Rapper Jay-Z, whose real name is Shawn Carter, is teaming up with cannabis company TPCO Holding Corp. to put $10 million into investing into minority-owned ad Black-owned marijuana businesses.

TPCO Holding Corp., also known as the parent company, has said that the fund is aimed at correcting “the wrongs of prohibition through diversifying both the business leadership and workforce of the cannabis industry.”

The company said it will be putting up the initial multimillion-dollar amount for the fund and commit to contributing “at least 2% of its net income” to investing in minority-owned and Black-owned cannabis businesses.

“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 said.

The Wall Street Journal has reported that Jay-Z ‘s cannabis line Monogram will also be working with the company as a joint venture.

Jay-Z, who serves as the company’s chief visionary officer, said the recent news marked “an incredible time for this industry” in a statement.

“The end of cannabis prohibition is here, and The Parent Company will lead the charge to a more expansive and inclusive cannabis industry,” said the rapper.
“We are paving a path forward 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,” he added.

“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,” Jay-Z told WSJ.


Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Nevada Issues First Cannabis Consumption Lounge Licenses
26 June 2023
New York Has Approved 36 New Marijuana Grow Licenses
09 May 2022
Psilocybin Dosing Tips
11 November 2023