Are Beyoncé and Jay-Z the New Power Couple in Cannabis?
Celebrities in cannabis aren’t a new phenomenon. Hell, even Justin Bieber recently entered the cannabis space with a collaborative pre-roll called Peaches, after the singer’s 2021 hit. There have been quite a few other celebrities entering the regulated cannabis market, but we have yet to see a super-star power couple the likes of Beyoncé and Sean “Jay-Z” Carter enter the space of black-owned cannabis businesses.
Likely you have heard of Jay-Z’s involvement in legal cannabis as the Chief Visionary Officer of The Parent Company Holdings (TPCO); however, the industry and internet lit all the way up when his infamous wife, Beyoncé, shared that she has now added “hemp farmer” to her list of superpowers in a recent Harper’s Bazaar interview.
Are Beyoncé and Jay-Z the new power couple in cannabis? From normalizing CBD for inflammation and self-care to building a house of brown and black-owned cannabis businesses to support social equity, read on to see why we think the answer is a resounding yes!
Queen B Makes a New Buzz
Beyoncé Knowles-Carter, or as millions around the world know her, Queen B, is no stranger to worldwide success, or domination, as many would say. At the age of 40, the Texas-born singer, songwriter, actress, and philanthropist has won more Grammy Awards than any other female performer in history. We have a new reason to love Beyoncé and it’s one of our favorite cannabis and hemp compounds: CBD. The singer discovered cannabidiol, or CBD, on her last tour and after experiencing the healing properties, now has grand plans for farming it!
“I’ve experienced its benefits for soreness and inflammation. It helped with my restless nights and the agitation that comes from not being able to fall asleep. I found healing properties in honey that benefit me and my children. And now I’m building a hemp and a honey farm,” Beyoncé told Harper’s last month.
This isn’t the first time Beyoncé has made news about cannabis. In partnership with the National Association for the Advancement of Colored People, or NAACP, her “BeyGood” foundation awarded 10,000 to a Maryland cannabis business. While Beyoncé, or her team, have not announced further details surrounding her CBD farm plans, we’re sure that the beyhive is just buzzing to support it!
Sean “Jay-Z” Carter is 2 years into a 10-year contract as the Chief Visionary Officer for The Parent Company (TPCO) and he is already making serious waves. Since 2020, Jay Z led the successful launch of the high-end cannabis brand, Monogram, as well as secured a 900 thousand pound deal for Monogram in the California market. However, it was another public announcement that truly got the industry on its feet.
In August 2021, TPCO, led by Mr. Carter went on to hire Troy Datcher, the first black CEO of a major cannabis company! Following the announcement, Datcher shared that TPCH has a “unique opportunity to disrupt a sector that has disproportionately impacted communities of color – including my own – for far too long” with Insider Magazine.
Following Jay-Z’s lead in making the industry more equitable and accessible, TPCO also aims to differentiate itself from other operations by committing $10 million to a new social equity fund specifically for minority and black-owned cannabis businesses. The company is also committed to contributing 2% of the company’s annual net income to the social equity fund moving forward. Looks like The Parent Company made a solid investment in partnering with Jay Z and Roc Nation. We’re eager to learn of the black-owned cannabis business the fund supports.
Celebrities in Cannabis
Household names like Snoop Dogg, Tommy Chong, and Wiz Khalifa also come to mind when thinking of celebrities in cannabis. Snoop remains a household name in cannabis, but how many know that he founded and heads Casa Verde Capital, an investment fund with a portfolio of over $200 million dollars. Tommy Chong cannabis products are available in nearly all legal states and they give back 10% of their limited edition birthday joints to the Cal Asian Society.
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