We live in glorious times, people. We can pull up a website, pick up our cannabis products, investigate, and have them delivered to our front door within about an hour. We can walk into dispensaries and get out with weeds. We can pay for our marijuana with a card instead of cash. With the legalization of marijuana becoming more and more widespread, some major players are coming into the industry. The latest to do so is billionaire rapper and Mogul Jay-Z. Mr. Beyoncé is launching a high-end cannabis brand called Monogram. Rekha made her debut in California. Its flagship product is the “OG handroll”, a 1.5-gram joint that retails for $ 50, more than twice for a typical joint. What makes it worth $ 50? According to the monogram, the “OG handroll” is made with a small-batch flower and burns like a high cigar. Reportedly, the company took a year to develop a new technique for growing and rolling marijuana in joints.
Jay-Z’s weed brand is hitting the market with four different strains, called Number 88, Number 70, Number 96 and Number 01. They provide three strengths – light, medium and heavy. The strains were developed by DeAndre Watson, a veteran in the marijuana business.
Jay-Z signed with popular California cannabis brand Caliva in 2019 to develop and promote its weed. Caliva has its own home brands, dispensaries and delivery services. Caliva owns Monogram. Jay-Z is not just a brand ambassador or the face of the brand, he is an executive with the company. Officially, Jay-Z is the main brand strategist for Caliva. Caliva and Monogram were acquired in November 2020 by Subversive Capital Acquisition Corp. Subversive also owns the celebrity cannabis brand, including Carlos Santana’s Miraio. The hemp companies are organized under a new parent company called “The Parent Company”, which raised $ 575 million when it went public on the Canadian stock exchange NEO in the summer of 2020.
The deal is an all-stock one that will acquire Jay-Z’s 50% stake in Monogram upon closing. He will allegedly acquire five million shares in The Parent Company and will have the right to acquire one million more. The parent company also has a special agreement to be RC Nation’s cannabis brand partner. Jay-Z’s Roshan Nation will receive $ 25 million in stock and $ 7.5 million annually, which the parent company holds, which includes athletes and performers. It is expected that those artists and athletes will play a role in the development of future hemp brands. Jay-Z is also leading the social justice program for the company. The parent company is paying 2% of its net income annually to invest in black and other minority-owned hemp businesses.
Celebrity cannabis brands are big business. The Leafs at Snoop Dogg, the brand and dispensary Dr. in Los Angeles near Cypress Hills B-Real. Greenthumb is, Rakwon of the Wu Tang Klan is Citizen Gro, Bella Thorne has Glass House Farm, Oddjian of System of a Shwo has 22Red, Tommy Chong. Tommy Chong’s Cannabis, NBA legend Al Harrington has Viola by Al Harrington, Marley Natural comes from the late Bob Marley, Grateful Dead drummer Mickey Hart by Mind Your Head, Rick Ross, Run the Jewels, and Gary Pyton on the Cookies collaboration Have collaborated; And finally, Mike Tyson has Tyson Ranch.
Recreational marijuana has been good for the bottom lines of states that have approved recreational marijuana use. Over the past several years, Colorado and Washington reported better-than-expected hemp sales. Colorado took more than $ 302 million in taxes and fees on marijuana in 2019. Sales in the state that year were over $ 1.7 billion. In California, the sale of cannabis has generated $ 411.3 million in excise tax, $ 98.9 million in farm tax, and $ 335.1 million in sales tax since January 2018. In November 2019, Massachusetts reported that the first year of its legal Marutiana produced $ 393.7 million in sales. In total, the US had $ 1.2 billion in sales in 2019. It is expected to increase to over $ 30 billion by 2024.
In the recent election, New Jersey, South Dakota, Montana, and Arizona joined legalizing recreational use of marijuana in Washington, California, Nevada, Colorado, Alaska, Illinois, Maine, Massachusetts, Michigan, Oregon, and Vermont.
There is no doubt: Marijuana is big business.