Jay-Z is investing more into the marijuana business but he’s not doing it alone. Recently pardoned Desiree Perez is partnering with Jay-Z to launch a 10 million dollar fund for minority owned dispensaries and marijuana businesses. This is a great move since the industry is predominantly rich caucasians that can afford the advanced trials to participate in the cannabis industry.
Hov is using this money to merge two California based marijuana companies. The “Parent Company” is set by the company Subversive Capital Acquisition Corporation. This new fund will be ran by Jay-Z and Perez, in which they will donate $1 million to each cannabis startup.
With this booming industry, this is a smart move to make. And to target minority owners would be a huge motivator for anyone searching to make a dent in the industry! But wait, what do you mean Desiree Perez was pardoned?
Yes, Desiree Perez has been behind bars for some time now. She was arrested in 1994 for drug possession and was again arrested in 1998 for grand larceny. She was recently named CEO of Roc Nation. Perez used to be the director of operations at a Manhattan club. The club was opened by Juan Perez who is the head of Roc Nation Sports. She constantly booked Jay-Z at her venue and other locations in the US.