Jay-Z’s luxury cannabis brand, Monogram, is facing serious financial struggles despite its high-profile launch. According to reports from SFGate, the company, which Hov launched in 2020, is in deep trouble. He was appointed Chief Brand Strategist for the California-based brand, which initially received significant buzz, thanks to its promotion in top magazines like GQ, Vogue, and Vanity Fair. The brand also kicked off with a lavish photoshoot at Frank Sinatra’s Palm Springs estate, targeting an upscale audience.
However, Monogram has not lived up to expectations. The Parent Company (TPCO), which initially oversaw the brand, hoped for $300 million in sales in its first year. Instead, it reported a net loss of $587 million. As a result, they decided to part ways with Jay-Z’s project, and Gold Flora took over. Unfortunately, that move didn’t improve the situation. Gold Flora, the new parent company, has also struggled, losing around $56 million and facing debts surpassing its assets by $60 million.
Monogram has faced additional criticism, including allegations of smuggling, unpaid invoices, and owing $200,000 to a weed farm. Industry insiders had predicted such outcomes, and cannabis investor Seth Yakatan told SFGate that the product failed to live up to its premium promises: “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.” Despite the initial hype, Monogram’s future is looking uncertain.
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