[imagesource: Mark VonHolden/Invision for HTC/AP]

In ‘So Ambitious’, Jay-Z raps:

“I felt so inspired by what my teacher said,
She said I’d either be dead or a reefer head”

Apparently, he chose ‘reefer head’, because he’s cashing in on the cannabis boom in a big way.

A number of states in the US have either legalised or decriminalised the smoking and buying of cannabis, for personal or medicinal use, and in some cases, both.

Via Forbes, the industry is on the rise, evidenced by celebs who are getting involved with high-end manufacturers, marketing cannabis in the same way that you’d market a fine cigar.

Jay-Z is the latest player in the game with his brand Monogram, launching this week with a four-strain line of craft, indoor-grown cannabis flower, and joints.

The company’s flagship product is the “OG Handroll,” a 1.5-gram joint rolled by “highly trained artisans,” the company says, that use a technique Monogram developed over a year.

The joint is made with small-batch flower and is supposed to burn like a premium cigar. And it retails for nearly twice as much at $50.

That’s upwards of R750 a joint.

The strains are labelled No. 88, No. 96, No. 70, and No. 01, and come in three strengths: light, medium, and heavy.

Michael Auerbach, the founder and chairman of Subversive Capital Acquisition Corp (SPAC), which recently announced its acquisition of Jay-Z’s Monogram and California cannabis company Caliva, says that he’s not an average frontman.

“He’s a real executive, he’s not some ancillary ambassador who says something nice about us once a year,” says Auerbach. “He’s the tip of our spear who’s building out our house of brands, like he has done with Aces of Spades and D’Ussé.”

In 2019, Jay-Z joined the Caliva team as their brand strategist, which is where he developed Monogram.

Auerbach’s SPAC announced a deal to acquire Caliva and Monogram, in a joint venture between Jay-Z and Caliva, and Left Coast Ventures.

The new name for Auerbach’s company is ‘The Parent Co.’.

“We are looking at building the first 100-year company in cannabis, and he was looking at it in the same way,” says Auerbach.

“What does the first 100-year company in this industry look like? How do we create a generational company that will dominate the industry globally? And ‘The Parent Co.’ is a meta name that represents what we’re trying to do.”

He says that artists and athletes including Rihanna will play a crucial role in the development of future cannabis brands.

In addition to developing brands and business strategy, Jay will also lead the company’s social justice program. The venture fund has been seeded $10 million and the company will give 2% of its net income each year in order to invest in Black and other minority-owned cannabis business.

Warren Buffett once said about Jay-Z:

“For a young person growing up, he’s the guy to learn from.”

As for Jay-Z, when asked about the new venture, he simply said: “We’re just getting started.”

[source:forbes]