When Jay-Z famously deemed himself a “business, man!” on Kanye West’s 2004 single “Diamonds From Sierra Leone (Remix),” you can best believe he meant every bit of that iconic verse. From music streaming to sports management, Hov has his hands in a little bit of everything — and yes, that does include the weed industry!
With his new cannabis brand Monogram, the Roc Nation head honcho has officially secured a new deal that will see 900,000 pounds of his product being legally produced.
Monogram is owned by its parent company called, well, The Parent Company (TPCO Holding Corp.). Jay-Z’s role as Chief Visionary Officer helped the brand acquire another cannabis company called Mercer Park Brand Acquisition Corp. There’s also a merger with another cannabis brand, Glass House Group, that will reportedly cash out at roughly $567 million. Through this relationship, Monogram will be able to get sold in Glass House dispensaries, making it possible for mass production.
The Parent Company’s Chief Executive Officer Steve Allan had this to say about the new venture:
“These partnerships are a fantastic opportunity to secure long-term access to over 900,000 pounds of high-quality, low-cost, California-grown cannabis for use across our expanding portfolio of branded products. Our focus over the last 100 days has been to continue to scale up our supply chain. Our strategic investment accomplishes two important components, gaining access to Glass House’s greenhouse-grown cannabis at attractive pricing and expanding the distribution of our products to their network of retail stores.”
If you’re a fan of Jay’s early music, a move towards legal marijuana definitely sounds like a big step forward for a former “block boy” like Hov. With that said, we can’t wait to see how this one turns out for him. Congrats, Mr. Business, Man!