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.

Pre-GRAMMY Gala and GRAMMY Salute to Industry Icons Honoring Sean "Diddy" Combs - Inside
BEVERLY HILLS, CALIFORNIA – JANUARY 25: Jay-Z attends the Pre-GRAMMY Gala and GRAMMY Salute to Industry Icons Honoring Sean “Diddy” Combs on January 25, 2020 in Beverly Hills, California. (Photo by Alberto E. Rodriguez/Getty Images for The Recording Academy)

Read More: Jay-Z drops first products from cannabis brand Monogram

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.”

Jay-Z Ahmaud Arbery www.theGrio.com
NEW YORK, NY – JANUARY 23: Shawn “Jay-Z” Carter speaks onstage during the launch of The Reform Alliance at John Jay College on January 23, 2019 in New York City. (Photo by Nicholas Hunt/Getty Images for The Reform Alliance)

Read More: Jay-Z’s Roc Nation forms book publisher with Random House

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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