The legal marijuana business in the United States is growing exponentially and some of our favorite black celebrities are jumping on the bandwagon and rightfully cashing out.
Though a controversial drug, many claim marijuana has helped them cope with various diseases and situations and for many years now, such people have been pushing for its legalization. As more states are passing laws allowing the sale of marijuana in some form, entrepreneurs, including celebrities, are flocking into the industry to make some cash.
The latest to join the party is hip-hop’s first billionaire, Jay-Z, who was on Tuesday announced as the new Chief Brand Strategist of California based cannabis consumer products company Caliva in a multi-year partnership.
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In his new role, the multi-platinum selling rapper will take part in driving a creative direction for the company, outreach efforts as well as brand strategy, according to a statement released by Caliva. Additionally, he will also work to provide the necessary assistance to ex-felons who are interested in venturing into the business but are barred as a result of their criminal record through “advocacy, job training, and overall employee and workforce development.”
“Anything I do, I want to do correctly and at the highest level,” Jay-Z said about his new role. “With all the potential in the cannabis industry, Caliva’s expertise and ethos makes them the best partner for this endeavor. We want to create something amazing, have fun in the process, do good and bring people along the way.”
The CEO of Caliva, Dennis O’Malley, shared his excitement and optimism about their new partnership and also expressed gratitude to the Grammy award-winning rapper for choosing them.
“For Jay-Z to seek out Caliva as a partner is humbling and confirms our mission of being the most trusted name in cannabis,” O’Malley told Rolling Stone. “To find that we were in complete alignment around our values and ethos was just a home run. We believe this partnership is unparalleled in this or any business and we could not be more pleased to be working with him and have him as our Chief Brand Strategist.”
Jay-Z has since joined a list of other black celebrities who are already making it big in the marijuana business such as boxing legend Mike Tyson, whose Tyson Holistic company sells marijuana products and other edibles, rapper Snoop Dogg, who owns Leafs by Snoop, a premier cannabis brand available in retail stores and medical dispensaries in Colorado, and Whoopi Goldberg, who has a medical marijuana company that cares for women suffering from severe menstrual cramps or aches.
Other celebrities cashing in on the industry are Stephen Marley, who launched an official Bob Marley cannabis brand in 2016 in Oregon and former NBA players, Cliff Robinson and Al Harrington, who also run companies that produce cannabis-based products.