The City of Denver and the DEMI Fund were trying to do something innovative — take marijuana sales tax revenues and invest them in early-stage companies owned by minority and women entrepreneurs. But the marriage between public mission and private equity proved a rocky one, resulting in a lawsuit in March and now a legal separation. “Creating something new is not easy, and we appreciate the collaboration and creativity of DEMI Fund, Denver Economic Development & Opportunity, and other partners for their efforts,” the city said in a statement announcing an agreement to end a lawsuit between the two sides. Following the George Floyd protests, the administration of Mayor Michael Hancock created a venture capital fund to assist businesses from disadvantaged communities who historically have had a harder time accessing the financing they need to grow. The funding source for the Herman Malone Fund was unprecedented, a 1% sales tax the city was collecting on marijuana sales.
Comment on Denver and fund manager it hired strike agreement on unpaid expenses
Aldo Svaldi, Denver Post: Business
Wed, 07/31/2024 - 5:00am
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