Jay-Z hopes to diversify the legal pot industry by investing in cannabis firms owned by black people. Getty Images for Roc Nation
Jay-Z has started an investment fund to help minority marijuana entrepreneurs break into the booming cannabis business.
The Brooklyn-born rapper aims to diversify the legal pot industry by investing in cannabis firms owned by black people and other minorities who have borne the brunt of laws that kept the drug illegal for decades.
“We were the ones most negatively affected by the war on drugs, and America has turned around and created a business from it that’s worth billions,” Jay-Z told The Wall Street Journal.
“I wanted to do something in a real, concrete way, where I do my part,” he reportedly added.
The US marijuana market is worth about $20 billion and could grow larger than the $70 billion market for wine by 2030, the WSJ reported, citing an estimate from investment bank Cowen & Co.
Published: January 20, 2021