You know who didn’t lose money in this $500M company debacle?
The permanent A list rapper who put zero dollars of his own money into the project, but walked away with investor money.
He always does that.
His time is coming.
Jay-Z
Monogram
Jay-Z’s cannabis venture Monogram distanced itself from The Parent Company long before the company burned through a jaw-dropping $575 million. Sources claim Jay exited the scene in December 2022, leaving the financial disaster in someone else’s hands. While Monogram promised a luxury cannabis experience, critics weren’t sold on their $50 joints, calling it overpriced in California’s cutthroat market. Meanwhile, The Parent Company’s collapse capped off a tumultuous year, marked by its acquisition by Gold Flora and the tragic loss of CEO Troy Datcher in March.
Jay-Z’s Monogram dodges the $575M meltdown of The Parent Company
Jay-Z’s cannabis brand Monogram is sitting pretty far from the chaos surrounding The Parent Company, which reportedly burned through an eye-watering $575 million before crumbling.
According to sources, Jay-Z quietly parted ways with the weed giant in December 2022. “He stepped away years ago, and it just went up in a mess,” one insider told TMZ Hip Hop. Now owned by another LLC, Monogram has been spared from the financial dumpster fire.
Back when Monogram launched in 2020, it made waves with its upscale branding and bold promises of a premium cannabis experience. But the high-end strategy didn’t stick, with critics accusing the brand of pushing overpriced, mediocre products. “Attempting to slang $50 joints in California’s brutal market was never going to fly,” cannabis expert Seth Yakatan told SFGATE.
Still, Jay-Z dodged the worst of the fallout. The Parent Company, however, wasn’t so lucky. After its $575 million cash burn, it was absorbed by Gold Flora in 2023. The rough year was further marred by the death of Troy Datcher, the company’s groundbreaking CEO, in March.
So while the cannabis industry can be as unpredictable as a bad trip, Jay-Z’s Monogram managed to exit the scene before the real meltdown began.