Jay-Z Creates $10M Fund For Minority-Owned Cannabis Businesses
Led by Shawn “JAY-Z” Carter, The Parent Company will fund The Parent Company Social Equity Ventures with an initial target of $10 million and an annual contribution of at least 2% of its net income to invest in minority-owned and Black-owned cannabis businesses. The Parent Company, formerly Subversive Capital Acquisition Corp., has completed its qualifying transaction and is now the largest vertically-integrated cannabis operation in California.
The Parent Company Social Equity Ventures aims to contribute to the effort to rectify the wrongs of prohibition through diversifying both the business leadership and workforce of the cannabis industry. Beyond investing, the fund will also support organizations and programs focused on diversifying the cannabis workforce through job fairs and placement, industry training and education, as well as Social Equity application support.
“This is an incredible time for this industry. The end of cannabis prohibition is here, and The Parent Company will lead the charge to a more expansive and inclusive cannabis industry,” said JAY-Z, The Parent Company’s Chief Visionary Officer. “We are paving a path forward for a legacy rooted in dignity, justice, care, and consistency. The brands we build will redefine growth, social impact, and social equity. This is our time. I’m proud and excited to lead the vision of The Parent Company.”
Jay-Z launched the first products from his cannabis line MONOGRAM in December 2020. MONOGRAM’s flower is cultivated at The Parent Company’s flagship growing facility in San Jose, California.