The Daily Populous Sunday December 8th, 2024 morning edition
Authored by benzinga.com and submitted by paz2023

Jay-Z’s cannabis brand, Monogram, launched in 2020 amid glowing media coverage in GQ, Vogue, and Vanity Fair soon followed. However, four years later, Monogram seems to have vanished from the market.

Despite its luxury positioning, or perhaps because of it, which featured $50 “OG Handrolls” and premium packaging, Monogram's website lists nine retailers, eight in California and one in Arizona, yet none feature the brand's products online. The brand's parent company, The Parent Company (TPCO), seems to be faring no better, noted SF Gate which first reported this story.

Monogram, the result of a merger of three cannabis companies that went public via a special-purpose acquisition company (SPAC), seemed to be in an unbeatable position, with board member Michael Aurbach touting its massive cash reserves and Jay-Z serving as the chief visionary officer. What could go wrong?

For starters, TPCO, which entered the cannabis market with $575 million in cash, reported a staggering $587 million loss in 2022, primarily due to overvalued acquisitions, unmet sales projections and stiff competition, notes SF.

After burning through half a billion dollars, TPCO merged with Gold Flora Corp. GRAM GRAM in 2023, but only retained a 49% stake in the new entity. Monogram separated from TPCO in late 2022, though Gold Flora retained distribution rights.

Meanwhile Gold Flora, now grappling with over $56 million in losses and mounting debts, faces lawsuits for unpaid bills and accusations of financial instability. According to The Green Market Report, the company has $63.5 million more in debt than it has assets, which prompted the outlet to ask how long until Gold Flora joins "the conga line into receivership and bankruptcy."

From Luxury To Loss To Billions, For Jay-Z That Is

Cannabis investor Seth Yakatan told SFGATE that The Parent Company was spending "mind-boggling" amounts of money during its brief time and that Jay-Z's pricey Monogram products failed to live up to the hype.

Apparently the $50 hand-rolls also fell flat, especially after a GQ review criticized them for failing to stay lit — a basic requirement for any joint.

"Like many other things we've seen in cannabis surrounding rappers, the hype hasn't met the reality. Monogram was supposed to be an ultra-premium product, and I don’t know anyone who tried it and thought it was anything more than mid-tier," Yakatan said.

Jay-Z, once praised by Warren Buffett as "the guy to learn from,” is now worth $2.5 billion, according to Forbes. The rapper went from cannabis to Armand de Brignac champagne and D'Usse cognac brands and holdings in his own entertainment company Roc Nation.

SunderedValley on December 8th, 2024 at 00:46 UTC »

Good. Celebrity weed brands are almost invariably bad to downright hazardous.

Even Snoop's is fuckawful.

essenceofreddit on December 7th, 2024 at 23:13 UTC »

This is the rapper equivalent of HawkCoin

FoxyInTheSnow on December 7th, 2024 at 22:25 UTC »

A $50 joint is marketed exclusively to the sucker-born-every-minute demographic.