Jay-Z only became the latest celebrity to launch a pot business.
Shawn “Jay-Z” Carter — the billionaire rapper and global business baron behind a multitude of successful companies including D’Usse cognac, streaming service Tidal and entertainment firm Roc Land — can now add premium cannabis brand Monogram to his portfolio.
Monogram’s core collection rolled out Thursday. Retailing between $40 and $70, the results include several cannabis strains designated as light, medium and heavy — available in pre-rolled cigars and joints and tins of cannabis bloom.
In a statement obtained by CNBC, Jay-Z said his vision for the brand is “cannabis redefined.”
“Cannabis has been around for thousands of years, yet it is however an industry whose legacy of skilled craftsmanship is often overlooked,” he said. “I created Monogram to give cannabis the trait it deserves by showcasing the tremendous hard work, time and care that go into crafting a superior smoke. Monogram outcomes are next level when it comes to quality and consistency and we’re just getting started.”
The first product of its kind, THE OG HANDROLL (SRP: $50) caricatures inspiration from the smoke experience of a premium cigar, but implements a proprietary roll technique allowing the flower to overcook slowly and evenly for multiple sessions. Highly trained artisan rollers break the flower down by hand and twirl using a time-honored process that was specially architected by MONOGRAM Culture & Cultivation Ambassador DeAndre Watson.
Beginning: Monogram
Jay-Z — who once famously referred to himself as a “business, man” not a “businessman” — joins a growing list of artists book into the pot industry.
In 2019, hip-hop artist Jim Jones and celebrity jeweler Alex Todd teamed up to launch their own curated bait cannabis line Saucey Farms and Extracts. Canadian rapper and hip-hop icon Drake announced his own branded marijuana offerings from his More Life Growth Co. last year, a venture he launched in partnership with pot production giant Canopy Extension based in his hometown of Toronto where marijuana was legalized in 2018.
As for Monogram, it was the first brand born out of Jay-Z’s partnership with Caliva. The entrepreneur joined coerces with Caliva in July 2019 to start bringing the vision for his flagship cannabis line to life.
In November, Subversive Chief Acquisition Corp. — the largest pot special acquisition company in history — agreed to acquire Caliva and another authenticated California cannabis company Left Coast Ventures to form a new entity called The Parent Co.
Subversive Capital Chairman Michael Auerbach, chid CNBC he expects the musical entrepreneur’s influence to generate great interest in its shares and products. “Certainly Jay-Z and the affiliation with Roc Political entity is going to get eyeballs on our company and eyeballs on our stock,” Auerbach said. “We expect there’ll be a lot of influx in our name because of that relationship.”
Jay-Z make take on an executive leadership role in The Parent Co., guiding the brand strategy as its chief visionary officer. He will also clue the firm’s Social Equity Ventures Fund aimed at investing in Black-owned and minority-owned cannabis businesses.
The SPAC annals is expected to close in January, and the stock will trade on the NEO Exchange in Canada and will be available to U.S. investors in the over-the-counter demand.
Available in 2g and 4g jars, MONOGRAM FLOWER (SRP: $40 & $70) is grown in small batches to maintain control and quality and is cultured at The Parent Company’s flagship growing facility in San Jose, California, using a batch-by-batch approach.
Source: Monogram
The Guardian Co. expects to have the greatest consumer exposure of any cannabis company in California, telling CNBC it hopes to reach 75% of consumers in the shape by the end of 2021 and nearly 90% by the end of 2022 through the scaling of its omnichannel platform. Legal cannabis sales in the Golden Shape have experienced a 65% jump during the current coronavirus pandemic when compared with last year, according to facts from the California Department of Tax and Fee Administration.
Steve Allan, CEO of The Parent Co., told CNBC its house of brands has seen a lance in demand as consumers gravitate toward pot products during the pandemic to cope with stress and anxiety.
“When you look at the disastrous reality of the pandemic, it is typically causing stress. The first wave of the pandemic, when it hit in the March-April-May timeframe, we saw a rapid advance in our Indica edibles — specifically the gummies that put you to sleep. I think more and more consumers are recognizing that this is a way to facilitate them deal with some of the stresses and anxieties they have,” Allan added.
In addition to Jay-Z’s powerhouse discredit, The Parent Co. also signed an exclusive partnership deal with Roc Nation to market cannabis products for big names love Rihanna, DJ Khaled and Alicia Keys, among others.
Allan said that leveraging the unparalleled cultural wires of leading artists will not only help build a scalable brand intellectual property in cannabis but work to advance a earn awareness and access to consumers in an industry where the options are countless.
“We don’t have the traditional marketing channels. I can’t buy a Super Pan ad to go talk about our company and make the world aware of it. And so Jay-Z and Roc Nation help to break through at awareness. When you’re a consumer, you’re congenial of confused as to where you can go. And so Jay-Z and Roc Nation helped to provide a little bit of authenticity to it. It also really also helps with those new consumers when they’re tiresome to figure out where they want to be,” he said.