Shawn Carter, best known as Jay-Z, is investing a shocking $19 Million into his cannabis ventures. He has partnered with Flowhub, a cannabis retail point-of-sale(POS) platform for marijuana dispensaries. The financing was led by venture firms Headline and Poseidon.
Shawn “business, man” Carter
Kyle Sherman founded Flowhub in 2015 and is more than honored to partner with him. In a sit-down with Forbes, he shares his excitement about working with the mogul.
“When Jay says, ‘I’m not a businessman, I’m a business, man,’ it’s true,” says Sherman. “He’s got incredible business acumen—he really knows how to surround himself with brilliant people and build great companies,” he continued.
Jay-Z famously rapped this line on the remix to Diamonds From Sierra Leone in 2005. Mr. Carter has embodied this, and for this reason, we know the multimillion-dollar investment was strategic.
In 2019, Jay-Z launched his cannabis company, Monogram, to support a new chapter in cannabis.
“MONOGRAM MARKS A NEW CHAPTER IN CANNABIS DEFINED BY DIGNITY, CARE AND CONSISTENCY. IT IS A COLLECTIVE EFFORT TO BRING YOU THE BEST, AND A HUMBLE PURSUIT TO DISCOVER WHAT THE BEST TRULY MEANS.”
Specifically, Carter launched the Social Equity Ventures fund to provide up to $1 million for minority-owned cannabis startups. His overall goal was to boost Black participation in the predominantly white cannabis industry. His efforts are fueled by the vast impact the war on drugs has had on the black community.
Regarding his billion-dollar net worth, Forbes reveals that roughly USD 425 million of Jay-Z’s fortune comes from cash investments and stakes.
Why did Jay-Z partner with Flowhub?
Launched in June 2021, Flowhub’s social equity program invests in those adversely impacted by the War on Drugs. To emphasize the strategic partnership, the additional funding from Carter will accelerate expansion into emerging markets. Subsequently, it will aid in further development of product lines and grow its social equity program.
The program will provide eligible social equity business owners with Flowhub’s POS software at a discounted rate. To date, Flowhub has awarded over $1 million worth of software products to eligible cannabis entrepreneurs via this program.
All things considered, these powerful companies join together effortlessly. With a common goal to deter the war on drugs, Carter has shown again why he is The Business Man.
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Written by Antoinette Ford
Facebook: Antoinette Ford Instagram: missford2u_