Jay Z is an iconic figure in hip hop for his music, but he is also an astute businessman that has become a rap billionaire defeating all the odds.
He has accomplished many things in the business world and now he plans to conquer the very lucrative marijuana distribution industry. He will be teaming up with C-Suite as the Chief Visionary Officer.
“Although we know we can’t fully redeem the injustices created by the ‘war on drugs’, we can help shape a brighter and inclusive future,” Jay-Z said. “The brands we build will pave a new path forward for a legacy rooted in equity, access, and justice. We’re creating something people can trust and we’re investing in our future, our people, and our communities.”
The cash worth of the company is $575 million. This gives the new company the power to reach 90% of California consumers by the end of 2022.
Allhiphop reports that Jay will lead the way by heading up a corporate venture fund that will invest in Black-owned and minority-owned cannabis businesses.
Other investors in the new business include Rihanna, Yo Gotti, and Meek Mill. It was a smart investment since Caliva and Left Coast Ventures expect combined revenues of $185 million in 2020 and $334 million in 2021.
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