YourBlackWorld.net, By Victor Omondi, Posted January 27th 2021
Shawn Carter, popularly known as “Jay-Z” has joined the budding list of celebs who’ve joined the pot business. On Thursday, the ‘Empire State of Mind’ singer launched his premium cannabis brand christened Monogram, making the move in partnership with the Cannabis company Caliva.
The billionaire singer and business kingpin adds the brand to a bucket of his successful establishments that include the entertainment firm Roc Nation, the streaming service Tidal, and the alcoholic brand D’Usse cognac.
In a statement to the media, the musician said, “Cannabis has been around for thousands of years, yet it is still an industry whose legacy of skilled craftsmanship is often overlooked,” adding, “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.” The rapper further mentioned that his tagline for the brand is “cannabis redefined.”
Caliva was recently acquired by the largest pot special acquisition company – Subversive Capital Acquisition Corp. The company also acquired Left Coast ventures, a California based cannabis company, to form an entirely new company called The Parent Co.
Jay-Z will pick up an executive role as the chief visionary officer in steering the brand strategy as well as leading the firm’s Social Equity Ventures Fund designed for capitalizing in Black-owned and minority-owned cannabis dealings.
Michael Auerbach, the capital chairman of Subversive, saw this move as a great marketing opportunity to bring the company to visibility, positive that Jay-Z’s influence would create great interest in its shares and products. “Certainly Jay-Z and the affiliation with Roc Nation is going to get eyeballs on our company and eyeballs on our stock,” Auerbach said. “We expect there’ll be a lot of influx in our name because of that relationship.”
Last year, the Canadian hip-hop star Drake launched his marijuana line in partnership with the giant Toronto-based pot producer Canopy Growth, taking advantage of the 2018 legalization of marijuana.