In what Business Insider called “the world’s top power couple,” Shawn “Jay-Z” Carter and Beyoncé branched out beyond the fashion, movie and music industries to invest in cannabis—both with a heavy focus on social equity and reparations for the impact of the War on Drugs.
Last year, Beyoncé’s BeyGood organization partnered with the NAACP to provide new small business grants for Black-owned businesses. A $10,000 grant was given to The Gift—a Maryland-based cannabis company founded in 2018.
But recently the diva is getting involved with hemp herself. During an interview with Harper’s Bazaar published on August 10, Beyoncé explained how she discovered the powers of CBD, notably for soothing her muscles and for helping her fall asleep.
Touring constantly can add up for the 39-year-old. “I discovered CBD on my last tour, and 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,” she said.
Beyoncé explained that she also believes in the healing properties of honey—which is what eventually led her to decide to build a hemp and honey farm. “I’m building hemp and a honey farm. I’ve even got hives on my roof!” she added. Unfortunately, there aren’t more details about the farm, such as whether or not she plans to go commercial with hemp, such as actor Jim Belushi.
Raw honey itself is packed with nutrients and provides medicinal qualities, and CBD-infused honey is already a thing, with dozens of companies catching onto the craze. While Jay-Z’s MONOGRAM offers THC-rich flower products, people are already speculating about a hemp/CBD line with Beyoncé’s name attached to it.
The Parent Company and Jay-Z Appoint CEO
Meanwhile, Jay-Z continues to stay busy with his numerous pot investments. On August 16, The Parent Company announced that it appointed Troy Datcher as CEO. The Parent Company is behind Jay-Z’s MONOGRAM line of cannabis products.
Effective September 8, Datcher’s historic appointment represents the “first time a Black CEO will lead a major public U.S. cannabis organization,” the press release reads.
“I’m truly honored to be at the forefront of shaping the future of the cannabis industry with The Parent Company,” Datcher stated. “This is a tremendously strong company that is poised for continued growth and we have a unique opportunity to disrupt a sector that has disproportionately impacted communities of color—including my own—for far too long.
“This is a chance to partner with cultural powerhouses like JAY-Z and Desiree Perez to rectify the wrongs of prohibition, eradicate antiquated laws and create a new cannabis infrastructure rooted in diversity, equity and justice for our communities. Together, we can shape a legal cannabis industry that is reflective of our entire culture in California and beyond,” said Datcher.
Datcher formerly worked for The Clorox Company, where he most recently served as Senior Vice President and Chief Customer Officer. While there, Datcher deployed global sales plans for over $6.7 billion in annual revenue across The Clorox Company’s list of brands.
MONOGRAM, a part of The Parent Company, launched a series of campaigns to bring awareness to social equity issues, as people remain in jail for doing essentially the same thing as corporate cannabis businesses do, minus the licenses. Long-term data shows that Black people are 3.73 times more likely to be arrested for cannabis than white people despite nearly equal usage. Furthermore, people with cannabis arrests have trouble participating in the legal industry.
“Troy’s business acumen, strategic thinking and leadership skills are invaluable qualities that will be critical to our organization’s growth,” said The Parent Company Chief Social Equity Officer and Board Member Desiree Perez. “He understands and embraces the unique responsibility we have to redefine the cannabis industry and establish a new precedent for cannabis entrepreneurs to build successful businesses. I look forward to watching him grow into this position and taking The Parent Company to new heights.”
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