Jay-Z has signed on as chief brand strategist at Caliva, a California-based cannabis company.
What We Know:
- Jay-Z, formally known as Sean Carter, will primarily be responsible for the company’s creative direction.
- Caliva’s Chief Executive Officer, Dennis O’Malley, stated Jay-Z will also be involved in outreach programs such as job training, advocacy and workforce development to help create more opportunities in the industry for people who were negatively affected by the war on drugs.
- The billionaire mogul released a statement saying, “With all the potential in the cannabis industry, Caliva’s expertise and ethos makes them the best partner for this endeavor. We want to create something amazing, have fun in the process, do good and bring people along the way.”
- The company is considered one of the largest cannabis brands. According to New Cannabis Ventures, Caliva is the market leader in California for branded cannabis products.
- Caliva sells a variety of products including vaporizers, edibles, topical lotions, and pre-rolled joints.
- The rapper chose a great business to get involved in. The budding marijuana industry has the potential to produce massive profits. 11 states in the U.S. have legalized recreational marijuana use and 33 permit people to use the plant for medical purposes. This is a fairly new market but it is already worth billions.
- Other celebrities like Snoop Dogg and Martha Stewart have broken into the marijuana industry as well.
If Jay-Z, is investing in this industry, it should be big.