Superstar rapper Jay-Z has initiated a $10 million fund to invest in the minority and Black-owned cannabis ventures. The musician and business tycoon will collaborate with cannabis company TPCO Holding Corporation, popularly known as The Parent Company, as part of the project.
Purpose of the fund
According to a recent press release, the fund is earmarked for correcting “the wrongs of prohibition through diversifying both the business leadership and workforce of the cannabis industry.”
The Parent Company said it would commit to contributing “at least 2% of its net income” to invest in and support cannabis businesses and programs owned by Blacks and minority groups.
Beyond investing, the fund will also support organizations and programs focused on diversifying the cannabis workforce through job fairs and placement, industry training and education, as well as Social Equity application support, the company stated.
The Parent Company also revealed the completion of its qualifying transaction to acquire two cannabis companies – CMG Partners In. (Caliva) and Let Coast Ventures, Inc. As The Wall Street Journal earlier reported, Monogram – a cannabis line owned by Jay-Z, will also be working with the company as a joint venture.
The end of cannabis prohibition is here
Jay-Z (a.k.a Shawn Carter) is Monogram’s chief visionary officer. In a recent statement, the rapper said the news marked “an incredible time for this industry.”
The end of cannabis prohibition is here, and The Parent Company will lead the charge to a more expensive and inclusive cannabis industry. We are paving a path for a legacy rooted in dignity, justice, care, and consistency. The brands we build will redefine growth, social impact, and social equity. This is our time. I’m proud and excited to lead the vision of The Parent Company, Jay-Z said.
In a follow-up interview with The Wall Street Journal, the musician also discussed the new fund, which is earmarked for supporting minority-owned and Black-owned cannabis businesses.
“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 celeb told the paper.
Other than Jay-Z, superstar singers Rihanna and DJ Khaled are also investors in the multi-million venture. The news comes at a time when cannabis decriminalization is a hot topic, which has gained traction on Capitol Hill. Last December, the House passed legislation that aims to decriminalize marijuana nationwide.