Cannas Capital Launches AI-Initiative to Close Racial Wealth Gap

Using AI for Financial Gain

According to Grand View Research, the cannabis industry has grown to be over a $30 billion industry in 2023 and Cimone Casson knew it would be revolutionary for the futures of minority business owners.

Casson noticed the trend of legalization and began building Cannas Capital Holdings, a company that controls the interests of other companies’ security. It is also the parent company of Cannas Capital Insurance Firm, an insurance agency established in 2017 to focus on improving generational wealth, community investment, and ownership for minority-owned businesses.

“Everyone has a relationship with money, whether it’s cultural or spiritual,” said Casson. “Generational wealth is not about profit, it’s about protection.”

At the beginning of July 2024, Cannas Capital launched the Bank Black Initiative, a new approach to closing the racial wealth gap for social-equity cannabis entrepreneurs.

The Bank Black Initiative is an AI-operative system that performs underwriting solutions considering the needs and challenges of diverse business owners. The goal is to improve the social enterprises across all communities.

The Development of A Plan

Over the course of nine months, the Bank Black Initiative system was developed to help business owners overcome challenges, such as the lack of capital, and creditworthiness, and tap into potential wealth in the cannabis industry to help their businesses thrive. The system evaluates risks by all stakeholders to help produce more stable results for everyone involved.

“We can create a culture in cannabis, standards, and profit in diversity,” said Casson. “There is no short-term way to success. We have to opt-in to participate in an industry we understand.”

The goal of the Bank Black Initiative is to increase minority ownership annually by 2% and reduce the attrition rate among minority-owned businesses.

“AI is about efficiency by using data to develop a more cost-effective solution,” said Casson. “Through our innovation, we can redefine creditworthiness and offer solutions and resources in a short amount of time.”

Along with the AI system, the Bank Black Initiative includes educational initiatives focused on guiding businesses to reach the Middle Market ($20-50 Million in revenue), enhancing the impact on the communities the business serves, and establishing robust credit profiles.

The Green Wave

According to the Pew Research Center, in the United States, cannabis has rapidly become more socially accepted with legalization in 27 states.

“I noticed there was a big opportunity for people of color to get into the cannabis space,” said Casson. “We’re at a very unique time. It’s a time where people are listening.”

Casson wanted her company to cater to minority business owners in the cannabis industry but has expanded its mentorship and financial services to the craft beverage, hospitality industries, and professional athletes.

With the Bank Black Initiative minority owners will be able to break into the full potential of the cannabis industry.