Jay-Z turns into the most recent cultural influencer to launch a hashish model
Jay-Z was the latest celebrity to open a pot shop.
Shawn “Jay-Z” Carter – the billionaire rapper and global business mogul behind a number of successful companies including D’Usse Cognac, streaming service Tidal and entertainment company Roc Nation – can now add the premium cannabis brand Monogram to his portfolio.
Monogram’s core collection was launched on Thursday. The products cost between $ 40 and $ 70 and include several strains of cannabis labeled as light, medium, and heavy. They are available in pre-rolled cigars, as well as joints and tins containing cannabis flowers.
In a statement from CNBC, Jay-Z said his vision for the brand was “redefining cannabis”.
“Cannabis has been around for thousands of years, but it’s still an industry whose legacy of craftsmanship is often overlooked,” he said. “I designed Monogram to give cannabis the respect it deserves by demonstrating the tremendous hard work, time, and care that goes into creating a superior smoke. Monogram products are the next level when it comes to Quality and consistency is all about and we’re just getting started. “
The first of its kind, THE OG HANDROLL (MSRP: $ 50) takes inspiration from the smoking experience of a premium cigar, but implements a proprietary rolling technique that allows the flower to burn slowly and evenly for multiple sessions. Highly skilled artisan rollers crush the flower by hand and roll it according to a proven process specially developed by MONOGRAM Culture & Cultivation Ambassador DeAndre Watson.
Jay-Z – who once described himself as a “business man” rather than a “businessman” – is joining a growing list of artists entering the pot industry.
In 2019, hip-hop artist Jim Jones and jeweler Alex Todd teamed up to launch their own curated premium cannabis line, Saucey Farms and Extracts. Canadian rapper and hip-hop icon Drake last year announced his own line of marijuana brands from More Life Growth Co., a company he founded in partnership with pot manufacturing giant Canopy Growth in his hometown of Toronto, where marijuana is located in 2018 was legalized.
Monogram was the first brand to emerge from Jay-Z’s partnership with Caliva. The entrepreneur teamed up with Caliva in July 2019 to bring the vision to life for its flagship cannabis line.
In November, Subversive Capital Acquisition Corp. – the largest specialty pot acquisition company in history – ready to acquire Caliva and another established California cannabis company, Left Coast Ventures, to create a new entity called The Parent Co.
Michael Auerbach, chairman of Subversive Capital, told CNBC that he expected the music entrepreneur’s influence to generate great interest in its stocks and products. “Surely Jay-Z and being a member of Roc Nation will get eyeballs on our company and eyeballs on our stock,” said Auerbach. “We expect our name will have a huge influx because of this relationship.”
Jay-Z will take on a leadership role at The Parent Co. and lead branding strategy as Chief Visionary Officer. He will also lead the company’s Social Equity Ventures Fund, which aims to invest in black and minority-owned cannabis companies.
The SPAC transaction is expected to close in January. The stock is traded on the Canadian NEO stock exchange and is available over the counter to US investors.
MONOGRAM FLOWER (MSRP: $ 40 and $ 70) comes in 2g and 4g jars and is grown in small quantities for control and quality.
Expecting the largest consumer exposure of any cannabis company in California, Parent Co. tells CNBC that it hopes to scale 75% of users in the state by the end of 2021 and nearly 90% by scaling the omnichannel platform. According to the California Department of Taxes and Fees, legal cannabis sales in the Golden State have seen a 65% year-over-year increase during the current coronavirus pandemic.
Steve Allan, CEO of The Parent Co., told CNBC the brand house has seen a surge in demand as consumers turn to pot products to deal with stress and anxiety during the pandemic.
“When you look at the unfortunate reality of the pandemic, it is usually stressful. The first wave of the pandemic, when it hit the March-April-May period, saw a rapid surge in our indica foods – especially gums I think always more consumers are realizing that this is a way to deal with some of the pressures and fears they have, “Allan added.
In addition to Jay-Z’s powerhouse brand, The Parent Co. also signed an exclusive partnership agreement with Roc Nation to market cannabis products to big names such as Rihanna, DJ Khaled and Alicia Keys, among others.
Allan said harnessing the unprecedented cultural influence of leading artists will not only help build scalable branded intellectual property in cannabis, but will also help increase consumer awareness and access in an industry where it does there are countless possibilities.
“We don’t have traditional marketing channels. I can’t buy a Super Bowl ad to talk about our business and make the world aware of it. So Jay-Z and Roc Nation are helping to break out in notoriety. When you’re a consumer, You’re a little confused about where to go. And so Jay-Z and Roc Nation helped add a bit of authenticity. It also really helps with these new consumers trying to figure out where they want to be, ” he said.