*Jay-Z is launching a fund to invest in minority-owned cannabis startups.
In a new interview with The Wall Street Journal, the rapper speaks about his first cannabis brand, MONOGRAM, social justice within the cannabis industry and the $10 million fund he has launched in partnership with The Parent Company to invest in minority-owned cannabis startups.
“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,” the shared with the publication. “It’s not a spreadsheet, it’s real people…I wanted to do something in a real, concrete way, where I do my part.”
According to a press release, JAY-Z’s MONOGRAM is a joint venture between him and TPCO Holding Corp., a newly formed company resulting from the acquisition of Caliva and Left Coast Ventures by Subversive Capital Acquisition Corp. Mr. Carter’s fund is starting with $10 million in seed money as a result of the acquisition, with TPCO committed to inject another 2% of net income every year thereafter.
— Vipal Monga (@vipalmonga) January 20, 2021
The Social Equity Ventures fund was created to promote Black participation in the cannabis industry.
“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 said to WSJ. “I wanted to do something in a real, concrete way, where I do my part.”
The Social Equity Ventures fund will donate up to $1 million to each cannabis startup it backs. It will be run by Jay-Z and Roc Nation’s CEO, Desiree Perez.
We previously reported, Jigga’s first line of cannabis is a joint venture with California-based weed company Caliva. Monogram debuted its website and Instagram account in October, providing fans with a glimpse of the product.
“Cannabis has been around for thousands of years, yet it is still an industry whose legacy of skilled craftmanship is often overlooked,” shared Mr. Carter in a press release. “I created MONOGRAM to give cannabis the respect it deserves by showcasing the tremendous hard work, time and care that go into crafting a superior smoke. MONOGRAM products are next level when it comes to quality and consistency and we’re just getting started.”
The full Wall Street Journal article detailing the new fund can be found here.