Jay-Z is one of the most successful entrepreneurs in the entertainment industry. Born Shawn “Jay-Z” Carter, Jay-Z made a name for himself as a musician and then reinvented himself as an entrepreneur, which helped him become a billionaire.
In 2020, he launched his own cannabis brand called Monogram in collaboration with the largest vertically-integrated cannabis company in California, Caliva. The rapper and business mogul was working as Chief Brand Strategist for Caliva prior to launching his own cannabis brand.
When Monogram was launched, the vision was to “redefine what cannabis means to consumers today.” “In an effort to provide a more tailored customer experience, the brand will also launch through a best in class e-commerce platform dedicated exclusively to its singular product line,” it said in a release.
The luxury line of cannabis consisted of 12 products, including the $40 “Loosie Preroll Pack,” a $50 “OG Handroll” joint, and a $70 4G Flower, described as “a cerebral strain to help chill, focus, and confidently tackle obstacles in your path.”
The brand has said that it is available at nine retailers across California and Arizona. But today, none of these retailers feature Monogram products as part of their menus, according to a report by SFGate.
What is more, The Parent Company (TPCO), which backed Monogram, has exhausted the $575 million it began with and has merged with another company, Gold Flora, due to financial struggles, the report noted. TPCO took a 49% stake in the newly formed entity as part of the deal, making TPCO a minority owner in its own company.
Citing sources, Black Enterprise noted that TPCO went downhill following Jay-Z’s exit. “Jay-Z stepped away years ago and it just went up in a mess,” an insider told TMZ.
Before Jay-Z and Monogram reportedly parted ways with TPCO, Jay-Z was named a C-suite executive (the chief visionary officer) at TPCO, and his Monogram brand was the company’s luxury offering.
In December 2022, Monogram separated from TPCO and is now owned by a separate limited liability company, according to Gold Flora’s stock filings. Nevertheless, Gold Flora has the exclusive rights to sell the brand’s products within California but it now unclear when Gold Flora, which is also facing its own financial problems, stopped selling the brand.
Seth Yakatan, a cannabis investor, believes that Jay-Z’s high-priced Monogram products did not deliver as promised.
“Like many other things we’ve seen in cannabis surrounding rappers, the hype hasn’t met the reality. Monogram was supposed to be an ultra-premium product, and I don’t know anyone who tried it and thought it was anything more than mid-tier,” Yakatan said.
