In a recent piece, hip-hop mogul Jay-Z spoke with the Wall Street Journal on Black ownership in the cannabis industry.
After dropping his first cannabis line MONOGRAM this past December, Jay-Z is doing his best to support minority-owned cannabis businesses. In partnership with The Parent Company, Jay-Z has launched a $10 million fund in seed money in order to push for “equitable economic opportunity in the cannabis sector.”
The rap icon sat down with the Wall Street Journal to talk about his fund and how the cannabis industry has shifted and subsequently affected the Black community.
Speaking on how the cannabis business has changed over the years, Jay-Z said, “It’s really unbelievable how they were the ones most negatively affected by the war on drugs, and America has turned around and created a business from it that’s worth billions”.
The fund, run by Jay-Z and chief executive of Roc Nation Desiree Perez, will invest “as much as $1 million in each startup cannabis company they choose.”