News — Jay-Z
Black in Business: Jay-Z Ventures into America’s $130bn Cannabis Industry with His Own Brand
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.