JAY-Z is continuing his moves in the marijuana industry by investing $19 million in the payment company Flowhub, together with venture firms Headline and Poseidon.
Valued at $200 million, Denver-based Flowhub helps cannabis dispensaries process payments and has raised a total of $50 million to date. With the extra money, the company plans to accelerate expansion into emerging markets, while further developing its products and growing its social equity program.
“When Jay says, ‘I’m not a businessman, I’m a business, man,’ it’s true,” Flowhub founder and CEO Kyle Sherman told Forbes. “He’s got incredible business acumen—he really knows how to surround himself with brilliant people and build great companies.”
Founded in 2015 with over 60 years of industry experience, Flowhub processes more than $3 billion annual sales for more than 1,000 businesses across 14 states.
In a press release Sherman said, “We are thrilled to announce this capital raise. Headline is an incredible Silicon Valley-based venture capital firm, Poseidon is a pioneer investor in the cannabis industry and JAY-Z is a cultural and creative global force no matter the industry he is involved in.
“I couldn’t think of a better group to be working with as we take this company to the next stage. This funding not only underscores the significant value that Flowhub provides to our customers, but also the maturation of the cannabis industry at large. We remain committed to developing innovative products that help our retail customers run better businesses.”
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JAY-Z’s investment in Flowhub follows his partnership with Caliva in 2019, becoming the marijuana company’s chief brand strategist.
“Anything I do, I want to do correctly and at the highest level,” he said at the time. “With all the potential in the cannabis industry, Caliva’s expertise and ethos make them the best partners for this endeavor. We want to create something amazing, have fun in the process, do good and bring people along the way.”
Through Caliva, Hov launched his own luxury cannabis brand MONOGRAM in October 2020.
All hail the undisputable king of rap even after ether, he signed Nas and was his label president.
1. You’re a star. 2. He isn’t even the king in his own house. He’s more like a weasel who betrayed his own family. 3. His music was pop bs, all his brand name drops make it boring to listen to 20 years later.
*stan
He is one of the best, but king? He rapped in an era, in which it was possible to go diamond and he never managed to go more than 5 times platinum, although he did a lot of pop influenced songs. And in this case, we are talking about an album from 1998. We’re was Jay-Z when Eminem, 50 Cent or even Nelly sold tons of albums?
Get a life and let others have theirs. Stop this hating. Spend more time off line just maybe…..
Jayz is in the backroom smoking a blunt.jay its willito hollaback.