According to a report from the Wall Street Journal, famous rapper and entertainment mogul Jay-Z, has set up a $10 million fund for cannabis startups that are owned by minority groups.
Jay-Z unveiled his marijuana brand Monogram during October and serves as Caliva’s major brand strategist, asserted that people of color own a small percentage of cannabis ventures.
Jay-Z’s role in the California-based firm, Caliva, entails job training, advocacy and overall labor force and personnel development for previously convicted folks seeking to be part of the cannabis industry.
The $10 million grant was obtained from December’s $575 million acquisition of CMG Partners Inc. and Lest Coast Ventures Inc. by the Vancouver-based Subversive Capital Acquisition Corporation. According to the report, Carter’s cannabis brand will be a joint partnership with the absorbed firm- to be dubbed TPCO Holding Corporation.
Sean asserted that the firms ‘ethos and expertise’ fostered a strong partnership for the ordeal. Part of the Subversive contract will allow TPCO to use Sean’s funds and offer an extra 2% net profit each subsequent year.
Roc Nation’s Top Executive, Perez Desiree, will be in charge of the funds and every marijuana start-up they select will get about $1 million.
Based on a 2017 survey conducted by Marijuana Business Daily, 4.3% of marijuana business proprietors and founders were Black and 19% of those who founded or own them business were classified as a racial minority.
Jay-Z is the most recent rapper to indulge in the marijuana sector. Snoop Dog released his brand, Leafs during 2015. According to a Green Horizons evaluation during mid-2020, the brand was the most recognizable. However, the analysis also concluded that no brands were recognized by more than twenty-three percent of users.
In 2019, Tauheed Epps ‘2 Chainz’ unveiled the Gas Cannabis Company with Mazel Management Group and Green Street Agency.