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Jay-Z invests $ 10 million in cannabis companies

2021-01-22T07:04:34.828Z

When Jay-Z was a teenager, he made his living trading intoxicating substances in a New York poor neighborhood. In the meantime, the rapper has become an extremely successful businessman who, among other things, made money with the completely legal sale of



Icon: enlarge

Jay-Z in January 2019: »I'm not a businessman.

I'm a business man "

Photo: MIKE SEGAR / REUTERS

When Jay-Z was a teenager, he made his living trading intoxicating substances in a New York poor neighborhood.

The rapper is now an extremely successful businessman who, among other things, earns money from the completely legal sale of cannabis products.

A year and a half ago, he joined the California cannabis company Caliva.

Now Jay-Z wants to invest in more cannabis companies, and he combines it with social commitment: The rapper wants to invest his money in companies of African Americans and minorities.

His company, The Parent Company, claims to be launching a ten million dollar investment fund to support small businesses.

Two percent of the annual net profit should therefore be reinvested.

Jay-Z, whose real name is Shawn Carter, has recently expanded its investment in the industry significantly.

He wants to take a leading role in the US legal cannabis industry.

In December, he had taken over direct marketer Caliva and bought cannabis manufacturer Left Coast.

The rapper's corporate empire, with assets worth billions, also includes companies from other industries.

This includes real estate, streaming services, liquor, and artist agencies.

Icon: The mirror

fdi / AFP

Source: spiegel

All business articles on 2021-01-22

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