News — black businesses

The two American businessmen linked up together decades ago in the cable business when Malone made a $500,000 investment to help Johnson launch Black Entertainment Television (BET).Johnson sold BET to Viacom for $3 billion and later started RLJ Cos., a portfolio of businesses that include the Retirement Clearinghouse L.L.C. (RCH). Citing a “meeting of like minds,” Malone and Johnson announced that Malone has purchased a minority stake in RCH.

“I invested alongside Bob when he launched Black Entertainment Television. When Bob approached me to talk about his work with 401(k) auto portability, I recognized an opportunity to extend that work into practical ways to achieve inclusive capitalism,” Malone stated.

Malone is board chair of Liberty Media Corp., which owns interests in a broad range of media, communications, and entertainment businesses, according to its website.

The news comes after it was announced in July that the Retirement Clearinghouse Auto Portability program is now live for 401(k) record-keeping for large companies. Alight Solutions will lead the national launch of the program. The plan makes it easier for American workers to move 401(k) assets from one employer plan to another. That helps reduce premature cash-outs, preserve retirement savings, and improve financial well-being, according to a news release. Auto portability protects retirement savings for employees most vulnerable to cashing out, particularly Black and Hispanic workers.

A 401(k) record keeper, Alight Solutions will offer auto portability to its client base of 185 defined contribution plan sponsors serving nearly 5 million employees by late this year. Workers changing jobs cash out their 401(k) plans and pay taxes and penalties totaling $92 billion annually, reports the nonpartisan Employee Benefit Research Institute.

Johnson, founder and chairman of the RLJ Cos., and majority owner of Retirement Clearinghouse, has been a leading proponent of closing the wealth gap between Blacks and whites, using auto portability as one of the ways to achieve that. He told Black Enterprise in July that if the large 401(k) record keepers, including the likes of Vanguard and Fidelity, would embrace auto portability, it would generate $191 billion in retirement savings for 20 million Black workers over a generation.

He commented on Malone’s new investment in the news release.

“I am pleased to be working with John again to level the economic playing field for minorities. With auto portability on the cusp of mainstream adoption, our nation has a promising opportunity to finally close the retirement-savings gap for Blacks and other minorities. John and I have a long history of taking on big challenges, as we did with the founding of Black Entertainment Television, the first Black-owned company publicly traded on the New York Stock Exchange. With his guidance, we can change the status quo and do our part to close the wealth gap for America’s minority communities.”

Earnings from horticulture in the first 10 months of the year have defied the Covid-19 economic fallout to rise 8.6 per cent to Sh126 billion compared to a similar period year earlier.

The earnings were boosted by high demand of fruits as Europe, Kenya’s major market for fresh produce, saw most of the countries open up following the easing of restrictions that had been occasioned by Covid-19.

The value of exports like cut flowers reached $1.1bn (£845m) between January and October, almost 9% more than the same period last year.

Kenya’s Horticultural Directorate said there was an increase in global demand, despite concerns that the coronavirus pandemic would hit the industry.

Earlier this year the industry was alarmed at disruption caused by airlines being grounded and so unable to fly flowers as cargo to customers in Europe.

Business may have picked up recently but the sector is now growing concerned that the second wave of Covid-19 in Europe is creating uncertainty about demand for flower exports in the coming months.

Alongside exports of tea, horticulture is a major earner of foreign exchange for Kenya, which is the world’s fourth biggest exporter of flowers – after the Netherlands, Colombia and Ecuador.

Fruits export earnings rose to Sh17 billion from Sh11 billion while flowers, which normally account for the largest portion of the income from horticulture exports, raked in Sh89.6 billion — an improvement from Sh83.7 previously.

Horticulture is a major foreign exchange earner alongside tea, remittances from Kenyans living abroad and tourism.

Avocado boosted fruit sales but its harvest season has come to an end with the closure of export for the two main export varieties.

Vegetable earnings fell to Sh19 billion from Sh21 billion.

“The fruit sub-sector has been expanding and growing owing to exports of avocado and high demand for the produce in the world market,” said Benjamin Tito, head of Horticulture Directorate.

Joe’s Gourmet has proudly announced a partnership with Inland Seafood and the launch of a new product line now available in the seafood section in over 1,200 Food Lion locations. Based in Atlanta, the veteran-owned company is creating a major buzz nationwide. Together with Inland Seafood, a Georgia-based company that already operates an extensive distribution network in the U.S. Southeast, Joe’s Gourmet it is now offering a co-branded and fully Sustainable Breaded Catfish featuring Joe’s Gourmet Fish Fry.

“Here at Joe’s Gourmet, we take great pride in offering a delicious and all in one seafood breading mix that beats all the other breading mixes,” said Joe Dowell, the company’s founder. “We are simply offering the best fried Catfish you will ever taste and our growing number of customers are backing this claim with full confidence in our products,” he added.

Joe’s Gourmet has also been recently featured on ABC’s Shark Tank where they were offered a deal by Daymond John.

In addition, the Joe’s Gourmet products use a blend of herbs and spices to bring out the best in seafood without overpowering it with salt. Moreover, this tasty blend does not absorb oil and as a result, it gives a unique and delicious crispy crunch on the market’s best sustainable catfish.

“It’s the best of both worlds,” said Joe, while talking about the company’s recent partnership with Inland. “We bring a niche market of passionate fans while Inland brings marketing, manufacturing and distribution expertise. Working with their team is a dream come true for our company,” he added.

Joe’s Gourmet is a family operated business started by Joseph Dowell III after his parents gifted him their life savings. Together, the Dowell Family is pushing this business towards success.

Racial disparities within the healthcare system due to to the lingering effects of systemic racism prevent thousands of Black and Latinx patients from receiving the adequate service they deserve. One Black woman is seeking to change that by establishing a new tool to help marginalized groups connect with doctors from their communities.

Kimberly Wilson is the founder of HUED, an app created to help Black and Latinx patients connect with doctors of colors for healthcare services. Wilson created the company after her own health scare exposed her to the disparities many like her face.

“As a 30-something, I was traumatized by this experience, and in that, I realized my story is the same as countless others, though many are unequipped to be their own self-advocate,” said Wilson. “That was when I developed a solution for improving the patient care experience.”

Wilson says the COVID-19 pandemic has only given more exposure to the disparities Black and Latinx patients face when seeking healthcare services leading more consumers to the app. “Where investors and other stakeholders were uninterested and unbothered by the work that HUED was doing, even just a year ago,” she explains, “there’s been a spotlight on healthcare that is helping us to validate a problem that we’ve sought to address well before this moment in time.”

The health app recently partnered with Vaseline and award-winning actress Regina King to collaborate on a search tool to help people find dermatologists and other specialist doctors of color. “Through this partnership, we co-created a search tool with Vaseline specifically focused on helping people identify and connect with dermatologists of color and those experienced in treating skin of color,” said Wilson.

“The online platform will also offer educational resources that provide expert recommendations on how to treat and monitor skin at home, understanding when to seek a dermatologist for proper care, and how to best prepare for an appointment with the right questions and what to expect.”

Wilson went on to say that she hopes the services can help combat these disparities as a start to reform the system and help those within the community. “HUED’s solution not only reduces the economic toll of payers (resulting from racial disparities),” she says, “but also drastically improves health outcomes for people of color by allowing patients to search, review, and book culturally competent physicians that specifically understand their physical, mental, and cultural needs.”

Safaricom’s half year profits slumped 6% in a sign that Africa’s telecoms sector may not be immune from the commercial upheavals of Covid-19.

After-tax profits at the Kenyan telecoms giant fell to Ksh33.07bn ($303.7m) in the six months to September from Ksh35.2bn the year before as flagship mobile money service M-PESA and voice revenues declined, even as mobile data usage increased.  

The scrapping of charges for M-PESA transactions under Ksh1000 in a bid to reduce physical transactions amid the pandemic led M-PESA revenue to decline 14.5% year-on-year. The firm said it had enabled “zero-rated” M-PESA transactions worth KSh1.76trn during the pandemic. Voice declined 6.5% year-on-year as the growth in customers and usage prompted by Covid-19 was offset by customers paying lower rates per minute. Total revenues declined by 4.1% to Ksh124.5bn, while interest before taxes, depreciation and amortisation fell 7.3% to Ksh63.4bn.

While Covid-19 has accelerated the continent’s telecoms revolution by boosting customer registration and data usage, Safaricom’s performance indicates that some of the firm’s consistently bankable services are vulnerable amid the pandemic. Outgoing voice calls account for 33.9% of Safaricom service revenue while M-PESA accounts for 30.3%.  

The results cap a challenging first few months for Safaricom chief executive Peter Ndegwa, who assumed the role in April shortly after the death of former long-time CEO Bob Collymore. 

 “There is no doubt that COVID-19 has dealt a huge blow to many people not just in Kenya, but across the globe. This has been a tough period for businesses and our customers and we committed ourselves to walk through this journey together. During this period, we took several initiatives to support our customers and the government to pull through this pandemic. This included but was not limited to zero rating M-PESA transactions below KShs 1,000, double bandwidth for our Fibre to Home/Business customers, setting up the 24/7 COVID-19 Information Centre in partnership with Kenya’s Ministry of Health amongst other activities,” Ndegwa said in a statement. 

Nevertheless, the long-term trends boosting the African telecom sector remain evident. Safaricom mobile data usage grew 14.1% year-on-year, driven by customer growth, while 4G devices using more than 1GB in the network grew 60.6% year-on-year. One month active customers grew from 28.6m at the end of Q4 2020 to 30.3m at the end of Q2 2021. Fibre to the home (FTTF) revenue grew 47.2% year-on-year with distinct customers up 56.8% as working from home increased. GSMA forecasts that the number of smartphone connections in sub-Saharan Africa will almost double to 678m by the end of 2025, with mobile data consumption expected to grow more than fourfold. Ndegwa repeated his intention to diversify the firm’s revenues.

“Over the last 20 years, Safaricom has grown to be more than just a mobile service provider. It has morphed into a digital lifestyle enabler leveraging on technology driven by our purpose: to transform lives. As we go into the next decade, we have a vision of being a purpose-led technology company by the year 2025. I aim to create a technology business by going beyond in new borders and boundaries, developing new digital ecosystems in health, agriculture and education sectors as we aim to be the technology partner for our customers.”

Since the start of the Black Lives Matter protests earlier this year, many have demanded that major corporations and institutions do more to advance diversity and inclusion within their business structures. Neiman Marcus announced this week that it will be adding to its premier beauty collection catering to women of color with an African-owned skincare brand, Yangu Beauty.

Zimbabwean entrepreneur Sipho Gumbo is the founder of Yangu Beauty and creates her products based on traditional Bantu beauty herbs used a lot in her culture. Her award-winning products all include plant-based ingredients that cater to women of color while implementing sustainable business practices.

Gumbo hopes that the new partnership with Neiman Marcus will help expose her brand to new consumers looking for high-quality products that cater to their skin. “Our brand partnership with Neiman Marcus is a validation of our quality, luxurious products that can compete head-to-head with some of the most renowned brands on the market,” Gumbo stated in a press statement.

“To be added on the Neiman Marcus list is a great achievement that we are most certainly proud of. This means a lot especially for women of color to now have a complete product line of high quality — created especially for them and available in this luxury space for their shopping convenience. We are just so excited and ask that everyone supports us to stay at Neiman Marcus for the foreseeable future.

The Central Bank of Nigeria has been forced to backtrack in its attempts to boost local milk production by restricting access to foreign exchange, but efforts to cut down Nigeria’s dependence on imports continue. Kelechukwu Iruoma reports from Lagos

In July 2019, the Central Bank of Nigeria (CBN) included milk and dairy products on its list of items not eligible for foreign exchange (FX), leading to the restriction of milk imports into the country. 

The decision banned commercial banks and other authorised dealers from accepting Form M – a mandatory document to monitor goods that are imported into the country – for milk and dairy products. This meant that milk importers would be forced to resort to the more highly priced parallel market to obtain foreign exchange, making importation more expensive.

In a statement, the CBN’s director of communications, Isaac Okorafor, stressed that the bank was not banning milk importation but that the FX restrictions were necessary to encourage local production.

The CBN’s list of items not eligible for foreign exchange was introduced in 2015 in  support of Nigeria’s policy of “backward integration” – a form of import substitution aimed at conserving foreign exchange and creating jobs. Milk now joined commodities such as rice, tomatoes and starch on the list.

Okorafor said that Nigeria had been heavily dependent on milk imports for over 60 years and there was a need to channel energy and funds into improving and increasing local production. Nigeria spends between $1.2bn and $1.5bn a year on milk imports.

He stated that the bank had approached milk importers and asked them to take advantage of the CBN’s low-interest loans to begin local milk production, but that although there had been some successes the vast majority of importers had continued to treat this “national aspiration” with “imperial contempt”.

At the same time, he stressed that the bank was “ready and able to provide the needed finance to enable investors who genuinely want to engage in milk production”.

“That is a very high import product into the country, given that it is a product that we are convinced can be produced in Nigeria,” CBN governor Godwin Emiefele told journalists after the announcement of restrictions.

Prices spike at market

Yet the decision by the CBN led to shortfalls in milk production and an increase in the prices of dairy products across the country. Milk sellers at markets in Lagos complained of scarcity and an increase in prices.

“Milk became scarce and the prices went up,” says Chinwe Amadi, a milk wholesaler at the popular Balogun market in Lagos. “The Marvel milk we had, we used to sell between N11,000 [$29] to N13,000 for the small [wholesale] size. Then we started to sell N15,000 per carton. The big size of it, we used to sell N20,000 but we started selling N25,000 per carton.”

Despite the potential for producing milk in large quantities, Nigeria’s domestic production does not meet consumer demand. Nigeria’s annual milk production is estimated at 500,000 tonnes while the annual local demand for milk stands at an average of 1.7m tonnes, with the shortfall imported into the country.

Nigeria’s cattle rearing sector has met with numerous challenges including a lack of feed, water, and poor rearing techniques. Desertification in the north as a result of climate change has led to cattle and herders travelling far south for grazing and given rise to conflict with farmers. Meanwhile, outdated cattle rearing practices also lead to lower milk yields per cow, leading local manufacturers to resist sourcing raw milk locally.  

While the CBN has been keen to reduce currency outflows through milk importation, it was clear that the local market did not yet have the industrial capability to produce the quality and quantity of milk required domestically. As a result, the CBN started giving loans to cattle farmers to boost production.

“We are determined to make milk production in Nigeria a viable economic proposition. If you need a loan to acquire land, do artificial insemination, grow grass or even provide water, we will give to you,” Emiefele said on Twitter following the announcement of restrictions.

Sourcing locally 

The CBN has also led efforts to encourage foreign milk manufacturers to source produce in Nigeria. Milk manufacturers including FrieslandCampina WAMCO Nigeria; Chi, and TG Arla Dairy Products have started to engage with state governments and local cattle farmers to partner with them to source milk locally for production.

In September 2019, the Kaduna state government signed a Memorandum of Understanding (MoU) with Arla Foods International, a Denmark-based milk production company, to source milk locally from its cattle farmers. Now operational, the aim of the project is to create 50,000 jobs. Governor Nasir el-Rufai of Kaduna said the investment in the livestock sector would help to increase production among nomadic herdsmen.

“Our hope is that what we started with Arla leads to the development of the grazing reserve in Kubau local government; and we want to develop jointly with them. [We] will show the itinerant nomadic herdsmen that it is possible to engage in modern livestock production without having to go up and down the country,” he said.

In November 2019, the Niger State government signed an MOU with FrieslandCampina WAMCO Nigeria to provide 10,000 hectares of land at the Bobi Grazing Reserve for milk production.

Policy failure?

Despite the deals, progress has been slow. The challenge of meeting targets by local farmers – who lack the equipment and expertise of industrial-scale foreign producers despite CBN support – and the unwillingness of milk manufacturers to source milk from local production led to the lifting of restrictions for some companies by the CBN in February 2020.  

The CBN asked commercial banks to start accepting Form M again from Nestlé Nigeria, FrieslandCampina, HBC Chi, Promasidor Nigeria, TG Arla Dairy Products and Integrated Dairies Limited.

The bank stated that the decision to lift the ban was due to the failure of its efforts at stimulating the local production of milk. Despite the failure to reach its ambitious target, efforts continue. It said that the aim was to increase milk production in the country to 550,000 tonnes within the next 12 months.

Citizens have been left frustrated by the experiment with backward integration. Though there is again enough milk supply in the country, prices continue to rise, said Jane Frances Onuoha, a young Nigerian citizen. 

“It is devastating that the price of milk in Nigeria is increasing on a daily basis,” she lamented. “Milk is one of the essential dairy products and it should not be expensive. We have a lot of cattle in Nigeria. So why should the price of milk always increase?”

The COVID-19 pandemic has forced many to stay indoors to combat the viral spread. While inside, people have been getting into different hobbies to promote self-care during anxious times. For one woman, her love of floral arrangements in her pastime led to a business opportunity.

Talia Boone is the founder of Postal Petals, a farm-direct delivery service that allows consumers to order flowers in bulk for DIY activities. What motivated Boone to start her business was when she wanted to make her own floral arrangements at home while in quarantine during the COVID-19 pandemic and couldn’t find any options to buy flowers in bulk for her DIY projects since she wasn’t buying as a business.

“I recognized a hole in the marketplace and decided it was a business opportunity,” says Boone in an interview with BLACK ENTERPRISE via email.”There was no farm-to-table model for fresh flowers in the same way for fresh produce boxes. Like many industries, I also saw that the flower industry was realizing that they’d need to pivot in some way to survive while in this pandemic, especially in the wake of events and weddings (some of their biggest moneymakers) being halted due to lockdowns. This was an opportunity to engage with flower farms in a way they likely would not have been open to pre-pandemic.

Boone works with local farms across the country to source her fresh flowers who were open to the opportunity after the COVID-19 outbreak disrupt their industry. “The pandemic’s impact on the flower industry led to some farm’s openness to entertaining unconventional fulfillment and getting their flowers to consumers efficiently,” she says.

“I took about a week to brainstorm the framework that is now Postal Petals, circled back to him with a more refined concept, and just 3 months later, Postal Petals beta launched with nearly 20 domestic flower farms shipping for us. Interestingly enough, now that more farms are understanding the model, we’ve had others recently reach out to us about partnering. ”

Boone says the pandemic is what provided an opportunity for her business to blossom as a way to help people connect virtually to arrange flowers during the quarantine. “The flower industry is not easy to infiltrate, so the pandemic really opened the door for Postal Petals even to be able to exist,” she states.

“Because of the pandemic, the flower farms were a lot more receptive to this new business model and participating in our farm-to-table flower box model. Also, taking into account our virtual flower arranging experiences providing a way for people to gather virtually, Postal Petals is really fit for a time.”

Amazon says it plans to increase the number of black leaders in the company, according to FOX Business. The company said the effort includes working to double the representation of Black Vice Presidents and Directors in 2020 and again in 2021.

In addition, the move will also see the e-commerce giant making “increased investments and programming designed to grow Black leaders from within.” Through the Black Employee Network Executive Leadership Development Program, Amazon plans to build Black leaders at the vice president and director-level roles.

 “At Amazon, we’re constantly learning and innovating – and our long-term efforts in diversity and inclusion are no different. As part of this work, we are setting aggressive goals in our ongoing effort to be a top employer for Black employees,” an Amazon spokesperson told FOX Business.

Black employees make up around 26.5% of Amazon’s workforce as of 2019. Also, 80 percent of Amazon’s top leadership worldwide was either held by white or Asian people, while Black people accounted for just 8.3% of those positions.

According to Amazon, it intends to increase the company’s black leadership through robust programs such as its $700 million commitment to “upskilling” — the process of teaching employees new skills that will aid them in their work.

“There will also be smaller pilots such as the Black Employee Network Executive Leadership Development Program, which includes targeted and specialized training to build Black leaders at the Director and above level,” According to Fox Business.

Amazon recently donated $10 million to organizations focused on combating systemic racism and improving the lives of blacks. It also launched an employee $17 million to the 12 organizations and their local affiliates, which the Black Employee Network (BEN) helped select.

This is in addition to Amazon’s initial donation of $10M in early June. In all, these organizations have now received more than $27M from the Amazon community.

Amazon recently appointed its first Black executive to join the firm’s senior leadership team popularly called “S-Team”. Alicia Boler Davis was appointed as the e-commerce’s Senior Vice President of Global Customer Fulfillment.

The prestigious S-Team meets regularly with Bezos to take strategic and critical business decisions. With the addition of Boler Davis along with John Felton and Dave Treadwell, the expanded leadership will now have 26 executives.

In her new role, Boler Davis will be responsible for the worldwide network of over 175 Amazon fulfilment centres across 16 countries. Also, she will lead the worldwide network of Customer Service operations and technology, as well as the Sustainability, Product Safety, Security and Product Compliance teams.

We catch up with some members of the Public in London and ask them what they think of Black Parenting. Interview by Mathew Roache

Sean “Diddy” Combs, 50, began his career as a newspaper vendor at the age of 12. “Since then, I’ve always understood that if I give the customers my best and service them differently, whether music, clothing or vodka, I’ll get a return on my hard work,” he told Forbes.

Today, Diddy is worth close to $1 billion after building a successful business empire in addition to his music career. Celebrity Net Worth estimates that the American rapper is worth $885 million and his fortune comes from stakes in businesses such as Ciroc Vodka, Sean John clothing line, DeLeon tequila, Aquahydrate water, and sponsorships deals.

The journey toward becoming a successful businessman for Diddy started on a shaky foundation. He was dismissed from Uptown records where he started as an intern and later became a talent developer in the 1980s. He established his own record label called Bad Boy Entertainment and signed artistes such as Notorious BIG, Carl Thomas, Faith Evans, 112, Total, and Father MC.

He released his first hit song titled “Can’t Nobody Hold Me Down” in 1997 under the name Puff Daddy and it stayed on top of the Billboard Hot chart for 28 weeks. He has since changed his name from Puff Daddy to P.Diddy and then to just Diddy.

Aside from music, he has stakes in other viable ventures that bring him a fortune. In 1998, he successfully launched his clothing line called Sean John which became an instant hit, fetching him nearly $600 million. Each year, he organizes fashion shows to debut his newest collections.

Also, he has a stake in Aduahydrate, one of the largest bottled water companies in the world. According to Forbes, the company has enjoyed triple-digit annual growth since 2012 and is the fastest growing water in the U.S. The company is reportedly worth $2 billion.

Diddy is also a part-owner of digital cable television Revolt TV that focuses on pop culture and entertainment. It has a huge market on social media which brings in millions. In addition, he is also a part-owner of Ciroc Vodka which is worth an estimated $100 million for Diddy.

Diddy, moreover, secured a joint venture with Estee Lauder to create Sean John Fragrances. Diddy’s flagship fragrance, Unforgivable, reached number one in department stores in the USA in a very short space of time and became the first male fragrance to claim the title of ‘Best Selling Fragrance’ in 2006.

Diddy was raised by his grandmother following the killing of his dad when he was only two years old. He graduated from the Roman Catholic Mouth Saint Michael Academy in 1987 and proceeded to Howard University as a business major, but left after his sophomore year, according to Celebrity Net Worth.

He is credited with nurturing talents such as Jodeci and Mary J. Blige besides Notorious BIG, Carl Thomas, Faith Evans, 112, Total, and Father MC.

The marijuana industry in the U.S. is booming and attracting some of the world’s renowned celebrities and business owners. The industry is estimated to pump up to $130 billion on an annual basis into the U.S. economy by 2024, according to Marijuana Business Factbook.

Marijuana Business Factbook further estimates legal cannabis sales increased from $38 billion-$46 billion in 2019 to $106 billion-$130 billion by 2024 – a 181% increase. And according to the U.S. Bureau of Economic Analysis, the $130 billion figure is similar to the 2019 gross domestic product of Nebraska’s $129 billion.

The profitable nature of the cannabis business has caught the attention of billionaire rapper Jay-Z. Born Shawn Carter, the 22-time Grammy award winner and business mogul recently launched his cannabis brand, Monogram, in collaboration with the largest vertically-integrated cannabis company in California, Caliva. Before launching his own cannabis brand, the African American had served as Chief Brand Strategist for Caliva since July of 2019.

A press statement from the brand says Monogram seeks to “redefine what cannabis means to consumers today. In an effort to provide a more tailored customer experience, the brand will also launch through a best in class e-commerce platform dedicated exclusively to its singular product line.”

According to Monogram’s website, the flower is grown in small batches, “allowing for every plant to receive personalized attention from our expert growers.” It adds that “Our batch-by-batch approach and unique potency designation allow us to highlight the nuances in between harvests and tell you the story of every flower.”

Monogram says it has assembled a board of cannabis experts who grade and select every flower by hand. “These luminaries have developed a program of extended humidity control, post-harvest care, trimming, and flushing that guarantees our finished product is the best it can be,” it says.

Customers are encouraged to sign up by email to be “first in line for the drop” on the website.

Monogram is the latest of Jay-Z’s businesses. The musician first ventured into the business when he launched his clothing line called Rocawear in 1999 and later founded a sports bar chain called the 40/40 Club in 2013. In 2015, he acquired the tech company called Aspiro and also launched Tidal, a music streaming services.

Jay-Z also has a stake in French audio tech firm Devialet. The tech firm recently launched wireless earbuds, called Gemini, to rival Apple and Samsung’s dominance in the wireless earphones market.

The rapper is not the only famous name to venture into the cannabis industry with it being legalized in several US states. Others include Snoop Dogg, Whoopi Goldberg, and Martha Stewart.