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.
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.”
Carter has opened up a $10 million investment fund aimed at supporting minority-owned cannabis ventures. The Social Equity Ventures Fund is sponsored by Carter and the Parent Company, the parent company of Left Coast Ventures and CMG Partners. Through this fund, Carter aims to bridge the gap between the profitable, growing field and those that were negatively impacted by the Reagan administration s War on Drugs initiative.
“It’s really unbelievable how that can happen,” Jay-Z told the
“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.”
Pot Companies Looking Ahead to Distribution: Cannabis Weekly
By
January 17, 2021
Workers wearing protective masks inspect cannabis plants inside the grow room at the Aphria Inc. Diamond facility in Leamington, Ontario, Canada, on Wednesday, Jan. 13, 2021. Tilray Inc. and Aphria Inc. agreed to combine their operations, forming a new giant in the fast-growing cannabis industry. Photographer: Annie Sakkab/Bloomberg
(Bloomberg) The U.S. marijuana industry has been so focused on the “who,” “what” and “when” of the legalization effort that many have forgotten the “how” but that’s about to change.
With Democrats taking control of the Senate, the cannabis industry can shift its focus from whether it will win national acceptance to the nitty gritty of how to sell its products. A key issue will be distribution models.