Dispensary concept Sixty Four & Hope will open its second of 21 locations owned by social equity cannabis licensees on December 20th in LA’s Melrose District. The conscientious retail brand is named after California’s Proposition 64, which legalized cannabis in the state, and HOPE for a more equitable future.
The company was developed to create economic parity for those harmed by the war on drugs. Each business is expected to increase licensees’ income from $46,600 to $450,000+ annually. The businesses are each projected to create 30-40 jobs with benefits, create generational wealth for employees’ families, and invest in their communities.
Black-owned investment startup 4thMVMT provides resources, financing, and business knowledge for Black and brown entrepreneurs. The company has raised $19 million to provide all 21 businesses with an average of $1.5 million at no upfront cost to entrepreneurs. Queen Latifah, Nas, Anthony Selah, Troy Carter, and Julius “J” Erving III all invested in the project.
All 21 Sixty Four & Hope sites are set to open by the summer of 2023. The Mid-City LA location is owned by Aja Allen. The new Melrose District location is owned by Rhavin L. The Echo Park location is owned by Mekonnen Garedew and is set to open in March 2022. The West Los Angeles location set to open in April of 2022 is owned by Wally Knott III.
“I grew up in an overpoliced area; family members and friends went to jail for cannabis offenses. For me, it’s not just about getting the opportunity; it’s about what I do with it once I’ve got it,” said Aja Allen.