In an effort to help a community that has historically faced more harsh penalties for marijuana use, Superstar rapper Jay-Z has launched a new $10 million cannabis venture to invest in black-owned companies.
Shawn “Jay-Z” Carter, already a cannabis entrepreneur, will serve as The Parent Company’s “chief visionary officer” (TPCO), which aims to “help correct the wrongs of the prohibition of cannabis.”
“We are focused on diversifying both the business leadership and workforce of the cannabis,” the company said in a recent statement.
The fund is being introduced at a time when drug use has been approved by US states and more cannabidiol products have become commonplace, sparking an investment frenzy.
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“This is an incredible time for this industry. The end of cannabis prohibition is here, and The Parent Company will lead the charge to more expansive and inclusive cannabis industry,” Jay-Z said in the statement.
In addition to the original target of $10 million in Social Equity Projects of The Parent Group, the company plans to provide the business with “an annual contribution of at least 2 percent of net income.”