The US congress legalized cannabis products in the states in June 2018. This new law enforced the availability of cannabis with various verified and licensed retailers to reduce trafficking of the hallucinogenic.
As per the present situation, cannabis consumption and selling of the drug has spread throughout the USA, attracting major investors to invest in this new popping-up Business. One such investor is Jay-Z, The mixed-race billionaire american rapper and Pop-culture mogul who has had acquired the licenses of certified cannabis selling firm Calvia and owned a subsequent percentage of the retail cannabis production company in 2019.
Jay-Z is the highest shareholder of Calvia’s sub-brand Monogram acquiring 50% of its shares. Being a youth sensation, Jay-Z leads to social justice and ambassadorship of the company.
As celebrity cannabis is a huge business, many famous celebrities have their fair share in the legal cannabis market. Some big players include Snoop Dog, Tommy Chong, and Mike Tyson. Recreational Marijuana has had a sales figure of $1.2 billion in 2019 with predictions for this figure to only grow until cannabis is Legal. It is expected to grow more than $30 million by 2024. Though some states like Colorado levy heavy taxes on cannabis. The sale of this recreational drug is a huge business.