Jay-Z is heading into the legal marijuana industry as a chief brand strategist in partnership with a California cannabis product company.
The rapper said in a statement Tuesday, July 9, that he entered a multiyear deal with Caliva. His role will consist of driving creative direction, outreach efforts and strategy for the brand.
Jay-Z performs at the Austin City Limits Music Festival in Austin, Texas. Image: Invision/Amy Harris via AP
He says he also wants to increase the economic participation of people returning from incarceration through job training and workforce development.
The rapper called Caliva “the best partners for this endeavor.”
Caliva operates a farm and two stores in Northern California. It also distributes its branded products in roughly two dozen other retail outlets in the state.
NFL legend Joe Montana’s venture capital firm took part in a $75 million investment in Caliva earlier this year. RGA/JB
RELATED STORIES:
Jay-Z becomes hip-hop’s first billionaire
Jay-Z’s companies sue NYC licensing company for fraud