Shawn â€śJay-Zâ€ť Carter, a billionaire rapper, producer, entrepreneur, philanthropist and Beyonce Knowlesâ€™ husband, is stepping into the rapidly growing cannabis industry, taking a role with a California company, Caliva. Jay Z will be serving as the chief brand strategist for Caliva, a burgeoning California company that counts former star NFL quarterback Joe Montana as an investor.
Privately owned Caliva, formed in San Jose in the year 2015, said on Tuesday that Jay-Z has entered into a long-term partnership with the company in which he will focus on the outreach and the creative direction of the organization.Â Â
The San Jose, California-based Caliva grows, manufactures and sells a wide variety of CBD based products such as cannabis flower, pre-rolled joints, vaporizers, topical lotions and edibles that are sold online via delivery and in more than 250 dispensaries across its home state.Â
Earlier this year, Caliva raised $75 million from a group of investors including Montana and former Yahoo CEO Carol Bartz. On April 20, the special day in the cannabis community, and an unofficial cannabis holiday, Caliva partnered with ice cream company Ben & Jerryâ€™s on a promotion to support Code for America and Clear My Record. The organizations help people eliminate non-violent marijuana convictions from their records.Â
Carter said in a statement, â€śAnything I do, I want to do correctly and at the highest level,â€ť on Tuesday when the partnership was announced. He applauded Caliva for its expertise and ethos which apparently makes it the best partner for this endeavor in the cannabis industry, said Jay-Z.
The rapper will also further his social justice efforts by increasing job training for former prisoners as well as encourage quality and fairness in the development of the legal marijuana industry. With the federal government legalizing hemp derived cannabidiol for medicinal as well as recreational purposes, it is imperative to foster healthy and safe CBD usage habits in consumers.Â
Many people have reported CBD to be effective in treating stress, anxiety, depression, insomnia, pain, swelling, inflammation, seizures and even severe ailments such as epilepsy, Alzheimerâ€™s and cancer. CBD is a non-psychoactive and anti-inflammatory compound which does not cause any high in users.Â
It is THC, tetrahydro cannabinoid, another compound found in hemp plants that is responsible for making users â€śhighâ€ť while smoking pot. Under the Farm Bill 2018, the maximum concentration allowed for THC per unit is 0.3 percent. Above this limit, the product becomes illegal.Â
In an interview, Jay-Z said that he, along with Caliva wants to create something amazing, and have fun in the process, do good and bring people along the way. Earlier this year, Jay-Z also helped in launching a criminal justice group called the Reform Alliance with a goal of helping to get 1 million Americans out of jail and on probation or parole in the next 5 years.Â
Recently, Forbes magazine named Jay-Z, 49 as the first hip-hop artist to become a billionaire, owing to the hefty investments in champagne, the ride-hailing service Uber, clothing, and his Roc nation entertainment company. He is the latest celebrity to have joined the marijuana business as its legalization for recreational use has sprawled across 11 U.S. states, including California.Â
Apart from Jay-Z, many other celebs such as Montana, Snoop Dogg, Whoopi Goldberg, Martha Stweart and Willie Nelson have also taken active participation in the cannabis space.Â
Whoopi Goldberg, an actress, introduced a brand for medical marijuana goods in 2016 to provide relief for menstrual cramps that is a prevalent issue in women all around the world. On the other hand, Snoop Dogg has also launched his own cannabis brand known as Leafs by Snoop.Â
CBD is the latest trending ingredient which can be easily found in a gamut of everyday use products. From skincare products to food supplements, it is widely being incorporated in consumer products to render health benefits. Be it be CBD infused gummy bears, candies, chocolates, cookies, beer, cocktails, popcorn, burgers or topicals, ointments, creams, facemasks, etc that contain CBD, everything is easily available at retail stores, restaurants, brand shops and pharmaceuticals.Â
Despite the FDA warning enterprises about the stringent rules surrounding CBD and its products,Â many companies continue to produce, sell and market their CBD products in the consumer market. The agency is yet to formulate a regulatory framework for CBD based products, it held a public meeting on May 31 to discuss the same with stakeholders, consumers, retailers and business leaders.Â