Jay Z, whose real name is Shawn Carter, just became the latest celebrity to jump into the marijuana industry.
The rapper launched his premium cannabis brand Monogram last week with products including several strains designated as light, medium and heavy. The products are available in pre-rolled cigars, joints and tins of cannabis flower and retail between $40 and $70.
In a statement obtained by CNBC, Jay-Z said his vision for the brand is “cannabis redefined.”
“Cannabis has been around for thousands of years, yet it is still an industry whose legacy of skilled craftsmanship is often overlooked,” said the billionaire mogul. “I created Monogram to give cannabis the respect it deserves by showcasing the tremendous hard work, time and care that go into crafting a superior smoke. Monogram products are next level when it comes to quality and consistency and we’re just getting started.”
Monogram is the brainchild of Jay-Z’s partnership with Caliva. The entrepreneur joined forces with Caliva in July of last year to bring the vision for his flagship cannabis line to life.
It was last month that Subversive Capital Acquisition Corp. agreed to acquire Caliva and another established California cannabis company called Left Coast Ventures to form a new entity called The Parent Co.
Subversive Capital Chairman Michael Auerbach, told CNBC, “Certainly Jay-Z and the affiliation with Roc Nation is going to get eyeballs on our company and eyeballs on our stock. We expect there’ll be a lot of influx in our name because of that relationship.”
Jay-Z will take on an executive leadership role in The Parent Co. as the company’s chief visionary officer.
The Parent Co. has also signed an exclusive partnership deal with Jay-Z’s Roc Nation to market cannabis products for big names like Rihanna, DJ Khaled and Alicia Keys, among others.
The company told CNBC it hopes to reach 75% of consumers in the state of California by the end of 2021 and nearly 90% by the end of 2022 through the scaling of its omnichannel platform.