There is no longer a doubt that Jay-Z is now a competitor in the cannabis industry.
Shawn Carter’s (Jay-Z) exclusive cannabis brand, Monogram, launches its initial products in the United States on Thursday with an indoor-grown, four-strain line of craft cannabis joints and flowers.
The company’s showcase product is the “OG Handroll,” a 2-gram joint rolled by “highly trained craftsman,” that use a technique the company developed over a year, said Monogram’s manager. The blunt is made with a small batch of flower and is expected to burn like a premium cigar. And it retails for about $50.
Monogram’s marijuana strains-named No. 96, No. 88, No.1 and No. 77 are produced by veteran grower DeAndre Watson- come in three types: “heavy,” “medium” and “light.”
The founder of Subversive Capital Acquisition Corporation, Micheal Auerbach, announced a contract to acquire Caliva, a California based cannabis company and Monogram last month, says Jay-Z is not only the frontman for the brand.
“He’s an actual executive, he’s not some auxiliary ambassador who talks nice about us once a year,” says Michael. “He’s the backbone who’s building out our home of brands, just like he did with D’Usse and Aces Of Spades.”
Jay-Z joined Caliva in 2019 as its chief brand strategist, in which he developed Monogram. Auerbach’s SPAC declared a deal to acquire Monogram and Caliva, which was a joint venture between Caliva and Jay-Z, In November 2020. The new official name of Micheal’s company is “The Parent Company.” And when it went public on Canada’s Microcap Stock Exchange last summer, it raised $575 million.
The name “The Parent Company,” may sound like a joke, but Jay-Z says it’s serious.
In addition to developing business strategy and brands, Jay will also lead the company’s social equality program. The fund for this cause has been decided to be $10 million. Also, the company will grant 2% of its net income for the sake of investing in Black-owned cannabis business.