Jay Z Quickly Becomes One of the Highest Profile Celebrities in Cannabis
Rapper Jay Z has moved quickly in the fall of 2020 into the cannabis business. In October, he released his own line of cannabis products, called Monogram. In late November, he was named Chief Visionary Officer of a new global cannabis venture.
The rapper, whose given name is Shawn Carter, immediately said he will use his new position to build the brands Caliva and Left Coast Ventures Inc. and lead an effort to create an inclusive cannabis community. He is the latest in a long list of celebrities to enter the cannabis business.
“Although we know we can’t fully redeem the injustices created by the ‘war on drugs,’ we can help shape a brighter and inclusive future,” Jay-Z said in a statement. “The brands we build will pave a new path forward for a legacy rooted in equity, access, and justice.”
Jay Z, Roc Nation to Work on New Venture
Caliva and Left Coast Ventures have both been purchased by Subversive Capital Acquisition Corp., a special-purpose company that’s growing in the cannabis business, according to Bloomberg. They also created a new holding company for Caliva and Left Coast Ventures called TPCO Holding Corp.
They expect revenue from the two companies to jump fast, from $185 million in 2020 to $334 million in 2021. The partnership with Jay Z is expected to help fuel that growth.
Between the two companies, they can both manufacture cannabis products and sell them directly to consumers. That’s good news for the cannabis curious who want to experience what Jay Z has to offer.
In a news release on the partnership, Subversive wrote that Jay Z’s entertainment management company, Roc Nation, will be part of the deal with its “roster of culture-making artists, athletes and influencers. The brands we build together will pave a new path forward for a legacy rooted in equity, access, and justice.”
It’s Been Jay Z’s Cannabis Year in 2020
If all this sounds a bit familiar, it’s because it’s been Jay Z’s year when it comes to cannabis ventures. In October, he launched Monogram, his own line of cannabis products.
The Monogram line is small batch cannabis allowing the company to “find the nuance between harvests” and bring the most out of every flower. While the company website does not list products, it gives you a chance to offer your information to get news on where and how to get Monogram products.
Jay Z developed Monogram in a partnership with Caliva. Bloomberg wrote that Jay Z brings a new level of promotion to Caliva and Left Coast Ventures, adding that Jay Z is “a top-selling rapper who has started his own music label, clothing line and chain of sports bars, may help the brands develop the necessary cachet.”