This summer, Beyoncé’s philanthropic organization BeyGOOD teamed up with the National Association for the Advancement of Colored People (NAACP) to provide $10,000 to black small business owners and entrepreneurs. More than 17,000 business owners applied for the grant, and now a lucky company has announced that they have won the prize.
According to Black Enterprise, the gift, a natural health and health company based in Maryland, has received $10,000 in grants from bagood and the NAACP. On instagram, the company, which also specializes in marijuana products, revealed how the money would help them grow their business.“We are so humbled and grateful to be selected out of 17,000 applicants for a grant from the Queen Bee herself, Beyoncé and BeyGOOD in partnership with the NAACP!” a post from the company read.
“Companies in the legal cannabis industry face higher costs for just about everything from insurance to
banking, even if they are working strictly with hemp, not marijuana,” said Cory Moore, co‐founder and CEO of The Gift in a written statement sent to black enterprises.
“Banks are reluctant to lend to us because the regulations around hemp are new and still developing in some respects. Black‐owned businesses are challenged even further when it comes to financing. This grant from NAACP and Beyoncé has made us feel seen, and we are grateful to them for the opportunities we will create with these funds.”
With the grant, the company plans to launch a new e-commerce website and education platform, project 545. The company also plans to re launch its product line with new, sustainable packaging.