JAY-Z’s cannabis venture, Monogram, appears to face significant financial difficulties despite initial investments exceeding half a billion dollars.
Launched in 2020, the luxury weed brand gained attention for its high-end products, including pre-rolled joints priced at $50 each—ten times the average market price in California.
Monogram’s ambitious projections anticipated generating over $300 million in its first year. However, financial reports for 2022 indicate that the brand’s parent company, The Parent Company (TPCO), reported a staggering net loss of $587 million, according to DailyMail.
Recent developments suggest that Monogram was sold to another cannabis company, Gold Flora, which is also struggling financially. Gold Flora reported a $56 million loss this year and carries debts surpassing $60 million more than its assets. Adding to its woes, Gold Flora is embroiled in a lawsuit for allegedly failing to pay invoices, with claims of owing over $200,000 to a cannabis farm.
JAY-Z, who played a prominent role as Monogram’s chief visionary officer and a key figure in its marketing push, has not publicly addressed the company’s current troubles. Despite this setback, his business empire remains vast and resilient. Forbes estimates his net worth at $2.5 billion, bolstered by diverse investments in real estate, technology, and luxury goods.
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Most recently, JAY-Z invested in Wristcheck, a platform for buying and selling authenticated luxury watches. This move aligns with his personal interest in high-end timepieces and his strategy of bridging cultural trends with business opportunities.
