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Jay-Z raises $10 million for a fund designed to invest in minority-owned cannabis businesses following the industry s largest-ever SPAC
Jay-Z raises $10 million for a fund designed to invest in minority-owned cannabis businesses following the industry s largest-ever SPAC
Emily GraffeoJan 22, 2021, 00:18 IST
Alberto E. Rodriguez/Getty Images
Jay-Z raised $10 million for a fund designed to invest in minority-owned cannabis businesses.
The funding is a byproduct of a recently completed
SPAC mega-merger.
.
Jay-Z has raised $10 million to invest in minority-owned cannabis businesses. The funds are a byproduct of the industry s largest-ever SPAC merger.
The legendary rapper - real name Sean Carter - told The Wall Street Journal he was motivated by the imbalance in the marijuana business, where people of color have been disproportionately punished for illegal use of the drug. Carter also highlighted that those same individuals make up just a small number of those who make mon
Rapper Jay-Z invests in minority cannabis ventures
Issued on:
21/01/2021 - 19:12 2 min
Washington (AFP)
Superstar rapper Jay-Z has launched a new $10 million cannabis venture to invest in Black-owned firms, in an effort to help a community that historically face more harsh punishment for marijuana use.
Shawn Jay-Z Carter, already a cannabis entrepreneur, will serve as chief visionary officer of The Parent Company (TPCO), which aims to help rectify the wrongs of cannabis prohibition. We are focused on diversifying both the business leadership and workforce of the cannabis, the company said in a recent statement.
The fund launches at a time when US states have legalized marijuana use, and more cannabidiol products have become ubiquitous, sparking an investment frenzy.
According to the WSJ, the billionaire Hip Hop mogul has linked with Roc Nation CEO Desiree Perez to launch a $10 million fund for minority-owned marijuana businesses.