Trying to move its $50 premium joints, premium cannabis brand Monogram, founded by Jay-Z, has faced challenges generating revenue, leading to Significant financial losses estimated at half a billion dollars since its inception in 2020.
SFGate revealed that after four years, the once famous cannabis brand appears to have faded into oblivion.
Monogram’s website currently shows nine retailers, primarily in California and Arizona, none of which feature the rapper’s products on their online menus.
The parent company, which oversees Jay-Z’s cannabis venture, burned through about $500 million of its initial cash reserves of $575 million. After merging with another struggling company, the financial outlook remains uncertain.
Seth Yakatan, a prominent figure in the cannabis industry known for investing in and advising various cannabis businesses in California, is unfazed by this decline and the poor performance of Jay-Z’s premium Monogram product.
It’s clear that the Holding Company has previously made it clear that it intends to “dominate” the industry, with board member Michael Aurbach boasting in November 2020, “We will dominate and consolidate the market.” school.”
“It will be difficult for any smaller competitor to compete with us,” he added.
Jay-Z was appointed as the visionary director of the company, where his Monogram line was positioned as a premium brand under the umbrella of the Parent Company. This exclusive line features pre-rolled joints and cannabis flower packaged in a sleek black design, targeting the high-end market segment at a luxury price point.
What’s interesting is that each joint costs $50, in stark contrast to the $5 prices competing brands charge for similar products.
Despite initial projections of generating $334 million in revenue in the first year, the Parent Company failed to meet this target. By the end of 2022, they had a net loss of $587 million, causing the stock price to plummet.
Now, fans are questioning the reason behind accusations of Jay-Z and Beyoncé’s continued underperformance outside of the music industry.
It makes sense why bad breath consistently reduces brand deals every month
— M🥀 ☼ .𖦹 ˚☼ ⋆ (@bloodlinerosa) December 2, 2024
He was so focused on young money that he didn’t notice his own decline
— red money ‼️💵 (@Stunna_Huey) December 3, 2024
They charge $65 for one-eighth of the average. Hov my goat but let’s be honest
– AC Tatum (@actatumonline) December 3, 2024
The Ivy brand FAILED
Hair care fails
General failure
Perfume fails
The book was not successful
Drake 0 business failure.
— SZA HATE ACCOUNT •dud→ 🇺🇸 (@THEBOYFANCY) December 3, 2024
I’m very confused. What is their strategy? Just push any product and see what sticks? Does he even smoke weed? I’ve only seen him smoking cigars, wouldn’t that be a better product to create?
— Cindy-Loo Who? (@charitesNzephyr) December 3, 2024
They are too elitist, sitting in ivory towers on top of mountains, making expensive products to sell to the masses. There was clearly a disconnect and we declined their offer.
– newcomb (@LikeNewComb) December 3, 2024
They’re selling things no one wants from them…. Beyonce should be selling wigs and Jay-Z should be writing books and movies about his life.
— Timetria Pittman❤️🔥🇺🇸 (@thatsreallyj) December 3, 2024
However, others were quick to defend the Carters, who have a combined net worth of $3 billion, saying that many of their non-music businesses have been successful.
jay z has dusse & ace of spades (both hits) beyoncé has cécred (2 million customers in just 6 months) and sirdavis (always sold out everywhere), she also has a celebrity perfume best seller of all time. You all are just saying whatever because of an article filled with…
— lesego. (@LeeLovesBey) December 3, 2024
Imagine you’re worried about a verifiable billionaire who lost money on investments. I think they’ll be fine.
— chisoltd (@chisoltd) December 3, 2024
WHAT?? Jay is famous for selling Roc a Wear clothing with ease. They made 80 million in 18 months and then sold the brand for 204 million. He currently sells Dussé and Ace of Spade Champagne which is a super popular champagne brand. What are you babbling about?? 🤣🤣
— King of Love (@AmoreKingTIO) December 3, 2024
The man had many thriving businesses
— Lj (@Lj76009482) December 3, 2024
Agree, laugh out loud, don’t know what everyone is talking about. Luckily they have a vast real estate portfolio but even real estate has been shaky over the past few years
— DigitalDollarsBTM 🏧 (@DigiDollarsBTM) December 3, 2024
He’s actually a billionaire BECAUSE he does other things besides music
— 𝚊𝚌𝚝 𝚒𝚒 ☆ 𝚜𝚕𝚞𝚝 𝚔𝚞𝚗𝚘𝚒𝚌𝚑𝚒 (@kunoichikagebey) December 3, 2024
Beyonce’s wine is selling well and she’s sold every drop of Ivy Park’s wine.
– RASHAD (@RashadEst85) December 3, 2024
Tags Jay-Z, Beyonce