Rap mogul Jay-Z is getting into the marijuana game. According to reports, the Godfather of hip hop has set up a fund to invest in minority owned cannabis businesses. This should come as good news to anyone who is in the marijuana business, and also to people who want to enter this business
As you may know, cannabis is now legal in more than 15 states, including places like California, Oregon, New Jersey, and Illinois. Marijuana cultivators in these states are making money hand over fist in this booming industry. In fact, experts believe that the US marijuana industry is now worth $14 billion dollars per year. Not only that, this industry is responsible for 340,000 jobs in the US alone. What’s more, according to new research, it’s expected to grow to a whopping $74 billion a year by 2027.
When you look at it that way, it certainly makes sense that the business savvy Jay-Z would invest heavily in this industry. According to sources, Jay-Z has launched his fund with a $10 million dollar investment. One of the reasons why he’s started this fund is to obviously make money, but the rap superstar also wants to help people of color who are disproportionately punished by drugs laws, and feels they deserve a slice of the multibillion dollar legalized marijuana market.
Jay-Z also stated that he wants to do something real and concrete to help the community, and that this fund is the best way to do that. He feels that this is an incredible time for the industry and was also inspired by investor Robert Smiths 2% solution – which states that all corporations should invest at least 2% of their income towards helping black owned businesses.
The rapper also mentioned that he was inspired by people in his life who have been affected by draconian marijuana laws. This includes the co-founder of his record label, Kareem “Biggs” Burke, who spent almost five years in prison on a marijuana charge. This had a devastating effect on his career, and it’s these types of people who Jay-Z wants to help.
As well as investing in this industry, he’s also spending money to support organizations and programs focused on diversifying the cannabis workforce through job fairs and placement, including industry training and education. A spokesperson for Jay-Z also mentioned that the plan is to invest as much as one million dollars into each marijuana businesses. In addition to this they plan to provide much needed support and continuing support for growers.
If this is something which interests you, then what’s the best way to get started? Unfortunately, the fund has only just been announced and is still in it’s infancy. The details are still being worked out, and there’s no concrete plans for distributing money. That being said, the best way to take advantage of this fund is to get your ideas in order, and put together a business plan for when the fund is finally ready to invest. That way you’ll be positioned to get your share.