Maryland-based hemp health and wellness company The Gift is a recipient of a $10,000 grant from Beyoncé’s BeyGOOD and the National Association for the Advancement of Colored People (NAACP), according to a Black Enterprise report.
The endowment is part of a partnership between BeyGood and the NAACP focused on small business grants for Black-owned companies. The Gift was one of 17,000 applicants to receive the grant.
Cory Moore, co‐founder and CEO of The Gift, noted that companies working strictly with hemp – and not federally outlawed cannabis – “face higher costs for just about everything from insurance to banking.” Moore indicated the company plans to use the funds to launch a new e-commerce site, relaunch its product line in sustainable packaging, and roll out an educational platform, Project 545.
“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.” – Moore to Black Enterprise
The Gift was founded in 2018 by Moore and Elizabeth Robinson. The company said it plans to start a hemp farm, fiber processing plant, and educational campus in North Carolina next year.