Even Jay-Z has his own cannabis brand now

Jay Z, whose real name is Shawn Carter, has just become the newest celebrity to enter the marijuana industry. The rapper launched his premium cannabis brand Monogram last week, whose products include multiple strains labeled as light, medium, and heavy. The products come in pre-rolled cigars, joints, and cans of cannabis flowers and cost between $ 40 and $ 70. In a statement made available to CNBC, Jay-Z said his vision for the brand was "redefining cannabis". "Cannabis has been around for thousands of years, but it's still an industry whose legacy of craftsmanship is often overlooked," said the billionaire mogul. "I founded Monogram to give cannabis the respect it deserves by showing the tremendous hard work, time, and care that goes into making a great smoke. Monogram products are the next level if it is is about quality and consistency, and we're just getting started. " Monogram is the result of Jay-Z's partnership with Caliva. The entrepreneur partnered with Caliva last July to bring the vision for its flagship cannabis line to life. Last month, Subversive Capital Acquisition Corp. to acquire Caliva and another established California cannabis company called Left Coast Ventures to form a new entity called The Parent Co. Subversive Capital Chairman Michael Auerbach told CNBC, "Certainly Jay-Z and the Roc Nation affiliation will bring awareness to our company and our stock. We expect there will be a large influx on our behalf as a result of this relationship will give. " Jay-Z will take on a leadership role at The Parent Co. as the company's chief visionary officer. The Parent Co. has also signed an exclusive partnership agreement with Jay-Z's Roc Nation to market cannabis products for big names like Rihanna, DJ Khaled, and Alicia Keys, among others. The company told CNBC that it hopes to reach 75% of consumers in the state of California by the end of 2021 and nearly 90% by the end of 2022 by scaling its omnichannel platform.