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Jay-Z Is Launching A $10 Million Investment Fund To Help Minority-Owned Cannabis Startups

by | Jan 27, 2021 | Entertainment

Jay-Z went from selling drugs on the streets of Brooklyn to becoming a business mogul worth millions of dollars. Now, the entertainer hopes to help minority-owned cannabis startups do the same with the creation of his new fund.

“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. I wanted to do something in a real, concrete way, where I do my part.” Jay-Z said in a statement regarding the new initiative.

With $10 million in funding, Jay-Z is calling his new initiative the Social Equity Ventures Fund. Eligible cannabis businesses can receive up to $1 million. Funded through a new company called The Parent Company, the fund will be replenished each year with 2% of The Parent Company’s net profits.

News of the fund follows the launch of Jay-Z’s own cannabis brand ​Monogram​. Launching in December, the company offers premium weed at premium prices. The brand is selling pre-rolls for fifty dollars each. With those kinds of prices, it’s nice to see Jay-Z giving back to the community.

Jay-Z isn’t the only entertainment icon with recent charitable efforts. Last week, we saw Pharrell launch his initiative YELLOW. Read our story on that ​here​.

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