Jay-Z on Black ownership in cannabis industry: ‘I wanted to do my part’
The rap icon sat down with the Wall Street Journal to break down his $10 million fund
In a recent piece, hip-hop mogul Jay-Z spoke with the Wall Street Journal on Black ownership in the cannabis industry.
After dropping his first cannabis line MONOGRAM this past December, Jay-Z is doing his best to support minority-owned cannabis businesses. In partnership with The Parent Company, Jay-Z has launched a $10 million fund in seed money in order to push for “equitable economic opportunity in the cannabis sector.”
The rap icon sat down with the Wall Street Journal to talk about his fund and how the cannabis industry has shifted and subsequently affected the Black community.
Speaking on how the cannabis business has changed over the years, Jay-Z told the WSJ, “It’s really unbelievable how that can happen…we were the ones most negatively affected by the war on drugs, and America has turned around and created a business from it that’s worth billions.” Jay-Z is certainly right about the massive shift when it comes to cannabis as a business.
The WSJ reports that since California legalized medical marijuana 25 years ago, “cannabis has grown into a $20 billion legal business in the country that could surpass the $70 billion market for U.S. wine by 2030, according to an estimate by the New York investment bank Cowen & Co.”
The fund, run by Jay-Z and chief executive of Roc Nation Desiree Perez, will invest “as much as $1 million in each startup cannabis company they choose.” Jay-Z told the WSJ, “I wanted to do something in a real, concrete way, where I do my part.”
Between his recently launched fund, MONOGRAM and his new position as chief visionary officer of Subversive Capital Acquisition Corp., the hip-hop star is doing his best to challenge inequality in the cannabis industry.
You can read the full sit down with Jay-Z and the Wall Street Journal, here.
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