Jay Z: The Hip Hop Cash King
Not so long ago, in 2019, Forbes named Jay-Z the first-ever hip-hop billionaire, a milestone he can definitely be proud of. Jay-Z’s net worth reached $2.5 billion in 2023 and it is likely to continue growing. His annual income is estimated to be in the $150 million range, thanks to his music records and tours as well as various investments among which is also Cannabis.
With a fortune estimated at $2.5 billion, Jay-Z is definitely one of the richest men in the world of hip hop. In comparison, his wife Beyoncé only has $540 million.
Only a small part of Jay-Z’s fortune comes from Cannabis, but over the last few years, he has become an influential figure on the scene, nonetheless. His cannabis brand Monogram has been active for less than three years, and it features other rich and famous investors such as Rihana, Meek Mill and Dj Khaled. The rapper used his most recent Grammy performance to highlight cannabis issues and progress.
A Turbulent Year for Jay-Z and His Cannabis Ventures?
It was definitely not business as usual during most of 2023 for Jay-Z. It’s the year when Monogram faced allegations for illegal shipments of weed bound from California to New York. The allegations further included false financial reports and gender discrimination. Those are definitely not the things anyone wants to be in the news for.
Besides that, there were also big changes within Monogram. The brand exited its housing platform The Parent Company, which besides Monogram has also hosted over a dozen of other weed brands. Despite it being powered by celebrities the likes of Jay-Z, The Parent Company kept on losing millions of dollars due to poor revenues performance.
A company statement said that Jay-Z and other affiliates will return over 7 million common shares of The Parent Company in hopes that this would help the platform save roughly $33.5 million in top-line costs over the next eight years.
The restructure paved the way for Monogram to be designated under a new entity. So, it’s true to say that 2023 has been very much transformative for Jay-Z and especially his presence in the cannabis sector.
Jay-Z launched his career as a hip-hop musician in the mid-90s with his debut release “Reasonable Doubt.” The album was a big success, and his records kept on coming. In 1999, he won a Grammy for the best rap album for that year, “Vol. 2 Hard Knock Life.”
Years later, Jay-Z returned to the Grammys. In last February’s edition, the rapper used the occasion to say how important cannabis legalization is and how bad was the War on Drugs among other things.
Jay-Z does have a history of rapping about his unordinary journey from selling illegal drugs on the street to becoming a world-famous rap artist. The launch of his own cannabis brand - Monogram, only added a new layer of meaning to his songs and lyrics. An example is his song “Neck and Wrist” which has a part where he says how he survives the War on Drugs only to become a legal weed kingpin. You can easily sense the irony.
It has indeed been a year of big changes and turbulence for Jay-Z’s and his journey with cannabis. Still, behind him are extraordinary feats that are worth reflecting on and looking back when you turn 54. Let it be merry and happy, Hov!
Also read on Soft Secrets:
- Jay-Z's Success on the Cannabis Scene
- Jay-Z Joins Growing List of Artists Getting into the Pot Industry
S
Stephen Andrews
