Jay Z invests USD 19 million in company in cannabis products
Jay Z invests USD 19 million in company in cannabis products.
Jay-Z is considered one of the most legendary rappers in the world of Hip-Hop. In addition to his musical prowess, Hov is also a smart businessman and is worth over a billion dollars for good reason. You also realize that people love to gamble.
Jay-Z was one of the names linked to the acquisition of the Denver Broncos from the NFL for a lucrative $ 4 billion. This would have made Jay-Z the first black owner of an NFL team.
Unfortunately, that ultimately didn’t happen, as Jay-Z was said to have no interest in investing that much money in the Denver Broncos in the first place. Instead, he decided to invest a lot of money in a smart home company.
Now it appears that the music mogul has decided to invest $ 19 million in payment company Flowhub as it is entering the marijuana industry alongside venture firms Headline and Poseidon.
Worth $ 200 million, Denver-based Flowhub helps cannabis dispensaries process payments and has raised a total of $ 50 million to date. While talking to Forbes, Flowhub founder and CEO Kyle Sherman spoke about Jay-Z’s investment in the business.
“When Jay says, ‘I’m not a businessman, I’m a businessman,’ it’s true. “He has incredible business acumen, he really knows how to surround himself with brilliant people and build great companies.
We are delighted to announce this capital increase. Headline is an incredible Silicon Valley-based venture capital firm, Poseidon is a pioneering investor in the cannabis industry, and JAY-Z is a global cultural and creative force no matter what industry they are involved in.
I couldn’t think of a better group to work with as we take this company to the next stage. This funding not only underscores the significant value that Flowhub offers to our clients, but also the maturation of the cannabis industry in general. We remain committed to developing innovative products that help our retail customers do better business. “
Jay-Z will continue to shine in whatever business endeavor he sets out to do and that is unlikely to change anytime soon.