Jay-Z's Luxury Weed Brand In Reported Dire Financial Straits

Millionaires and billionaires are not going to flawlessly exceed at everything they put their minds to. You can tie that fact to Jay-Z, one of hip-hop's most successful entrepreneurs. According to HipHopNMore and SFGate, his luxury weed company, Monogram, is in serious peril financially speaking. Hov launched the brand in 2020 and was named the brand's Chief Brand Strategist. The California-based cannabis supplier was kickstarted in a big and flashy way. Magazines like GQ, Vogue, and Vanity Fair featuring it front and center really helped get the word out.




Moreover, some of the debut promotion included a lavish photoshoot at the Frank Sinatra house in Palm Springs helped get this target audience established pretty quickly. But it turns out that that over $500 million investment was a mistake on the part of its overseer, The Parent Company (ironic name). Both outlets have gathered that Monogram was supposed to make around $300 million in its inaugural year.




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Will Jay-Z Have To Shut Down Monogram's Operations?

However, Jay-Z and his partners were nowhere near that mark. In fact, TPCO had a net loss of $587 million. Obviously, they had to move on from the New York rapping legend's project. They did, and Gold Flora decided to give Jay-Z a chance. However, that also backfired, as the newer parent company was also struggling mightily. They were also losing return on their investment, losing around $56 million.




Additionally, Gold Flora's debts were well over their assets at $60 million. Since Monogram's inception, they have accused of smuggling, allegedly failing to pay invoices, as well as allegedly owing a weed farm around $200,000. Overall, Monogram's faults were expected by those in the cannabis industry. Seth Yakatan, an investor in this field, told SFGate that general reviews are uninspiring. "Monogram was supposed to be an ultra-premium product, and I don't know anyone who tried it and thought it was anything more than mid-tier."




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via: https://www.hotnewhiphop.com/865444-jay-z-monogram-weed-company-struggling-hip-hop-news