Monogram

Jay-Z’s Cannabis Company Accused Of Weed Smuggling In New Lawsuit: Report

by

Jay-Z’s cannabis company Monogram is accused of weed smuggling and inaccurate financial reports. According to a report from Lester Black for SF Gate, Cathi Clay, the former president of The Parent Company (TPCO), who produces Monogram products, made the allegations last month in a lawsuit filed in Santa Clara County Superior Court. Clay accused TPCO of harassment and gender discrimination before going after her for exposing their alleged violations. TPCO currently owns 11 retail stores with over 650 employees, per SEC.

Clay claimed TPCO violated cannabis regulations and filed inaccurate financial reports. However, she claimed the executives eventually began to treat her worse. She said once she warned them that the 2021 and 2022 financial filings submitted to the SEC contains “outright inaccuracies in the financial records.” She accused TPCO of illegally shipping cannabis from California to New York for Jay-Z. Clay said the TPCO executives shipped marijuana “to New York for a Monogram event with Shawn Carter.” Though California and New York have established legal markets, it’s a federal felony to move cannabis across state lines. Additionally, California strictly restricts cannabis companies from shipping marijuana outside of the state. 

Jay-Z’s Monogram Lawsuit

So far, a representative for Jay-Z nor Roc Nation issued a response to the lawsuit. However, a spokesperson for TPCO denied that Clay’s allegations contained any truth to them. “The company does not comment on active litigation and plans to defend itself strongly against the false accusations,” the spokesperson said. However, Clay’s attorney said that “have concrete irrefutable proof of each allegation in the Complaint,” though they said they were “not comfortable sharing evidence at the early stage of this litigation.”

Jay-Z’ announced the Monogram brand in 2020, marking his first release since he partnered with Caliva the year before. The high-end cannabis company leaned heavily into hip-hop, as he tapped N.O.R.E., 2 Chainz, Curren$y, Tinashe, and more for its unveiling. However, Jay also used the company as a means to raise awareness surrounding outdated cannabis laws that have left many people incarcerated for years. The luxe brand boasts flower and pre-rolls that range from $40-$70. We’ll keep you posted on anymore updates surrounding the lawsuit. 

[Via]

Jay-Z’s The Parent Company Hires The First Black CEO To Lead A Major Public Cannabis Company In The US

by
Getty Image

This year has been quite a big one for Jay-Z and his business moves, but the rapper’s latest deal finds him making history. The Parent Company, which is based in California and which houses Jay’s cannabis brand Monogram, announced that executive Tory Datcher will become the company’s newest chief executive officer. Datcher, who previously worked as the senior vice president and chief customer officer of Clorox, will begin the role next month, and according to a press release from Monogram, he’ll become the first Black CEO to lead a major public cannabis company in the United States.

Datcher spoke with Insider following the announcement and said that The Parent Company has a “unique opportunity to disrupt a sector that has disproportionately impacted communities of color — including my own — for far too long.” He added, “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.” He concluded, “Together, we can shape a legal cannabis industry that is reflective of our entire culture in California and beyond.”

The newly-appointed CEO will work beside Jay-Z — who is currently the company’s chief visionary officer — andDesiree Perez, Roc Nation CEO and chief social equity officer of The Parent Company. “Troy’s business acumen, strategic thinking, and leadership skills are invaluable qualities that will be critical to our organization’s growth,” Perez said. “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.”