Jay-Z continues to give back.
For, the rapper is now putting $10 million into a fund for minority-owned cannabis startups.
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The Roc Nation mogul wants to diversify the marijuana business market by investing in companies owned by minorities, who have been disproportionately affected by the war on drugs and excluded from the multibillion-dollar legalized pot market.
In a new interview with The Wall Street Journal, Jay said:
“It’s really unbelievable how that can happen. 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. I wanted to do something in a real, concrete way, where I do my part.”
Hoova is starting the company with $10 million in seed money he received during the $575 million acquisition of two California-based cannabis companies.
In October, the music superstar launched his own cannabis brand called Monogram (as we reported here).
The fund will be ran by Jay-Z and Roc Nation CEO Desiree Perez, and will invent $1 million into each of the chosen cannabis startups.