind cannabis consumption—what experience one seeks and what they aim to gain.

    “It’s not about getting high. It’s beyond that,” Johnson explained. “Our model is all things cannabinoids.” She highlights the potential of various cannabinoids, drawing parallels to their effects compared to medications like Ozempic or Adderall, underscoring their medicinal value.

    A Welcoming Space for All

    Johnson believes that cannabinoids deserve more recognition for their therapeutic benefits. Educating customers is a top priority, and she hopes the dispensary’s bold, bright colors will serve as an invitation to a welcoming space. “That’s something I think is desperately needed in the cannabis space. Cannabis is supposed to be a fun, friendly experience,” she said, drawing on her background in hospitality and tourism management.

    The Clearwater location offers products accessible to both medical patients and non-patients, ensuring a broad reach. GŪD Essence is poised to bring color, warmth, and genuine hospitality back into the cannabis experience.

    What are your thoughts on GŪD Essence’s mission and its opening in Florida? Share your opinions in the comments below!

  • The Root Returns to Black Ownership

    In a landmark move for Black representation in media, Ashley Allison’s company, Watering Hole Media, has acquired The Root. This acquisition is particularly significant given the stark reality that only about 4% of media in the United States is Black-owned. For Allison, while acquisitions are common, the overwhelming and humbling community response highlighted just how rare and impactful this moment truly is.

    A Legacy Reclaimed and Reimagined

    Launched in 2008 by Henry Louis Gates Jr. and Donald E. Graham, The Root has long been a trusted voice for Black news, identity, and political discourse. After ownership changes through Univision and G/O Media, Allison’s purchase signifies a return to Black ownership, with her reportedly being the first Black woman to own the publication. “I have always been a reader and an admirer of The Root… and it has always been a part of my story,” Allison shared, expressing her immediate certainty when the opportunity arose: “This is it. No questions asked. Why wouldn’t we build on the legacy that it has had to date?”

    This acquisition comes at a critical time, as many legacy media companies have been scaling back or dissolving departments dedicated to covering Black communities, leading to layoffs that disproportionately affect Black journalists. The closure of platforms like NBC BLK and recent layoffs at Teen Vogue underscore the urgent need for Black-owned media outlets.

    Bridging the Gap in News Coverage

    Pew Research indicates that Black Americans often harbor skepticism towards U.S. news media due to concerns about coverage, representation, and stereotyping. Allison aims to address this gap with The Root. “We want to tell the stories that might not make it in other publications or on other channels,” she stated, emphasizing a commitment to journalistic rigor, honesty, integrity, data, and facts.

    Allison plans to enhance The Root’s digital presence by investing in video and audio content, meeting audiences where they are, as an estimated 54% of U.S. adults consume news via social media and video networks. While fostering diverse opinions and conversations, Allison is firm about maintaining journalistic integrity and not platforming individuals who cause harm to Black communities. She also plans to actively solicit audience feedback throughout the year to ensure coverage remains relevant and responsive.

    A Dream Fulfilled

    For Allison, acquiring The Root is more than just a business transaction; it’s the fulfillment of a long-held dream. She documented her aspirations of owning digital media properties in her journal back in 2009. As a former Democratic strategist and senior staff member in the Obama and Biden administrations, she encourages others with seemingly impossible dreams to persevere. “The things that we sometimes fear or feel that no one will support, it’s often the exact opposite,” she advises. “My dream was to buy media property, and I did it. People have been very receptive. If you have a dream, try it, because it’s probably been something everybody has been waiting for.”

    What are your thoughts on Ashley Allison’s acquisition of The Root? What kind of stories do you hope to see more of from Black-owned media outlets? Share your insights in the comments below!