Cannas Capital Holdings Unveils AI-Powered Bank Black Initiative

Cannas Capital Holdings has proudly announced the launch of its groundbreaking Bank Black Initiative, an innovative AI operating system designed to revolutionize underwriting solutions with unique metric criteria. Teaming up with community partners the National Cannabis Industry Association (NCIA) and Minorities for Medical Marijuana (M4MM), Cannas Capital is creating an operating system that considers the disadvantages and advantages of offering provisions for diverse business owners, aiming to foster social enterprises within our communities. The overarching goal is to shrink the racial wealth gap and address the shortcomings of previous social equity programs.

Central to the Bank Black Initiative is the development of an AI operating system that performs comprehensive due diligence for grants, loans, and investments. According to the Cannas Capital Holdings team, Bank Black will “address the pain points faced by [cannabis industry] stakeholders at all levels, creating a harmonious and equitable market for everyone involved. By leveraging our innovative AI Operating System, we offer a comprehensive solution that goes beyond traditional approaches.” The system is meticulously tailored to recognize and incorporate the unique challenges and opportunities faced by diverse-status business owners.

Cimone Casson, CEO of Cannas Capital Holdings, proudly launches the Bank Black Initiative (C) Cannas Capital Holdings

Cannas Capital Holdings, the parent company of Cannas Capital Insurance Firm and Cannas Capital Funds, is dedicated to revolutionizing the insurance and business credit-building industries. The insurance firm focuses on leveraging cutting-edge technology to offer comprehensive coverage to commercial cannabis, craft beverage, hospitality, and professional athletes. Cannas Capital Funds is renowned for its commitment to empowering small and medium-sized enterprises.

Founded in 2023, Cannas Capital has rapidly grown from a small business league to a national nonprofit, impacting over 5,000 lives annually through various programs and initiatives and writing over 400 insurance policies in the commercial cannabis industry. The organization focuses on four key pillars: Social Equity, Social Economics, Social Entrepreneurship, and Social Enterprise.

The core mission of Cannas Capital Holdings is to leverage social economics to create social enterprises that foster social equity, thus providing pathways to reduce the racial wealth gap. The vision is to create a world where equitable economic opportunities and sustainable development empower all individuals and communities to thrive, fostering social justice and prosperity for future generations.

With a proven track record of success in social equity initiatives, Cannas Capital Holdings’ notable achievements include the creation of two of Michigan's current Social Equity Programs, the Joint Ventures Pathway Program and All-Star Program, and the approval of the first Social Equity Awardee Dispensary in a local municipality. The organization also established a Social Equity Discount program for commercial cannabis businesses nationwide.

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Cannas Capital Holdings’ Bank Black Initiative: Beyond Traditional Underwriting

All of this social equity experience has positioned Cannas Capital Holdings to do something truly unique with the Bank Black Initiative. The AI-operating system transcends traditional underwriting metrics, recognizing that social equity alone is insufficient if business owners have no access to capital.

While Bank Black’s system evaluates essential factors such as management team, payment history, and collateral support, it also integrates additional critical components, including:

Community and Demographic Analysis
Social Capital Assessment
Institutional Support
Risk Mitigation Strategies
Long-Term Sustainability
Regulatory Compliance
Continuous Monitoring

This holistic approach ensures that the full spectrum of a business’s context and potential is evaluated, promoting fair and equitable access to financial resources.

Bank Black is further supported by the range of programs and services that Cannas Capital Holdings offers which are aimed at economic empowerment, including:

Financial Literacy Programs
Business Credit Building
Small Business Development

The organization also facilitates access to capital by creating a network of lenders, establishing underwriting metrics for stakeholders, and providing financial literacy training.

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Economic Empowerment With Cannas Capital Holdings And Bank Black

One major goal of Cannas Capital Holdings and Bank Black is to increase minority ownership by 2 percent annually, and reduce the national attrition rate for minority-owned businesses. With strategies to help both states and local communities, the organization is setting its sights on lofty goals, but with very real and achievable step-by-step processes.

For states, they attract fund managers and financial institutions to engage in lending, granting, and investing, even amidst high-risk environments. This solution addresses the high failure rate of businesses by offering long-term support rather than temporary fixes. At the community level, Cannas Capital Holdings works toward access to capital and essential resources for businesses, and for growth, including educational initiatives focused on guiding businesses to reach the “Middle Market” ($20-50 million in revenue). The organization provides mentorship to help businesses achieve a minimum of three years in operation or $1 million in profit by Year Three.

As part of this plan, Bank Black will aid businesses in establishing robust credit profiles and ensures sustainability through social capital and realistic market potential goals.

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Which Partners Collaborate With Cannas Capital Holdings?

Bank Black is on the track to becoming an ASTM International Standard to redefine creditworthiness for social equity lending solutions. Cannas Capital Holdings’ collaboration with ASTM has been instrumental in supporting the company’s overall mission. Additionally, community partners including Minorities for Medical Marijuana, the National Cannabis Industry Association, the Minority Cannabis Business Association, and the National Small Business Association have been pivotal in spreading the word and involving all stakeholders in the movement.

What Are Stakeholders Saying About Cannas Capital Holdings?

Charles Inyang, Founder, The Hash Club

The Cannas Capital Collective has provided us with the tools and knowledge to build a strong business by aiding my company in obtaining consumer lending, risk management, and establishing a business credit profile.

Minorities For Medical Marijuana

Their commitment to helping Cannabis Companies gain funding in an economic environment that limits funding opportunities has been groundbreaking. We've seen significant improvements in our local economy.

What's Next For Cannas Capital Holdings?

Cannas Capital Holdings remains steadfast in its mission to provide practical pathways to reduce the racial wealth gap. Through innovative solutions like the Bank Black Initiative, the company continues to pave the way for a more equitable and prosperous future for all.

For more information about Cannas Capital Holdings and Bank Black, visit cannascapitalholdings.com.