At EquiRate AI, the mission is about building pathways to wealth, opportunity, capital access, smarter risk management, and economic participation for communities that have been historically blocked from the full benefits of the marketplace. That same fight is now playing out in the world of college athletics, where student-athletes—especially Black, Hispanic, multiracial, Indigenous, Asian American, Native Hawaiian, Pacific Islander, Arab American, international, and poor white athletes—are finally gaining access to real income through NIL, collective deals, and revenue sharing.

That income is not symbolic. It is real money. It is earned money. It is wealth-building money. And because it is real, powerful people are now trying to take it away.

That is the issue. That is the threat. And families, student-athletes, alumni, fans, and community stakeholders need to understand exactly what is being attempted before the old system succeeds in dragging these young men and women backward.

Student-Athletes Are Finally Being Paid for the Value They Create

For decades, college athletics operated on a dishonest bargain. Universities, conferences, coaches, media networks, merchandise companies, sponsors, and athletic departments generated massive revenue from the talent, performance, sacrifice, and physical labor of student-athletes. Yet the athletes themselves were told that a scholarship and a few limited benefits were enough.

That model was always morally shaky. It became impossible to defend once everyone could see the size of the television contracts, the coaching salaries, the March Madness money, the College Football Playoff money, the merchandising dollars, the sponsorships, and the institutional brands built on the backs of student-athletes.

Beginning in 2021, the system started to change. After litigation and years of pressure, student-athletes gained the ability to earn money from their name, image, and likeness. That opened the door for commercial NIL deals and collective NIL models.

The commercial NIL model includes brand deals, social media promotions, autographs, signed merchandise, video game licensing, jerseys, and other market-facing opportunities tied to the athlete’s personal brand. These arrangements can vary widely. In some cases, the athlete may receive a smaller share, such as licensing revenue from jerseys or video games. In other cases, such as social media services or direct promotional activities, the athlete can receive a much larger share.

The collective model works differently. Donors, boosters, and supporters form legal entities to support athletes connected to specific schools, programs, or athletic departments. In that structure, much more of the money can flow directly to the athlete, with a smaller portion going to overhead, commissions, and collective operations.

Then came the next major change: revenue sharing. After the House v. NCAA settlement framework and related legal developments, Division I colleges and universities can opt into revenue-sharing arrangements that allow athletic departments to share a portion of their revenue with student-athletes across sports.

That matters because NIL is no longer the only pathway. Student-athletes can now receive compensation through three major streams: commercial NIL, collective NIL, and institutional revenue sharing.

That is not a crisis. That is a correction.

The Money Is Real, and That Is Why the Backlash Is So Fierce

The numbers explain why the old guard is panicking.

Currently billions of dollars moving through the combined commercial NIL, collective NIL, and revenue sharing ecosystem has created major compensation pathways now available to student-athletes, after decades of College sports receiving low cost work with high revenue return for the Colleges and Universities. The combined opportunity pool for student-athletes has reached roughly $2.7 billion in the 2025–2026 period, with roughly $1.92 billion flowing directly to student-athletes depending on the compensation category.

That is a major shift in economic power.

In commercial NIL, the athletes receive an average of 29% of the total deal value. In collective NIL, the athletes receive a much higher share, roughly 90% of the total deal value on average and Collegiate based NIL agreements provide 95% of the revenue directly to the student-athletes. In revenue sharing, the share flowing to student-athletes can be even more direct because the payment comes from the institution’s revenue-sharing structure.

The larger point is simple: student-athletes are no longer just helping everyone else get rich. They are beginning to participate in the wealth they help create. Since NIL collectives came into existence during the 2021-2022 fiscal year, student-athletes have received $3.07 billion in income via an analysis of various reports and studies (such as NIL at Four: Monetizing the New Reality - The Annual Opendorse Report 2024-2025).

That is what has some coaches, boosters, university power brokers, political figures, and old-line NCAA defenders so upset. They were comfortable when the money flowed around the athlete. They are suddenly alarmed now that more of the money flows to the athlete.

That is not about protecting college sports. That is about protecting control.

This Is a Generational Wealth Issue for Diverse Communities

The economic justice implications are enormous.

The major revenue men’s and women’s sports include a majority of non-white athletes. In the key men’s revenue sports including basketball, football, baseball, and ice hockey, 57.2% of the participating scholarship athletes are Black, Hispanic, multiracial, Asian American, Indigenous American, Native Hawaiian and Pacific Islander, international, or otherwise non-white, including 37.3% who are African American. Of the women’s key revenue generating sports including basketball, gymnastics, and volleyball, 51.7% of the participating scholarship athletes are Black, Hispanic, multiracial, Asian American, Indigenous American, Native Hawaiian and Pacific Islander, international, or otherwise non-white, with 24.5% who are African American.

That matters because this money is not just about athletic compensation. It is about community economics.

Most college athletes will not become professional athletes. There are only so many roster spots in professional basketball, football, baseball, hockey, volleyball, softball, gymnastics, and other sports. The overwhelming majority of student-athletes will eventually leave the playing field and build lives outside professional sports.

But if they can leave college with serious savings, business experience, brand-building experience, investment capital, and financial education, that changes the starting line for adulthood.

A young athlete who earns meaningful money in college can invest in a business. They can buy property. They can support their family. They can help stabilize a household. They can return to their community with capital instead of debt. They can become an entrepreneur. They can become an investor. They can become a positive economic engine.

That is the part the opponents do not want to talk about.

NIL and revenue sharing can help create thousands of financially stable young adults. In some cases, it can create young millionaires. Not theoretical millionaires. Real people coming out of college with capital, opportunity, and options.

That is why this fight is bigger than sports.

Stop Pretending the Universities Are Poor

The people complaining the loudest need to be honest about the system they helped build.

College athletics is not some poverty operation. Major universities and athletic departments operate inside a multibillion-dollar ecosystem. Television networks pay enormous sums for the rights to broadcast college football, March Madness, women’s basketball, volleyball, softball, gymnastics, and other sports. Coaches at the top of the system have earned massive salaries. Athletic departments collect sponsorship, ticketing, licensing, merchandise, media, and donor revenue.

Yet the moment student-athletes start getting a meaningful share, suddenly the same institutions and power brokers start crying poverty.

That argument is not credible.

If athletic departments are running deficits, then they need to examine their own spending, management, facilities arms race, administrative decisions, coaching salaries, and financial priorities. They do not get to fix bad management by reaching into the pockets of the young people who actually perform the labor.

Student-athletes are not the reason college athletics became bloated. They are the workers who made the product valuable.

If the product is worth billions, the athletes are worth compensation.

The Attack on NIL Is an Attack on Worker Freedom

One of the most offensive parts of the backlash is the effort to treat student-athletes as less than other workers.

A student-athlete is not just a student. A student-athlete is a student, an athlete, and an employee in every practical sense that matters. They train. They perform. They generate revenue. They travel. They meet institutional obligations. They follow rules. They put their bodies on the line. They help build the brand of the school, the conference, the coach, the television partner, and the entire college sports ecosystem.

That is work.

And if it is work, then the athlete should have rights that look like work rights: the ability to negotiate, the ability to evaluate better opportunities, the ability to move to a better situation, and the ability to earn compensation based on market value.

That includes transfer rights.

Some fans may not like transfer freedom because they prefer the old loyalty model. But the athlete is not property. The athlete is not an indentured servant. The athlete is not locked to one school for the emotional convenience of fans, donors, or coaches.

Coaches have moved freely for decades. They have left schools for better money, better visibility, better facilities, better recruiting grounds, and better career opportunities. They have left players behind when it benefited their own careers. Nobody put them in a five-year cage and told them they could only move once.

So spare us the sudden concern about continuity, loyalty, and academic well-being when the same standard was never applied to the adults making millions.

If transfer windows need to be discussed, bargain them fairly. If there are reasonable calendar questions, negotiate them with student-athletes through collective bargaining or an athlete-representative structure. But do not use executive power to strip student-athletes of the freedom that every other worker expects in a labor market.

The Executive Order Is Not About Saving College Sports

The Trump regime’s so-called effort to “save college sports” should be understood for what it is: a political intervention designed to restrict athlete compensation, narrow NIL activity, constrain movement, and protect the old hierarchy.

The language may be dressed up in concern about fairness, scholarships, women’s sports, Olympic sports, institutional finances, and academic well-being. But the practical effect is clear: reduce the money available to student-athletes and increase institutional control over their economic choices.

That is not reform. That is a rollback.

The executive order issued by Trump will sharply restrict commercial and collective NIL structures under a “fair market value” and “valid business purpose” framework. Under this student-athlete wealth theft order, schools could be pressured to implement new restrictions quickly, with federal funding used as a coercive tool.

That is dangerous. When the federal government threatens institutional funding to force compliance with a politically driven sports compensation agenda, it is not just regulating athletics. It is using federal leverage to reshape labor rights and economic opportunity.

And the people who would lose the most are the athletes.

The Scholarship Argument Is a Smokescreen

One of the most cynical arguments being made is that revenue sharing somehow threatens women’s sports, Olympic sports, or scholarship opportunities.

That argument should be challenged directly.

My research on this issue identified that, under the House-settlement framework being implemented, scholarship opportunities in many Division I sports are increasing, not decreasing. There are significant increases in women’s fencing, field hockey, golf, gymnastics, and beach volleyball for example.

If scholarships are being expanded, then do not use scholarships as the excuse to take compensation away from athletes.

That is the trick. Opponents frame athlete compensation as a threat to other athletes, then use that manufactured conflict to justify restricting the whole compensation system. It is a divide-and-conquer strategy.

Student-athletes should not fall for it. Parents should not fall for it. Women athletes should not be used as props to justify taking money from other athletes. Olympic-sport athletes should not be used as rhetorical cover for a system that still wants to preserve institutional power over athlete labor.

If universities care about women’s sports and Olympic sports, they should fund them. If they care about scholarships, they should protect and expand them. But they do not need to gut NIL or revenue sharing to do that.

The Real Issue Is Who Gets to Build Wealth

At the center of this fight is one question: who gets to build wealth from college sports?

For decades, the answer was everybody except the athlete. The coach could build wealth. The conference could build wealth. The school could build wealth. The broadcaster could build wealth. The merchandise company could build wealth. The booster ecosystem could build wealth. The vendor economy could build wealth.

The athlete could build exposure.

That was the scam.

Now the athlete can build income. The athlete can build savings. The athlete can build a brand. The athlete can build a business. The athlete can build an investment base. The athlete can build a future.

That is exactly why the backlash is so aggressive.

This is not just about whether a quarterback gets paid more than a third-string defensive end. It is not just about whether a basketball player gets a larger revenue share than a gymnast. It is not just about whether NIL collectives are messy, imperfect, or in need of clearer rules.

The real issue is that young people who were once economically controlled are now economically participating.

That is what the old guard cannot stand.

Do Not Steal Money From People Who Earned It

Let’s call this what it is.

If a student-athlete helps create value, performs at a high level, builds a personal brand, generates attention, contributes to television ratings, sells tickets, moves merchandise, drives donor excitement, and helps produce institutional revenue, then that student-athlete has earned the right to be paid.

Trying to take that away is not protecting college sports.

It is stealing wealth.

It is stealing from young Black athletes. It is stealing from young Hispanic athletes. It is stealing from Asian American, Indigenous American, Native Hawaiian, Pacific Islander, Arab American, multiracial, and international athletes. It is also stealing from poor white athletes who use college athletics as a pathway into opportunity that their families may never have had.

This is theft dressed as tradition.

And it should be rejected.

Parents should be asking hard questions. Families should be asking hard questions. Alumni should be asking hard questions. Athletes should be asking hard questions. Fans should be asking hard questions.

• Why are powerful people so desperate to stop student-athletes from earning money?

• Why is freedom of movement acceptable for coaches but not athletes?

• Why is institutional revenue sacred until the athlete wants a share?

• Why are young people who do the work being told they are the problem?

EquiRate AI Is About Building Wealth, Not Shrinking Opportunity

This is why the EquiRate AI mission matters.

EquiRate AI is about building wealth pathways, improving access, strengthening risk management, and creating more intelligent systems for people and businesses that have too often been denied fair entry into markets. Cannas Capital Holdings is also active in work connected to NIL risk management and athlete-support products, helping families and athletes think more clearly about the decisions in front of them.

That matters because NIL money and revenue-sharing money can change lives—but only if athletes and families approach it with discipline, guidance, legal awareness, financial literacy, tax planning, contract awareness, and a long-term wealth-building mindset.

The income is real. The opportunity is real. But the threat is also real.

If athletes are earning money, they need support. They need information. They need protection. They need good advice. They need to understand the difference between a short-term deal and a long-term wealth plan. They need to understand how to protect themselves from bad contracts, bad actors, bad spending habits, and political attacks designed to shrink their power.

This is not just about getting paid. It is about keeping, growing, protecting, and using that money to build a future.

The Bottom Line

NIL and revenue sharing are not destroying college sports. They are exposing who was comfortable with college sports only when the athletes were unpaid, underpaid, controlled, and expected to be grateful.

The new system is not perfect. It needs rules. It needs transparency. It needs education. It needs support. It needs guardrails that protect athletes from exploitation.

But what it does not need is a political rollback designed to take billions of dollars out of the hands of student-athletes and return power to the same people who already benefited from the old system.

Student-athletes are earning this money. They are working for it. They are building value. They are creating markets. They are producing entertainment, loyalty, revenue, and institutional prestige.

• Do not steal that from them.

• Do not call it reform.

• Do not pretend it is about fairness.

• Do not use women’s sports, Olympic sports, scholarships, or academic concern as cover for taking money away from the people who earned it.

This is about wealth. This is about labor. This is about freedom. This is about whether young athletes—many of them from communities that have been denied wealth-building opportunities for generations—will be allowed to turn their talent into a financial foundation.

EquiRate AI is about building wealth. NIL and revenue sharing are building wealth. Taking that wealth away hurts athletes, families, communities, and the future.

So the question is simple:

Are we going to let them steal this opportunity?

Because we should not.

And if we are serious about economic justice, worker freedom, athlete rights, and generational wealth, then we cannot.

Eric Foster
Board Chairman
Cannas Capital Holdings and EquiRate AI

For more information about Cannas Capital Holdings, EquiRate AI, and related NIL products and services, visit CannasCapitalHoldings.com or contact eric@cannascapital.com.

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I wanted to share insights from their initial advisory board meeting, highlighting the innovative approach their system brings to the lending landscape. One of the most notable aspects discussed was how EquiRate AI integrates social and community factors into the underwriting criteria, allowing for a broader and more equitable assessment of qualified applicants, particularly those from minority-owned businesses.

Drawing from my experiences as a two-time business owner, including my experiences challenges and setbacks, it’s important that many of the factors now considered by EquiRate AI would have been vital for my own business journey. These criteria are not only relevant for my personal story but are also essential for other qualified groups who, despite their potential, often face barriers to accessing lending and creating generational businesses.

EquiRate AI’s system evaluates several key elements beyond traditional financial metrics. These include:

• Continuing education, recognizing ongoing learning and professional growth beyond formal degrees.

• Financial literacy and behavior, assessing responsible financial practices.

• Housing security, such as length of residency, affordability, neighborhood stability, and community cohesion where applicants live.

• Healthcare access and transportation stability, acknowledging the critical role of health insurance and reliable transportation for sustaining business growth and preventing financial setbacks from unforeseen medical or logistical challenges.

• Community involvement and social responsibility, including participation in fraternities, sororities, civic clubs like Kiwanis or Rotary, nonprofit activities, and volunteerism.

These expanded criteria represent a transformative way of evaluating loan applicants, moving beyond conventional approaches and opening new pathways to economic opportunity. By considering the broader context of an applicant’s life and contributions, EquiRate AI helps level the playing field for those who have traditionally been overlooked by standard lending practices.

I encourage those who are interested in learning more or partnering for inclusive and equitable lending solutions to visit www.cannascapitalholdings.com or contact him directly at eric@cannascapital.com. He invites all to join in the mission to grow, advance, and bring these inclusive solutions to the market.

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Beyond Traditional Underwriting: Integrating Social and Community Factors

EquiRate AI does not simply rely on traditional underwriting models. Instead, it incorporates an additional layer by factoring in social and community elements. During our meeting, I was truly impressed by the depth at which these factors are considered within the underwriting criteria. While I have previously discussed these topics in videos and podcasts, the meeting revealed just how comprehensive our approach is.

We are actively seeking stakeholders from a wide range of industries and sectors to join our advisory board. If you are interested, there are still opportunities to get involved and help shape this transformative initiative.

Key Social and Community Criteria Considered

Among the dimensions we evaluate are educational achievement and ongoing learning. Higher educational attainment is valuable, but we also recognize the importance of continuing education. For example, individuals who have pursued college but did not complete a bachelor’s degree can benefit from having their ongoing educational efforts acknowledged as a positive factor.

As a business owner myself, the idea that continuing education could enhance my access to capital—whether for lines of credit or investment in debt instruments—is both innovative and encouraging. It opens doors for many entrepreneurs who may not fit the conventional mold.

Housing Stability and Neighborhood Cohesion

We also assess housing stability: homeownership status, duration of residence, and the overall stability of one’s neighborhood. Factors such as property values, community cohesion, and neighborhood environment are all taken into consideration. In my own journey as a business owner, living in stable neighborhoods alongside my partners could have made a significant difference in our ability to secure loans and invest in equipment. This support might have allowed our companies, like Foster McCollum White & Associates or Urban Consulting Group, to persist as strong, Black-owned businesses.

While business partnerships may not always endure on a personal level, the opportunity to continue meaningful work through financial stability remains essential.

Access to Essential Services: Healthcare and Transportation

Our approach also takes into account access to critical services, including healthcare and reliable transportation. Having health insurance is crucial for business owners and their management teams; without it, unexpected medical events can lead to overwhelming debt and the potential collapse of the business. We look for stability in health and disability insurance to help companies weather unforeseen challenges.

Transportation, too, is vital—stable and dependable transportation underpins employment and income security, both key components in long-term business sustainability.

Inclusive Income Assessment: Beyond Traditional Metrics

When evaluating income, we delve deeper than standard business or employment earnings. We consider gig economy work, seasonal jobs, and multiple income streams. Recognizing diverse income sources is a game changer, especially given that the gig economy generates trillions in economic activity not captured by traditional assessments. Including these factors ensures a more accurate and inclusive picture of applicants’ financial health.

Community Involvement and Social Responsibility

Community engagement is another pillar of our model. Involvement in volunteer work, participation in local initiatives, and relationships within fraternities or sororities all contribute to community cohesion. My own fraternity experience, along with that of my partners and family members in various Greek organizations, exemplifies the value of these connections.

Serving on nonprofit boards or volunteering in charitable activities further demonstrates commitment to the community, and these contributions are recognized in our underwriting criteria.

A Real-World Example: The Cost of Overlooking Community Ties

Consider the case of a Hispanic group with whom we worked as they navigated the licensing process in the cannabis industry. Despite their considerable expertise and strong community relationships—including involvement in Hispanic-serving fraternities and nonprofits—traditional lending systems failed to support them. As a result, a promising Hispanic-owned cannabis business was unable to survive, representing a loss for both the community and the broader industry.

Game-Changing Innovation: EquiRate AI’s Impact

What we are accomplishing with EquiRate AI is truly transformative. It’s akin to the revolutionary impact of the Golden State Warriors’ adoption of small-ball lineups and the San Antonio Spurs’ beautiful style of basketball—strategic changes that forever altered their respective sports. In the same vein, EquiRate AI is reshaping lending by broadening the criteria and creating real opportunities for Hispanic, African American, Native American, and other minority-owned businesses.

This inclusive approach to lending and access to capital is designed to increase the number of sustainable businesses and truly support the communities we serve.

Commitment to Real Change

While many claim to support minority-owned businesses, the difference lies in building real structures and putting in the hard work. At Cannas Capital Holdings, we are dedicated to making a tangible impact. We invite you to follow our journey at www.canniscapitalloldings.com and connect with us on Facebook, LinkedIn, Blue Skies, Threads, Instagram, Substack, and Apple Podcasts.

As Board Chair, I am proud of the positive change we are driving. Our mission is to empower and uplift others, and I am grateful for the opportunity to contribute to this important work.

Join the Movement

Thank you for your support. If you are interested in getting involved, please reach out to me at eric@cannascapital.com. I look forward to connecting with you and continuing this journey together.

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Drawing from my own experience as a two-time former business owner and two-time failed business owner, I can attest to the significance of this point. One of the challenges I faced was not fully understanding the business’s status during prosperous periods. At Urban Consulting Group, where I was a partner, we generated almost half a million dollars in revenue in either 2003 or 2004. However, when we applied for lines of credit and lending for capital investment, the financial institutions did not inform us where we fell short.

This lack of feedback proved to be a significant obstacle. If we had known the specific reasons for our denial and had guidance to improve our financial controls, debt-to-income ratio, or other strategies, it is possible that we might still be in business today. Unfortunately, many minority-owned businesses encounter this same barrier. They reach a certain plateau but are unable to overcome the next hurdle to become sustainable, falling short without understanding why.

To address this gap, Cimone and the team at EquiRate AI have built a system that provides clear output of information when you apply for lending and our equity rate is part of the underwriting criteria. This system delivers not only the reasons for funding denial but also supportive services to help businesses address deficiencies and position themselves for future success. I believe this is one of the most important aspects of our solution and a source of great pride in the work we do at Cannas Capital.

If you are interested in collaborating with us or joining our advisory board, please reach out. My email and our website links are included in the attachment information. Thank you for your interest, and we look forward to having you as part of our team at Cannas Capital Holdings and EquiRate AI.

Eric Foster
Board Chairman
Cannas Capital Holdings, LLC
www.cannascapitalholdings.com
eric@cannascapital.com

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A System That Goes Beyond Basic Criteria

We set out to create a system that evaluates businesses seeking lending with a thorough approach, considering factors well beyond standard underwriting criteria. Understanding why you were denied funding—and how to improve—can be essential for business owners. Let me share why this is so critical.

Personal Experience: The Need for Meaningful Feedback

As a two-time failed business owner, I have firsthand experience with the challenges of running a business. Despite having contractual revenue and reaching notable milestones, my partners and I could not keep our businesses open. At Urban Consulting Group, for instance, we generated nearly half a million dollars in revenue one year. However, we struggled with poor financial controls and lacked expert advisors to guide us, ultimately reaching our collective limits in knowledge and strategy. While I was open to outside help, my partners felt differently, and I chose not to push the issue. That decision, unfortunately, contributed to our business’s downfall.

The Impact of Lacking Feedback

That particular year, we applied for lines of credit and loans to invest in our company’s growth. After being denied, we received no feedback from the financial institutions explaining what our deficiencies were or how we could address them. EquiRate AI is designed to fill this gap by informing applicants why they were not approved and what steps they can take to fix those issues moving forward.

An Analogy: Car Repairs and Business Feedback

Imagine taking your car to an auto repair shop when it breaks down. If the mechanic only tells you that your car doesn’t work and charges you $500 without explaining what’s wrong or how to fix it, that information isn’t helpful. Similarly, many funding applicants are told they are denied but are not given the reasons or guidance needed to improve their chances in the future. Our solution aims to provide that necessary feedback and support.

Supporting Minority-Owned Businesses

Our goal is to ensure that Black-owned, Hispanic-owned, Indigenous American-owned, Asian American, Native Hawaiian, Pacific Islander, Arab, Chaldean American, and Jewish American businesses, among others, have a fair chance at success. Too often, these businesses are denied funding without meaningful explanations, despite significant progress or revenue. When my own company was nearing half a million dollars in revenue, we should have at least understood the next steps required to reach important benchmarks, but that clarity was missing. Eventually, as sales declined, the company closed its doors.

Building a Roadmap to Success

EquiRate AI’s system is designed to provide applicants with a clear understanding of what is missing and offer a roadmap—including counseling and support—to help them qualify for approval. This approach creates opportunities for more sustainable, thriving minority-owned businesses that can survive and extend their livelihoods.

Invitation to Collaborate and Partner

This is one of the most important takeaways from our Advisory Board meeting: having a system that explains why you haven’t reached success and how to get there is vital. I am proud to be part of a team that builds real pathways to better opportunities and a brighter business future. We are currently seeking individuals to join our advisory board and partners who are interested in working with us at Cannas Capital.

If you are interested, please reach out via email at eric@cannascapital.com or visit our website at www.cannascapitalholdings.com. We welcome the opportunity to collaborate, partner, or have you join our advisory board.

Understanding Failure and Building Success

To achieve real solutions, it is crucial to understand where you fell short and what steps are necessary for success. This perspective applies not only to business but also in other areas, like sports. For example, in the ongoing NCAA March Madness tournament, teams such as Siena College and Santa Clara University can use assessment of their shortcomings as a roadmap to improve and win more games in the future.

Closing Thoughts and Call to Action

Thank you for your time. I look forward to connecting with you and working together as part of this transformative system. Follow us on Instagram, LinkedIn, our website, Substack, and Apple Podcast channel for updates and more information. Once again, I’m Eric Foster, Board Chair at Cannas Capital Holdings and for the EquiRate AI Solution. Have a blessed day.

Eric Foster

Board Chairman

Cannas Capital Holdings, LLC

Email: eric@cannascapital.com

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From federal policy problems to state-level setbacks, operators and stakeholders are navigating a business environment marked by challenge, uncertainty, and rapid change. In moments like this, one question matters more than most: how are businesses preparing, and who is bringing real solutions to the table?

In this short video, Eric Foster, Board Chairman of Cannas Capital Holdings and lead on the EquiRate AI initiative, explains why Cannas Capital created EquiRate AI.

The issue is straightforward. Many lending and underwriting structures used in cannabis finance are still based on traditional business assumptions that do not fully reflect the realities of cannabis businesses, especially minority-owned firms. That creates barriers to approval, capital access, and more inclusive market growth.

EquiRate AI is designed to help address that problem by supporting a more informed and equitable underwriting approach for the cannabis industry.

Visit: www.cannascapitalholdings.com

Email Eric at eric@cannascapitalholdings.com

#CannabisIndustry #CannabisFinance #EquiRateAI #CapitalAccess #InclusiveLending #CannasCapital #MinorityBusiness

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Eric Foster, Board Chairman of Cannas Capital Holdings and lead on the EquiRate AI initiative, explains why Cannas Capital created EquiRate AI.

The central point is simple: sitting back and hoping someone else will solve the problem is not a strategy. If businesses of color are going to grow, sustain themselves, and compete more effectively, they need practical tools and solutions that take into account who they are, what they bring to the table, and where they are in their journey.

EquiRate AI was created to help bridge some of those gaps and support a more proactive approach to capital access and opportunity.

Visit: www.cannascapitalholdings.com
Contact: eric@cannascapital.com

#MinorityBusiness #EquiRateAI #CapitalAccess #CannasCapital #InclusiveLending #BusinessGrowth #Entrepreneurship

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I’m Eric Foster, Board Chair of Cannas Capital Holdings and EquiRate AI. This video is a direct invitation to join our EquiRate AI Advisory Board.

Why this matters

If a model is intended to support financial inclusion at scale—across communities and across institutions—it needs more than a strong internal team. It needs external perspectives, real-world expertise, and cross-sector credibility.

Even with a committed board and a talented team, you can never have too many people who bring knowledge and experience—especially when the work touches:

• regulation and compliance

• financial risk and system design

• consumer trust and community adoption

• impact outcomes and equity execution

• capital infrastructure and lending practice

Who we’re looking for

We are recruiting advisors across several domains, including:

Policy & Regulatory Leaders
People who understand how lending standards and governance frameworks intersect with public policy, consumer protections, and implementation pathways.

Risk, Financial Systems, and Insurance Experts
Professionals who can assess risk structure, system design, and how underwriting and insurance frameworks shape capital availability.

Social & Economic Impact Leaders
Civil rights, community wealth builders, philanthropic leaders, and impact strategists who can help align outcomes with real community needs.

Academic & Research Experts
Financial inclusion researchers, university economic development leaders, and scholars working on the data and frameworks that drive measurable inclusion.

Capital & Financing Infrastructure
Banks, CDFIs, credit unions, and other lending ecosystem leaders who know what it takes to deploy capital at scale—responsibly and effectively.

The goal

This is not about slogans or “pie in the sky.” This is about the real work:

• helping people access capital to build sustainable businesses

• supporting job creation and higher wages

• increasing community investment

• restoring real, tangible hope rooted in results

How to join

If you want to contribute your expertise and help shape the future of inclusive lending, reach out:

📩 eric@cannascapital.com
🌐 www.cannascapitalholdings.com

Please like, subscribe, and share this message with a leader who should be in the room.

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I’m Eric Foster, Board Chairman of Cannas Capital Holdings and EquiRate AI (formerly Bank Black). I’m inviting leaders from across sectors to join our EquiRate AI Advisory Board.

Why we’re building an Advisory Board

EquiRate AI is focused on modernizing how access to capital works—especially for communities that have historically been underserved or evaluated through outdated lending assumptions.

But here’s what experience taught me (including as a former business owner who learned the hard way):
You can’t limit the people in the room when you’re building something that has to work in the real world.

Inclusive lending isn’t only about underwriting.
It’s also about:

• Communication and trust

• Community access and engagement

• Consumer understanding and adoption

• Regulatory alignment and compliance

• Practical pathways for borrowers to navigate the system

Why diverse backgrounds matter

As we build, we’re already seeing how valuable cross-sector voices are. For example, we have commitment from an elected State Board of Education member—someone who brings community insight and education experience. That matters because education and communication will be essential to help diverse applicants understand:

• what inclusive lending means

• how it works

• how to access it

• why it’s different from what they’ve experienced before

We need advisors who can help build bridges:

• Between lenders and communities

• Between regulators and innovators

• Between a model and the people it’s designed to serve

Who we’re looking for

We welcome individuals with experience in:

• Banking, lending, credit, underwriting, CDFIs, credit unions

• Compliance, risk, legal, governance

• State/local regulation and public policy

• Education and workforce development

• Labor and employer networks

• Community leadership and consumer engagement

• Communications and community-based outreach infrastructure

How to get involved

If you’re interested in joining our Advisory Board—or you know someone who should be in the room—reach out:

📩 eric@cannascapital.com
🌐 www.cannascapitalholdings.com

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I’m Eric Foster, Board Chairman of Cannas Capital Holdings and EquiRate AI (formerly Bank Black). This video explains why we built EquiRate AI and what problem we’re solving.

The problem: underwriting hasn’t evolved for modern reality

Traditional underwriting too often relies on narrow signals that don’t reflect the full story of a capable entrepreneur—especially for:

• Young founders early in their credit journey

• Minority entrepreneurs facing historical capital access barriers

• Small business owners building in emerging markets

• Builders with strong fundamentals but “nontraditional” profiles

That doesn’t mean risk isn’t real—it means the industry needs better tools to measure risk more accurately and evaluate applicants more completely.

The solution: EquiRate AI modernizes how lending decisions get made

EquiRate AI is structured around a simple question:
How do we improve underwriting so qualified entrepreneurs are evaluated on the totality of what they bring to the table?

Our mission is to create a more inclusive, modern approach to lending decisions—so that opportunity is not limited to people who already have access.

Why we’re starting with the cannabis industry

We’re targeting cannabis first because it’s one of the few sectors where the runway for new entrepreneurs is still real.

In industries like automotive, the scale required to start and grow into a major market leader is extreme. But cannabis remains a market where—with the right structure, support, and access to capital—new entrants can still build companies that scale significantly.

The question isn’t whether entrepreneurs exist. The question is whether the capital system is built to support the best builders—or only the most connected.

Who should connect with us

If you are a:

• Financial institution leader (banks, credit unions, CDFIs)

• Impact investor or fund manager

• Operator or entrepreneur building in cannabis or adjacent regulated industries

• Policy, compliance, risk, or fintech leader interested in inclusive underwriting

…I want to hear from you.

Contact me at:

Eric Foster

Board Chairman

Cannas Capital Holdings, LLC

Email: eric@cannascapital.com

If this message resonates, please like, subscribe, and share this video with someone building a business who needs to hear: don’t lose hope—solutions are being built.

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EquiRate AI (formerly Bank Black) is Cannas Capital’s platform and framework designed to bridge capital access gaps for cannabis businesses, small businesses, minority-owned and social equity/justice-impacted entrepreneurs, and other disadvantaged business owners.

We’re forming the EquiRate AI Advisory Board to ensure this work remains credible, scalable, and aligned with real-world financial systems. Advisory members will help shape inclusive underwriting standards, strengthen partnerships with capital providers, and support responsible capital deployment across sectors.

The commitment is designed to be manageable: one 90-minute meeting every three months, with optional touchpoints.

EquiRate AI is also in a critical standards stage tied to ASTM International ballot/standards consideration.

Interested? Please reach out to Eric Foster, Board Chairman of Cannas Capital Holdings at: eric@cannascapital.com or visit our website at www.cannascapitalholdings.com

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That’s why we’re expanding the EquiRate AI Advisory Board at Cannas Capital Holdings (EquiRate AI, formerly Bank Black). We’re inviting a broad coalition of leaders and practitioners: impact fund lenders, CDFIs, banks and credit unions (including managers), regulators and policy leaders, civil rights and economic leaders, philanthropic foundations, fintech and AI risk experts, university economic development leaders, and insurance/risk experts.

We’re building inclusive lending infrastructure that can help close the capital gap for diverse entrepreneurs who have the capability to succeed—but lack consistent access to capital.

If you want to help make the model stronger, expand the reach, and bring it to more states, please reach out to Eric Foster, Board Chairman of Cannas Capital Holdings at: eric@cannascapital.com or visit our website at www.cannascapitalholdings.com

EquiRate AI (formerly Bank Black) exists to change that. Under Cannas Capital, we’re building a system for fair, measurable, standardized access to capital—so risk is evaluated transparently and responsibly, not inconsistently.

Now we’re forming the EquiRate AI Advisory Board—national leaders from financial institutions, policymakers, impact funds, and industry pioneers—to help shape the standards and frameworks around inclusive lending and responsible capital deployment.

EquiRate AI is also moving through a key standards stage, including ASTM International ballot/standards consideration.

If you want to help shape inclusive lending standards, please reach out to Eric Foster, Board Chairman of Cannas Capital Holdings at: eric@cannascapital.com or visit our website at www.cannascapitalholdings.com

At Cannas Capital, we’re building the EquiRate AI Advisory Board to guide the next phase of our solution (formerly Bank Black): inclusive lending infrastructure built for cannabis banking and cannabis-related business lending, with a roadmap to expand into other markets.

We’re inviting leaders from banks, credit unions, compliance, underwriting, CDFIs, impact finance, and community development to help shape product direction, market fit, and the real-world rules that make inclusive lending durable.

EquiRate AI is also entering a critical standards moment, including ASTM standards-related consideration connected to inclusive lending.

If you want to help define what “inclusive lending” should actually mean in practice, reach out to Eric Foster, Board Chairman of Cannas Capital Holdings at: eric@cannascapital.com or visit our website at www.cannascapitalholdings.com

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Several states have begun exploring or implementing state-backed cannabis lending programs, which function similarly to the Small Business Administration (SBA) but are tailored specifically for the cannabis industry within their jurisdictions. However, these initiatives are still in their early stages and have yet to establish defined, scalable structures that can serve as models for financial institutions aiming to support lending in this sector.

In this context, we are extending an invitation to members of the impact investing community, charitable foundations, and those involved in restorative economic and socioeconomic investment sectors to engage with us. We believe that, with your support, our current efforts can serve as a proven model for enabling potential innovators to enter the cannabis industry and become the next generation of prominent business leaders—individuals who may mirror the impact of historical figures like Henry Ford, Thomas Edison, George Westinghouse, or Cornelius Vanderbilt. By supporting a more diverse and decentralized economic landscape, we can move beyond an industry dominated by a handful of large companies and foster a future filled with opportunity.

The Bank Black initiative positions itself as a crucial catalyst in this transformation. While our initial focus is on the cannabis industry, we are confident that the framework we are developing can eventually be adapted to benefit other sectors such as clean energy and advanced manufacturing. By starting with cannabis, we aim to refine our approach and ensure its effectiveness before expanding to additional industries.

Ultimately, this is a pivotal opportunity to address longstanding challenges and lay the groundwork for emerging entrepreneurs to grow and establish their businesses as the new titans of industry. Achieving this vision requires a central, connective catalyst—one that brings together resources, support, and investment. With your partnership, we can invest, achieve, and grow together.

In closing, the Bank Black cannabis-compliant banking and capital solution stands as the right answer for this moment. We face a critical juncture: without the implementation of tools like this, the cannabis industry may struggle to withstand competition from major players in other sectors, such as big alcohol. Recent data indicates a shift in consumption patterns, with increased cannabis use correlating with decreased alcohol consumption. It is likely that large alcohol companies will seek to dominate or suppress the cannabis industry, much as was seen in the 1930s. Therefore, we have a limited window to act decisively and secure the future of this industry. I invite you to join us on this journey.

—Eric Foster, Board Chair, Cannas Capital

Email: eric@cannascapital.com

We are at a pivotal moment to change the trajectory for future generations. Cimone Casson, our CEO and a fellow child of the 1970s, recognized this need and developed the bank black initiative. Like many of us, she understands the importance of helping people not just achieve their dreams, but also build sustainable opportunities that enable them to grow, support their families, hire and train others, and inspire further entrepreneurship. The vision is clear: if we want to transform our communities and reshape the economic landscape for Generation Z and beyond, we must act now. The bank black program stands as a vital tool in creating opportunities that will endure for the next several decades.

The Importance of Investor and Impact Community Support

Investor and impact communities play a crucial role in this journey to restore hope in America. The bank black initiative is focused on expanding access to capital for businesses, especially in industries with significant growth potential. The cannabis industry, though facing its own set of challenges, presents a unique opportunity for young entrepreneurs. Unlike other sectors dominated by entrenched corporations, the cannabis space remains relatively open, with corporate cannabis companies controlling only a small share of licenses and revenue. This creates fertile ground for new businesses, particularly for individuals from diverse backgrounds. Diverse communities bring strength and vibrancy, and supporting their growth benefits everyone.

Innovative Lending and Support Systems

The bank black program is distinguished by its approach to lending and business support. Using AI-powered underwriting, the initiative assesses the totality of each applicant, incorporating factors such as social capital, community impact, and other relevant considerations. This comprehensive evaluation increases the likelihood of approval for a broader range of entrepreneurs. In addition, the program provides robust back-office support, ensuring that both individuals and their businesses have the resources needed to scale and achieve long-term financial viability and creditworthiness.

Bank Black is a standards-aligned answer:
• Michigan All Star Program (Foster + Casson): A nationally recognized social-equity procurement blueprint, adopted by other states.
• ASTM Global Standard Guideline (authored by Cimone Casson; at ballot): The first international standard for inclusive lending & risk management.
• Patent-pending AI underwriting: Uses alternative data—community impact, tax compliance, business performance—for fair, transparent capital.

What partners can do now:
• Foundations & charitable trusts: Structure PRIs, recoverable grants, or join a pooled donor collaborative with examiner-ready reporting.
• Impact investors, CDFIs, credit unions: Co-design a de-risked lending lane with governance, compliance, and parity metrics.
• State regulators: Align programs to ASTM + All Star models to scale access statewide.

Let’s move from pessimism to pathways—ownership, jobs, and durable local wealth.

🔗 Learn more: https://cannascapitalholdings.com/bank-black-by-cannas-capital-holdings/
📧 Contact: eric@cannascapital.com

Eric Foster

Board Chairman

Cannas Capital Holdings, LLC

#BankBlack #ImpactInvesting #Philanthropy #InclusiveFinance #FairLending #CannabisBanking #SocialEquity #AIUnderwriting #ASTM #PRI #RecoverableGrants #CDFI #EconomicInclusion #YoungEntrepreneurs #PublicPolicy #StateRegulators

The Bank Black Initiative answers with standards-aligned compliance, a state-adopted supplier diversity and community reinvestment blueprint (Michigan All Star Program), and a patent-pending AI underwriting engine that uses alternative data—community impact, tax compliance, and business performance—to deliver fair, transparent capital to minority and social-equity entrepreneurs in cannabis.

For foundations, charitable trusts, impact investors, and regulators, Bank Black offers de-risked structures (PRI, recoverable grants, pooled funds), auditable reporting aligned to the ASTM Global Standard Guideline (now at ballot), and measurable parity outcomes. The moment calls for practical courage—and a financing infrastructure that matches it.

Eric Foster

Board Chairman

Cannas Capital Holdings, LLC

Email: eric@cannascapital.com

#BankBlack #ImpactInvesting #Philanthropy #InclusiveFinance #FairLending #CannabisBanking #SocialEquity #PRI #RecoverableGrants #CDFI #ASTM #AIUnderwriting #CannabisPolicy #EconomicInclusion #YoungEntrepreneurs

A Century of “Good Policy,” Persistent Gaps

America has enacted many important policies intended to expand opportunity: the GI Bill (1944), Civil Rights Act (1964), Second Morrill Act (1890) creating HBCUs, NLRA and FLSA for workers’ rights, Executive Orders 8802 (ending defense-industry discrimination) and 9981 (desegregating the armed forces), EO 10925 (Kennedy) and EO 11246/11375 (Johnson) on affirmative action and contractor diversification, Community Reinvestment Act (1977), the Minority Business Development Agency, and Equal Credit Opportunity Act. These mattered—and still matter. Yet they repeatedly fell short at implementation, never fully correcting undercapitalization, under-access, and underwriting bias that block sustained progress.

The Missing Underpinning: Implementation & Sustainability

Policy wins aren’t enough unless they’re coupled to operational systems that endure. Without a durable financial and capability underpinning, communities cannot translate policy intent into 5-, 10-, or 40-year gains: expanding the working class, growing the middle class, and producing more upper-income wealth creators. That’s the gap Bank Black is designed to close.

Why Cannabis First

We’re initially focused on cannabis because it’s a young industry without a fully entrenched corporate overhang. There’s still room for new owners to enter and scale without being ultra-millionaires—if capital access, underwriting, and capability support are designed for real-world conditions faced by entrepreneurs of color.

The Bank Black Solution: A System Built for Real-World Conditions

1) Socioeconomically Sensitive Underwriting.
Traditional credit scoring misses the lived economics in communities of color. Bank Black’s underwriting expands the lens— “credit-worthiness in context”—to incorporate additional risk-relevant factors that better reflect reality, translating the spirit of ECOA and CRA into 2025-ready practice. (Don’t build a 1969 Plymouth Valiant in 2025—update the model.)

2) A Capital Stack that Crowds In Participation.
We braid state-level participation (where aligned majorities exist), impact investors, philanthropy, and mission finance to buttress lending and de-risk bank participation—similar to how SBA enhances credit markets, but tailored for cannabis and social-equity outcomes. States like Maryland, Illinois, Connecticut (and potentially Virginia with the right leadership) can be key partners; so can foundations and impact capital that want measurable inclusion outcomes.

3) Ongoing Capacity-Building: Operations, Finance, Sales/Marketing.
Capital alone doesn’t guarantee survival. We embed education and technical assistance to strengthen operations, financial management, and sales & marketing—the three areas many founders (myself included, earlier in my career) learn the hard way. We coach businesses to build differentiation (“you’re not special unless you make it so”), move customers through a disciplined purchasing journey, and grow from startup to mid-market ($20–$40M revenue), fueling local procurement and job creation.

Demand-Side Capitalism & the Four-Leg Economy

I’m a demand-side capitalist, drawing on thinkers like Hyman Minsky and Thomas Piketty. A healthy economy stands on four legs: consumers, education & nonprofits, government, and business. When we invest in communities of color, everyone benefits—including white Americans—through more spending, hiring, and stability. This isn’t zero-sum; it’s multiplicative.

Standards & Validation

The model is being considered at ASTM International as a potential standard for social-capital lending—a meaningful step to codify compliance, safety, and good-practice metrics that accelerate adoption and trust.

Why This Matters—for Everyone

When Black, Indigenous, and Hispanic/Latino communities grow economically, entire regions grow. A stronger tax base, better schools, more resilient small-business ecosystems, and broader supply-chain participation help all residents, allies and critics alike.

A Call to Build What Lasts

Policy is vital—but systems create permanence. Cannabis, as a young sector, gives us the chance to get it right now, before “too big to compete” dynamics harden. Bank Black is how we turn good policy into durable outcomes—with underwriting that sees people as they are, capital stacks that invite participation, and education that compounds growth. This is the way.

Call to action

We’ve met with state entities and impact partners. Some are not there yet—but momentum is building. Let’s seize this moment and build a foundation that lets us look back 50 years from now and say, we did something that lasted. Thank you—and I look forward to what we build together.

For additional information:

Eric Foster

Strategic Policy Executive

Board Chairman

Cannas Capital Holdings, LLC

Email: eric@cannascapital.com

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That’s where impact investors must come in.

I’m Eric Foster, Board Chairman of Cannas Capital Holdings, and our team is leading one of the most important efforts in cannabis finance today: building a lending infrastructure that doesn’t leave equity licensees behind. We’re doing that through the Bank Black™ Cannabis Compliant Banking & Lending Solution—a proven model for connecting licensed cannabis operators to capital within a compliant, mission-driven framework.

But the big banks still aren’t here. And even when states like Maryland, New York, Illinois, and Michigan put public lending guarantees in place, those funds need supplemental capital to work for small businesses at scale.

That’s why we’re seeking the support of the impact investment sector for a parallel effort: the creation of an Impact-Backed Investment Fund to operate alongside these state-backed guarantees. This fund would provide:

• Loss reserve capital to support loan security for participating banks and credit unions.

• Direct-deployed impact investment for social equity and justice-impacted licensees.

• A scalable, replicable capital deployment strategy that aligns with ESG and SRI priorities.

• Ground-level economic development support in marginalized and excluded communities.

Let’s be clear: this is not a charity play. The cannabis sector—especially when structured through secure, compliant channels—offers strong yield potential, community investment returns, and racial equity impact that few sectors can match.

So here’s the call: We’re ready to build a compliant, equity-first cannabis lending system that can scale across states. But we need capital partners who understand the power of social finance.

Whether you’re an ESG fund, a community investment fund, or a private equity group focused on real inclusion, we invite you to meet with us. Let’s talk about what it would look like to anchor a new kind of lending future—one that does what public programs alone cannot.

Reach me directly at eric@cannascapital.com or visit www.cannascapitalholdings.com to learn more.

Let’s not wait for Wall Street to solve this. Let’s build it—with purpose and with capital that matches our mission.

Eric Foster
Board Chairman, Cannas Capital Holdings
📧 eric@cannascapital.com
🌐 www.cannascapitalholdings.com

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