Ayurvedic Pharmaceuticals Inc., (https://www.vedicpharma.com/)
The Ayurvedic Pharmaceuticals’ endeavor is a significant one and serves to tip the diversity scales within the cannabis industry. With marijuana positioned as the new gold rush trade, the issue of diversity within this multibillion-dollar industry has become a heavily debated topic. According to Marijuana Business Daily, approximately 81% of cannabis business owners or founders are non-minorities, while African Americans only represent 4 percent. Testing laboratories, in general, have historically been non-minority owned, and cannabis testing laboratory spaces hold true to that paradigm.
“This deal is significant and historic on so many levels,” explains Barrett LaRoda Jr., the 23-year-old president of Ayurvedic Pharmaceuticals. “As a millennial ‘gangapreneur,’ I am an advocate for testing not only THC but CBD as well to ensure that the consumer always receives a superior cannabis product. Though CBD testing is not required or regulated yet, our CBD infused Drip SZN products will adhere to our stringent standards and regulations and support the highest measures for maintaining health and wellness.”
“Collectively we have found that the cannabis industry presents great business opportunities,” adds Barrett LaRoda, the advisory board chairman. “However, access to information and financing has not been well promoted to people of color. We actually plan to start a division in our company for this much-needed education service.”
Principals involved in the deal include Barrett LaRoda,chairman advisory board; John Salley, COO;Yogi Solanki, chairman, Bakersfield, CA 7-Eleven Franchisee Association; Earl Bryant, chairman and CEO; Barrett LaRoda, Jr., president; Anthony Francis, CFO; Johnathan Van Beer, CEO of Under Pressure Xtractions; and Raja Mittal, chairman of Fresh Choice Distribution.