Jay-Z Funding Cannabis

JAY-Z is starting a fund for minority-owned cannabis startups.

The rapper and entrepreneur told The Wall Street Journal that he is motivated to help people of color who have been disproportionately affected by the war on drugs and largely excluded from the multibillion-dollar legalized pot market.

He told the outlet, “It’s really unbelievable how that can happen. We were the ones most negatively affected by the war on drugs, and America has turned around and created a business from it that’s worth billions.”

JAY-Z is starting his fund with $10 million in seed money and will run it with Roc Nation CEO Desiree Perez, who received a pardon from Donald Trump on the last day of his presidency. It will invest as much as $1 million in each of the chosen cannabis startups.