THE WHAT? Jay-Z is set to launch a fund dedicated to increasing black participation in the burgeoning legal cannabis industry, according to a report published by The Wall Street Journal.

THE DETAILS The rapper and entrepreneur was named Chief Visionary Officer of The Parent Company, a new incarnation of Subversive Capital formed from the acquisition of CMG Partners and Left Coast Ventures together with Shawn ‘Jay-Z’ Carter and Roc Nation.

The company was set up to redress the balance between those who have been punished for their involvement with cannabis, and those who have profited from its decriminalisation.

THE WHY? Carter said, “This is an incredible time for this industry. The end of cannabis prohibition is here, and The Parent Company will lead the charge to a more expansive and inclusive cannabis industry. We are paving a path forward for a legacy rooted in dignity, justice, care, and consistency. The brands we build will redefine growth, social impact, and social equity. This is our time. I’m proud and excited to lead the vision of The Parent Company.”