Jay-Z's Luxe Joint Brand Hits a Snag, Fans Question Why His and Beyoncé's Non-Music Ventures Keep Flopping

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Jay-Z
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Struggling to move its premium $50 joints, the high-end cannabis brand Monogram, founded by Jay-Z, has faced challenges in generating sales, leading to significant financial losses estimated at half a billion dollars since its establishment in 2020.

SFGate revealed that after four years, the once-prominent celebrity cannabis brand seems to have faded into obscurity.

Monogram's website now shows nine retailers, primarily located in California and Arizona, none of which feature the rapper's products on their online menus.

The Parent Company, the conglomerate overseeing Jay-Z's cannabis venture, has burnt out approximately $500 million of its initial $575 million cash reserve. Following a merger with another struggling company, the financial outlook remains uncertain.

Seth Yakatan, a prominent figure in the cannabis industry known for his investments and advisory roles with various California marijuana businesses, was not taken aback by this decline and the underwhelming performance of Jay-Z's high-end Monogram products.

It was clear that The Parent Company had made it clear in the past that they intended to "dominate" the industry, with their board member Michael Aurbach boasting in November 2020, "We're going to dominate and consolidate the market."

"It will be hard for any smaller player to compete with us," he added.

Jay-Z was appointed as the chief visionary officer of the company, where his Monogram line was positioned as the premium brand under The Parent Company's umbrella. This exclusive range featured pre-rolled joints and cannabis flowers packaged in sleek black designs, targeting a high-end market segment with luxury pricing.

Interestingly, each joint was priced at $50, a stark contrast to the $5 price point offered by competing brands for similar products.

Despite initial projections of generating $334 million in revenue during its first year, The Parent Company fell short of this target. By the end of 2022, they had a net loss of $587 million, which led to a sharp decline in its stock price.

Now, fans are questioning the reasons behind the consistent alleged underperformance of Jay-Z and Beyoncé's ventures outside the music industry.

However, others were quick to defend the Carters, who has a combined net worth of $3 billion, saying many of their non-music venture have successful turnouts.

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Jay-Z, Beyonce

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