JAY-Z and his cannabis company, Monogram, reportedly quietly backed out of business with its affiliate, The Parent Company (TPCO), before SFGate reported that it suffered over $500 million in losses in 2022, earlier this week. “JAY-Z stepped away years ago and it just went up in a mess,” a source told TMZ Hip-Hop on Tuesday.
Beginning in 2020, Monogram attempted to sell patrons a luxury cannabis experience and, as cannabis expert Seth Yakatan told SFGate, spent “mind-boggling amounts of money” to do so. The brand had features published in GQ, Vogue, and Vanity Fair. It also worked on marketing campaigns with iconic director Hype Williams. In the overpopulated California market, however, Monogram struggled to sell its pricey $50 pre-rolls. “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,” Yakatan said. As for The Parent Company, it has since been absorbed by another company, Gold Flora. The new company has reportedly suffered losses of $56 million this year.
Read More: Jay-Z’s Luxury Weed Brand In Reported Dire Financial Straits
JAY-Z & Michael Rubin Attend Fanatics Fest NYC
When the huge losses were initially reported, they came as a surprise to many fans of the hip-hop mogul who boasts a net worth of over $2.5 billion, according to Forbes. Through his work with Roc Nation, JAY-Z has built an impressive reputation for having great business acumen. He became hip-hop’s first billionaire in 2019.
JAY-Z & Monogram Work With Hype Williams
In other news, JAY-Z announced earlier this week that he’s releasing a coffee table book, The Book of HOV: A Tribute To JAY-Z. Roc Nation and luxury publisher Assouline collaborated on the 432-page project. Check out one of the ad campaigns for Monogram below.
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