Jay-Z Jumps into the Cannabis Game with Role at Caliva

He’s got 99 problems, but cannabis company Caliva ain’t one.

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Image: Debbie Wong / Shutterstock.com

SAN JOSE, Calif. – Cannabis company Caliva announced today that hip hop legend Jay-Z will join the company, with the title of chief brand strategist. The musician, producer, and entrepreneur is also known by his real name Shawn Carter and is married to iconic performer Beyoncé.

“Anything I do, I want to do correctly and at the highest level,” Carter said today in a short statement on the Caliva website. “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.”

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According to the statement, Carter will play an important part in increasing industry opportunities for those recently released from incarceration and those who have been adversely affected by the War on Drugs.

“We think this is a sea change in terms of the visibility to the industry,” Caliva Chief Executive Officer Dennis O’Malley told CNN.com. “We take this partnership with a lot of responsibility, a lot of humility, a lot of accountability moving forward.”

Financial publication Forbes.com in June declared Jay-Z “hip hop’s first billionaire,” listing his portfolio of assets, with cash and investments, that include D’Usse cognac, music streaming service Tidal, entertainment company Roc Nation, and his music catalogue, as well as art, real estate, and luxury champagne collections.

Caliva has courted other celebrities and players, including former San Francisco 49ers legendary quarterback Joe Montana. The NFL Hall of Famer in January invested $75 million into Caliva, as a general partner with venture capital firm Liquid 2 Ventures.

“It is my opinion that Caliva’s strong management team will successfully develop and bring to market quality health and wellness products that can provide relief to many people and can make a serious impact on opioid use or addiction,” Montana said in a statement at the time.

 

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