New York rapper Jay-Z recently announced the launch of his new cannabis company Monogram and now he’s set to partake in another marijuana business venture.
According to Bloomberg, the entrepreneur has joined TPCO-a cannabis company that aims to meet the needs of 90% of weed consumers in the state of California by 2022. In order to meet this goal, the company has brought on the rapper as its chief visionary officer.
Subversive Capital Acquisition Corp. acquired the company along with the manufacturing company Left Coast Ventures and Caliva, a direct to consumer weed brand to formulate TPCO Holding Corp. Subversive says it also aims to “redefine the industry with a mission to both consolidate the California cannabis market and create an impactful global company.”
It’s also shooting for big profit gains, projecting revenues from both brands to reach up to $185 million this year, and $334 million in 2021, Complex reports.
“Although we know we can’t fully redeem the injustices created by the ‘war on drugs,’ we can help shape a brighter and inclusive future,” Jay-Z said in a statement about the new venture. “The brands we build will pave a new path forward for a legacy rooted in equity, access, and justice. We’re creating something people can trust, and we’re investing in our future, our people, and our communities.”
Jay-Z’s role is to guide the company’s branding strategies as well as its social equity ventures to help funding and investments in Black and minority-owned marijuana businesses. The company will assist Jay-Z in his pursuit of contributing to criminal justice reforms.