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.”
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Cannabis sales in Michigan hit $984.6 million in 2020. Medical cannabis sales accounted for $474 million for the year, while adult-use sales reached $510.7 million.
Rhode Island and the Soboba Band of Luiseno Indians received approvals from the U.S. Department of Agriculture (USDA) for its hemp regulatory proposals.
The Christmas and New Year’s holidays marked the single biggest cannabis sales period of 2020. The period between Dec. 18 and Dec. 24 generated roughly $427 million, according to
Akerna (NASDAQ:KERN). The largest sale day of the period was Wednesday, Dec. 23, with $87.3 million, making it the third largest cannabis sales of the year, just behind Green Wednesday with $87.4 million. Exceeding all expectations, New Year’s Eve was the single biggest sales day of 2020 with $89.4 million.
Subversive Capital Acquisition Corp. Closes The Largest Cannabis SPAC In History And Announces The Launch Of The Parent Company With Shawn JAY-Z Carter, Roc Nation, Caliva, And Left Coast Ventures
The Parent Company, Formerly Subversive Capital Acquisition Corp., has Completed its Qualifying Transaction and is Now the Largest Vertically Integrated Cannabis Operation in California
Shawn JAY-Z Carter, Chief Visionary Officer of The Parent Company, Leads Brand Strategy and The Parent Company Social Equity Ventures, a Corporate Venture Fund Investing in Black and Minority-owned Cannabis Businesses
The Parent Company is the Most Well-Capitalized Cannabis Company in the U.S. and is Positioned to Consolidate and Reshape the Market in California and Beyond
These types of deals are occurring more often as a less costly and more efficient go-public strategy.
Recall in November how
Caliva and entrepreneur Shawn Carter (aka Jay-Z) inked the largest ever SPAC deal with
Subversive Capital Acquisition Corp. (OTCQX:SBVCF). The SPAC would acquire Caliva and Left Coast Ventures for a respective $282.9 million and $142.2 million.
But SPACs must clear several hurdles in 2021 to remain a popular and effective investment alternative.
SPAC Deals May Close In Just A Few Months
The traditional initial public offering (IPO) process is expensive and time consuming. SPACS allow companies to go public without spending as much money or time on the process.