This is the millionaire amount that Jay-Z invested for the marijuana business | The State

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Shawn carter, known as Jay Z, wants to become a reference for the legal cannabis industry in the United States and created an investment fund of 10 million dollars with the objective of supporting small businesses in this sector that belong to companies managed by minorities and promoting the participation of African Americans.

The singer’s fund arose after acquiring $ 575 million from direct sales to consumers in California, Caliva, and a cannabis producer, Left Coast, in December 2020. That is why he was able to set up this venture capital instrument.

‘The Parent Company’ promised to invest 2% of its income each year in this new ‘Investment Fund for Social Equity’, created by the rapper: “With an initial goal of $ 10 million in financing and an annual contribution of at least 2% of net profits, we are focused on diversifying business leadership and workforce among minorities,” the parent company explained. it’s a statement.

The music producer, also a music producer, says he is highly motivated by an imbalance in the marijuana business and that people of color who have been punished for engaging in the drug, where it is illegal, comprise only a small number of those who make money from the market. multimillionaire.

It is worth mentioning that in the United States the consumption of weed is legal and the rapper owns a marijuana brand called ‘Monogram’, which according to its website is defined by ‘Dignity, care and consistency. It is a collective effort to give them the best. ‘