Last week marijuana was legalized for recreational use in New York. Professor, political commentator, and theGrio contributor Jason Johnson shared a first exclusive quote from Shawn “JAY-Z” Carter, Chief Visionary Officer of The Parent Company and founder of MONOGRAM.
“The news of cannabis legalization in New York is incredibly exciting,” Hov said. “It represents a long overdue opportunity for New Yorkers, for the cannabis industry, and for social equity and social justice. I’ve seen firsthand the harm inflicted for generations against black and minority communities by the war on drugs right here in New York. Today, I’m proud to see my home state join The Parent Company is paving the way for a thriving and equitable cannabis market.”
The Parent Company has an investor reel of Meek Mill and Rihanna while boasting a stable of brands and products produced by smaller companies in their portfolio. The Parent Company CEO Steve Allen states New York was more worried about “how to split up the tax revenue” as opposed to being worried about the law.
In the new legislation, 40% of tax revenues from new sales will go to impoverished Black and Brown communities, while also expunging convictions for marijuana. Hov will lead The Parent Company Social Equity Ventures by offering opportunities in the new sector by launching a $10 million investment followed by a contribution of 2% of The Parent Company’s profits annually to promote diversity in the new industry.
You can read more on the development here.