What's behind Jay-Z's Cannabis SPAC and Monogram?
Indoor commercial cannabis farm.
Momentum for “legalizing cannabis” is rising, up from a low of 40 in January to 54 this month, spurred by New York state’s recent legalization of weed, by social justice and equity initiatives, and by a hot new business venture: Jay-Z's Cannabis SPAC, the parent company, of his new business, Monogram.
On the heels of legalization, New York state has enacted a robust program designed to reinvest millions of dollars--forty percent of revenue from a new cannabis tax--in minority communities that experienced disproportionately high arrest rates during the decades-long war on drugs. Moreover, people convicted of marijuana-related offenses that are no longer criminalized will have their records automatically expunged. People with past convictions and those involved in the illicit cannabis market will be allowed and encouraged to participate in the new legal market.
Marijuana’s MFactor, Velocity and Mass. MFactor is a proprietary tool that measures cultural momentum through topic modeling and sentiment analysis.
Monogram and Jay-Z's Cannabis SPAC
In a timely move, New York native Jay-Z is taking a social justice approach to legal cannabis. The rapper-turned-mogul, born Shawn Carter, has founded his next business, Monogram. Monogram is a high-quality cannabis brand that is flipping the script on the cannabis conversation, ensuring those who were incarcerated for cannabis-related crimes are getting proper compensation and justice.
As marijuana has become legal, it has become more corporate and more white. Historically, the War on Drugs disproportionately affected the black community, leading to more arrests and incarcerations for weed-related crimes. Jay-Z's cannabis SPAC and Monogram’s mission isn’t to increase the cool factor of weed as it has become legalized, it’s to provide education, resources, and reparations to the black communities that have been affected by criminalization of marijuana in the past.
As a New Yorker, born and raised, Jay-Z finds the recent legalization of cannabis incredibly exciting. "It represents a long overdue opportunity for New Yorkers, for the cannabis industry, and for social equity and social justice.” Jay-Z said speaking to Rolling Stone.
In addition to developing branding and business strategy, Jay-Z will also lead the company’s social justice program. The venture fund backing Monogram, The Parent Company, has been seeded $10 million and the company will invest 2% of its net income each year in black- and minority-owned cannabis businesses.
Cannabis and Marijuana For Brands
Legal cannabis is gaining momentum, social impact initiatives from New York state and, Mongram, and Jay-Z's cannabis SPAC that and education efforts are bringing representation and equity to those most affected by the war on drugs. What this landscape change rapidly.