Jay-Z Joins Cannabis Business In New Venture With Caliva
Billionaire Jay-Z is embarking on a whole new business venture, and this time it’s in the cannabis industry.
Hov is now the chief brand strategist for Caliva, a California company that specializes in weed products, CNN reports.
The company, that is based in San Jose, sells a variety of weed products including the flower itself, joints, vapes, edible and lotions. They are sold online, available for delivery and can be bought at over 250 California dispensaries.
The father of three will join the main investor, former NFL star quarterback Joe Montana, to maximize the profitability and philanthropic potential of the weed business.
“Anything I do, I want to do correctly and at the highest level,” Carter said in a statement on Tuesday about the partnership.
“With all the potential in the cannabis industry, Caliva’s expertise and ethos makes them the best partner for this endeavor.”
And charitable Jay isn’t just in it for the money, he will be active in outreach programs geared towards people who were criminally targeted during the War On Drugs. His programs will focus on job training, advocacy and workforce development for offenders.
Dennis O’Malley, CEO of Caliva, told CNN Business of the venture, said of Carter’s involvement, “We think this is a sea change in terms of the visibility to the industry,” he said. “We take this partnership with a lot of responsibility, a lot of humility, a lot of accountability moving forward.”
Company officials elaborated on the rapper’s involvement, saying, “In this position, Mr. Carter will focus on and work to increase the economic participation of citizens returning from incarceration — many of who are not seeing the monetary benefits of legalization — through advocacy, job training and overall employee and workforce development.”
Jay is one of many celebrities who are capitalizing on the booming cannabis business, including Snoop Dogg, Whoppi Goldberg, and Willie Nelson, CNN reports.