According to the Wall Street Journal, Jay-Z is launching a $10 million fund to invest in minority-owned cannabis businesses. Hov told the WSJ that his latest venture is a step toward rectifying the War on Drugs’ ill-effects and the disproportionate impact on black and brown communities.
“It’s really unbelievable how that can happen,” said Jay. “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.”
The WSJ reports that Hov’s $10 million investment is “the result of a recent acquisition made by a SPAC called Subversive Capital Acquisition of two California-based cannabis companies: CMG Partners Inc. and Left Coast Ventures Inc. Carter also recently launched his own cannabis line, called Monogram.” The entity to form from this merger has been called The Parent Company, with Hov serving as the chief visionary officer.
“The end of cannabis prohibition is here, and The Parent Company will lead the charge to a more expansive and inclusive cannabis industry,” said Jay. “The brands we build will redefine growth, social impact, and social equity. This is our time. I’m proud and excited to lead the vision of The Parent Company.”