Jay-Z has continued his foray into the marijuana industry, becoming the Chief Visionary Officer of a new cannabis company.
Last month, the rapper revealed his new new cannabis brand called Monogram, and was named Chief Brand Strategist for California-based cannabis company Caliva last year.
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The deal comes as the SPAC have acquired Caliva and another company called Left Coast Ventures, a cannabis and hemp producer. They will all come under the umbrella of the TPCO Holding Corp, of which Jay-Z will be Chief Visionary Officer.
Billboard describe the new deal, which also extends to artists that work with Jay-Z’s Roc Nation management company, as “a corporate venture fund that will invest in Black and minority-owned cannabis businesses and contribute to progressive criminal justice initiatives”.
Jay-Z said in a statement: “Although we know we can’t fully redeem the injustices created by the ‘war on drugs’, we can help shape a brighter and inclusive future.
“The brands we build will pave a new path forward for a legacy rooted in equity, access, and justice. We’re creating something people can trust and we’re investing in our future, our people, and our communities.”
In a statement last year, after being appointed as Caliva’s Chief Brand Strategist, Jay said: “Anything I do, I want to do correctly and at the highest level.
“With all the potential in the cannabis industry, Caliva’s expertise and ethos make them the best partners for this endeavor. We want to create something amazing, have fun in the process, do good and bring people along the way.”
In other Jay-Z news, the rapper is working with Will Smith on a new documentary about the life of Emmett Till and his mother at ABC.
Women Of The Movement will be a six-episode limited series focusing on Mamie Till Mobley and the moments sparking the beginning of the Civil Rights movement in the USA.