Cannabis is projected to be a $70 billion market by 2028. However, legal cannabis businesses are overwhelmingly white-owned as a result of costly application, license, and startup fees. With a demonstrated commitment to racial equity across industries such as sports, entertainment, commercial drinking, and America's legal system, JAY-Z has now taken his talents to the cannabis industry. As the Chief Visionary Officer for The Parent Company, JAY-Z's responsibilities include leading the company's overall brand strategies and social equity ventures fund. With a goal of creating a more equitable and diverse cannabis industry, the fund was established to give Black and other minority entrepreneurs an equal opportunity for participation in the legal cannabis industry.
"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. 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," said JAY-Z.
Jay-Z Appoints The First Black CEO To Lead Cannabis Company">Craig Barritt/Getty Images
In leading the vision, JAY-Z has appointed Troy Datcher to serve as the Company’s new Chief Executive Officer, effective Sept 8. Datcher’s historic appointment represents the first time a Black CEO will lead a major public U.S. cannabis organization.
“I’m truly honored to be at the forefront of shaping the future of the cannabis industry with The Parent Company,” said Datcher. “This is a tremendously strong company that is poised for continued growth and we have a unique opportunity to disrupt a sector that has disproportionately impacted communities of color – including my own – for far too long. This is a chance to partner with cultural powerhouses like JAY-Z to rectify the wrongs of prohibition, eradicate antiquated laws and create a new cannabis infrastructure rooted in diversity, equity, and justice for our communities. Together, we can shape a legal cannabis industry that is reflective of our entire culture in California and beyond.”
As Brooklyn rapper once told us, he's a business, man, and despite the criticism he receives, he continues to find ways to make a cultural impact.
Hopefully, with all his business endeavors, he will still have time to record Watch The Throne II.