Jay-Z continues to further his reach into the cannabis industry while providing support and access to those who historically could not. As the Chief Visionary Officer of The Parent Company, $10 million will be invested in Black-owned and minority-owned cannabis startups.
“We 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,” Jay-Z told The Wall Street Journal.
Following up on those comments, Jay-Z reiterated similar feelings in a written statement to the press: “Although we can’t fully redeem the injustices created by the ‘war on drugs,’ we can help shape a brighter and inclusive future. 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.”
According to the WSJ, each cannabis startup chosen will receive up to $1 million from the company’s Social Equity Ventures fund, which will be run by Hov and Roc Nation CEO Desiree Perez. Perez, along with Lil Wayne and Kodak Black, was one of the last-minute recipients of a blitz of pardons meted out by President Trump.
“I wanted to do something in a real, concrete way, where I do my part,” he reportedly added.
Hov is certainly no rookie to the industry and making moves. He became chief strategist for California based company Caliva and launched his own strain of cannabis this past October, Monogram.