Jay-Z named chief brand strategist at one of California's leading cannabis companies

Ruqayyah Moynihan and Blanche Vathonne, Business Insider France

  • From entertainment labels and a clothing line to alcohol brands and a sports club, Jay-Z is already involved in quite a few different sources of income.

  • The rapper has no intention of stopping there, however; he's just been named chief strategist at one of California's leading cannabis companies, Caliva.

  • In comments published in Variety, the star said: "We want to create something amazing, have fun in the process, do good and bring people along the way."

After officially becoming the first billionaire rapper last month, Shawn Corey Carter — better known as Jay-Z — doesn't just earn a living from the music scene.

From entertainment labels and a clothing line to alcohol brands and a sports club, the artist is pretty diverse when it comes to his income.

And he's hasn't stopped there: Jay-Z has just been made chief strategist at one of the leading companies in the cannabis industry in California.

"He will play a crucial role driving creative direction, outreach efforts, and strategy for the brand," said an announcement on Caliva's website.

The rapper, married to superstar performer Beyoncé and a father of three, says he sees potential in the industry.

Read more: Cannabis doesn't just lower men's sperm counts — it may also alter their sperm's genetic makeup

"Anything I do, I want to do correctly and at the highest level. With all the potential in the cannabis industry, Caliva's expertise and ethos makes [sic] them the best partner for this endeavor," said the star, according to Variety. "We want to create something amazing, have fun in the process, do good and bring people along the way.

RELATED: Take a look at retailers selling legal marijuana in California:

The cannabis industry is struggling

Though recreational use of cannabis started to become legal across various states in the US in 2018, the cannabis market isn't exactly the strongest, so the collaboration will likely come as a welcome addition to the company.

Read more: You can now buy weed at this supermarket — but there's a catch

According to BDS Analytics cited in Les Echos, legal cannabis sales in 2018 fell to $2.5 billion, which is $500 million less than in 2017.

Caliva President Dennis O'Malley spoke on the American television channel CNN when he said that this collaboration with Jay-Z would allow "important changes for the industry in terms of visibility".

Jay-Z is not, however, the first celebrity to enter the cannabis business; Snoop Dogg has actually got his own brand of cannabis products, Leafs by Snoop.

Actress Whoopi Goldberg also launched a range of marijuana-based products in 2016 to relieve menstrual cramps.

Read the original article on Business Insider France.

This post has been translated from French.

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