Connect with us

CELEBRITY

Jay Z’s luxury cannabis company goes up in smoke after struggling to sell $50 joints

Published

on

Jay Z's luxury cannabis company goes up in smoke after struggling to sell $50 joints

The ‘Empire State of Mind’ rapper,’ also known as Shawn Carter, is celebrated as a savvy businessman, but his stylish weed company is floundering — like many others that braved California’s tough legal pot market.

 

Monogram’s website lists nine retailers across California and Arizona that it says stock its wares. But none of them currently lists any of Jay-Z-endorsed buds or joints on their online menus.

Meanwhile, the conglomerate behind it, The Parent Company (TPCO), has burned through most of its $575 million launch cash and merged into another firm, which also appears to be in financial trouble, according to SFGATE.

 

Jay Z's luxury cannabis company goes up in smoke after struggling to sell $50 joints

 

Experts on legal weed say it’s been much tougher to break into California’s tough market than many investors anticipated, and that Jay-Z’s Monogram products are over-priced and underwhelming.

The Golden State’s legal weed sector has been stymied by complex rules, high taxes, competition from black market traders, wildfires, and sliding prices — pushing many cultivators into financial problems and insolvency.

Monogram did not answer DailyMail.com’s request for comment.

Seth Yakatan, a cannabis investor and adviser to many California weed firms, told SFGATE that he was not surprised about TPCO’s troubles, as it spent ‘mind-boggling’ sums of money pushing products that get poor reviews.

‘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.’

Monogram’s launch was one of the biggest cannabis business news stories of the decade.

TPCO was a merger of three existing cannabis corporations. It went public in 2020, in control of 20 separate retail brands, multiple grow houses and a network of retail outlets across California.

Jay-Z was named a C-suite executive — the chief visionary officer — at TPCO. The 54-year-old billionaire rapper’s Monogram brand was the company’s luxury offering.
Z3kf
It sells pre-rolled ‘loosies’ and cannabis buds in stylish black packaging. It’s ‘OG Handrolls’ cost an eye-popping $50 — much higher than the $5 that pot smokers are used to paying.

The launch involved a photo shoot at the celebrated Frank Sinatra house in Palm Springs, with models elegantly puffing joints in front of mid-century pool furniture.

This earned the upstart brand coverage in GQ, Vogue and Vanity Fair.

TPCO board member Michael Aurbach at the time bragged that they would ‘dominate and consolidate the market’ because it had such deep pockets.

‘It will be hard for any smaller player to compete with us,’ Aurbach said.

From the outset, the newcomer had difficulty convincing consumers to spend over the odds on products that did not live up to the hype.

A GQ review complained that Monogram joints failed to stay lit for ‘more than a few seconds.’

In its initial listing, TPCO said it expected to make $334 million in its first year — sky-high earnings that failed to become reality.

TPCO in 2022 reported a shocking $587 million net loss, apparently the result of buying overvalued brands, and its stock price tumbled.

Monogram offers cannabis buds and pre-rolled in stylish black packaging, but reviews have been middling

Pot startups have struggled to bloom in California’s highly taxed and regulated legal weed market
Jay-Z was once named as the chief visionary officer for The Parent Company

Jay-Z was once named as the chief visionary officer for The Parent Company
The next year, a struggling TPCO merged with another California weed company, Gold Flora. But it only had a 49 percent minority stake in the newly-formed corporation.

Advertisement

Jay-Z appears to have split with TPCO at about that time.

Read More
Smoking cannabis could damage lining of smokers’ brains, research suggests
article image
Stock market filings show that Monogram exited TPCO in December 2022, even though Gold Flora remains the exclusive seller of Monogram products within California.

Gold Flora appears to have stopped selling Jay-Z’s products, and is having its own financial challenges.

The company did not answer DailyMail.com’s request for comment.

It has posted some $56 million in losses this year, according to Green Market Report, and has more debts than assets.

Coastal Sun, a Santa Cruz cannabis farm, earlier this month sued Gold Flora for some $20,000 over unpaid bills.

Darren Story, Coastal Sun’s chief financial officer, says Gold Flora appears to be in a ‘debt death spiral.’

Green Market Report says Gold Flora could be the next firm to join the ‘conga line into receivership and bankruptcy.’

The struggles of Jay-Z’s weed enterprise are in stark contrast to the success he enjoyed as the CEO of Def Jam Recordings and the founder of Roc Nation in the 2000s.

Speaking in 2021, he said he was motivated to inter the weed market to get more black people into the industry.

People of color had been disproportionately punished for involvement in the drug where it is illegal, but comprised only a small number of those profiting from the multibillion-dollar legal pot market, he complained.

‘It’s really unbelievable how that can happen,’ he said.

‘We were the ones most negatively affected by the war on drugs, and America has turned around and created a business from it that’s worth billions.’

CELEBRITY

Paris Hilton Helps Reunite L.A. Wildfire Victims With Their Cat, Makes Big Donation, and a Bold Promise to Do What No Other Celebrity Has Ever Done

Published

on

Paris Hilton Helps Reunite L.A. Wildfire Victims With Their Cat, Makes Big Donation, and a Bold Promise to Do What No Other Celebrity Has Ever Done

 

Paris Hilton is putting on her cape to help Los Angeles wildfire victims in more ways than one … donating more money and reuniting one family with their lost pet.

 

 

Paris Hilton Helps Reunite L.A. Wildfire Victims With Their Cat, Makes Big Donation, and a Bold Promise to Do What No Other Celebrity Has Ever Done

Paris helped the Pasadena Humane Society reunite a cat displaced by the deadly Eaton Fire with her family, who lost their home in the blaze.

The feline was found after the fire destroyed entire neighborhoods in Altadena and Paris visited the kitty at the Pasadena Humane Society and asked her legions of fans to help find the cat’s owner.

Paris put the word out and it looks like it helped … because the shelter told her Tuesday the kitty had been reunited with its family.

Unfortunately, the family doesn’t have a house right now so the cat’s still living at the shelter … but at least the family knows where she is.

Paris lost her Malibu home in the Palisades fire and she’s been doing a lot to give back to others who suffered similar losses … and now her foundation is donating $800,000 to relief efforts … including $150k to provide immediate cash assistance to 150 displaced Altadena families.

Continue Reading

CELEBRITY

The Pacific Palisades house where Matthew Perry died was engulfed in an LA fire… a few months later a tycoon arrived and… see more

Published

on

The Pacific Palisades house where Matthew Perry died was engulfed in an LA fire… a few months later a tycoon arrived and… see more

 

In a shocking turn of events, the Pacific Palisades home where beloved actor Matthew Perry tragically passed away has been engulfed in a massive fire. The incident comes just months after the property was sold for $8.5 million, leaving the new owners and the community reeling.

 

The Pacific Palisades house where Matthew Perry died was engulfed in an LA fire… a few months later a tycoon arrived and… see more

The Tragic History of the Home

The property, nestled in the upscale Pacific Palisades neighborhood of Los Angeles, became a focal point of public attention following the untimely death of Matthew Perry. Known for his iconic role as Chandler Bing on the hit television show Friends, Perry’s passing left fans and the entertainment industry in mourning. The home, once a sanctuary for the actor, has now been reduced to a grim reminder of both personal and physical loss.

The Fire Incident

According to local authorities, the fire broke out late in the evening, quickly engulfing the multi-million-dollar property. Firefighters responded promptly, but the blaze had already caused significant damage by the time it was brought under control. “It’s always devastating to see a home destroyed, especially one with such a poignant history,” said a spokesperson for the Los Angeles Fire Department.

Preliminary investigations suggest that the fire may have been caused by electrical issues, though officials have not ruled out other possibilities. The exact cause remains under investigation, and updates are expected in the coming days.

A Community in Shock

The Pacific Palisades community has expressed deep sorrow over the incident. Neighbors and fans of Matthew Perry have left flowers and messages near the property, turning the area into an impromptu memorial. “This house held so many memories, not just for Matthew but for everyone who loved him,” said a neighbor who wished to remain anonymous. “It’s heartbreaking to see it go up in flames.”

The new owners, whose identities have not been disclosed, are reportedly devastated by the loss. They had recently begun renovations to modernize the home while preserving its original charm. “This was meant to be a fresh start for our family,” one of the owners reportedly told a friend. “Now, it feels like a nightmare.”

The Legacy of Matthew Perry

Matthew Perry’s connection to the home adds an emotional layer to the tragedy. The actor purchased the property during a high point in his career, and it served as a retreat where he could focus on his personal growth and sobriety. In interviews, Perry often spoke about the importance of creating a safe and peaceful environment, making the loss of the home even more poignant.

Fans of the actor have taken to social media to express their grief and solidarity with the new homeowners. “First, we lost Matthew, and now this. It feels like the universe is erasing his presence,” one Twitter user wrote. Another commented, “This fire is a reminder of how fragile life is. Let’s honor Matthew’s memory by cherishing the moments we have.”

 

The Pacific Palisades house where Matthew Perry died was engulfed in an LA fire… a few months later a tycoon arrived and… see more

Moving Forward

As the investigation continues, efforts are underway to support the affected family and the community. Local organizations have offered assistance, including temporary housing and emotional support for the homeowners. The Los Angeles Fire Department has also emphasized the importance of fire safety and prevention, urging residents to check their electrical systems and smoke detectors.

Real estate experts predict that the fire will significantly impact the property’s value, though its history and location may still attract potential buyers in the future. “It’s a unique property with a story, albeit a tragic one,” said a local real estate agent. “Some buyers might see it as an opportunity to rebuild and create something new.”

Reflecting on Loss and Resilience
The Pacific Palisades fire serves as a stark reminder of the unpredictable nature of life. For fans of Matthew Perry, the destruction of his former home feels like a double blow, compounding the sense of loss that followed his passing. Yet, it also highlights the resilience of the human spirit and the importance of community support in times of tragedy.

As the ashes settle, the focus will undoubtedly shift to rebuilding—both physically and emotionally. For now, the Pacific Palisades neighborhood mourns the loss of a home that symbolized both a cherished life and the enduring impact of an extraordinary talent.

Continue Reading

CELEBRITY

Heartbreaking: A French Woman Dumps Millionaire Husband And Sends $1M to Scammer Posing as Brad Pitt for Cancer Treatment

Published

on

Heartbreaking: A French Woman Dumps Millionaire Husband And Sends $1M to Scammer Posing as Brad Pitt for Cancer Treatment

 

In one of the most bizarre and heartbreaking scams we’ve heard of, a 53-year-old French woman believed she was involved in a whirlwind romance with none other than Brad Pitt.

 

 

Heartbreaking: A French Woman Dumps Millionaire Husband And Sends $1M to Scammer Posing as Brad Pitt for Cancer Treatment

 

It all began when she received a Facebook message in February 2023, supposedly from the Hollywood star’s mother. Little did she know, this seemingly innocent interaction would turn into an elaborate scheme that left her emotionally and financially devastated.

The scammer, who posed as Pitt, started communicating exclusively through text messages. Conveniently, this ‘Brad Pitt’ was always too busy for phone calls but generously sent AI-generated videos of the actor to string her along. At first, Anne, the victim, had her doubts, but over time, the flirtations became too convincing to ignore.

What followed was a sequence of increasingly ludicrous requests, starting with a promise of lavish gifts, but only if she paid a hefty customs fee of 9,000 euros (£7,566). Anne, already caught up in the romance and caught off guard by the smooth words and sweet poetry from the “actor,” paid up without hesitation.

As if things weren’t unbelievable enough, the scam escalated when the fake Pitt proposed to Anne, and in the midst of the supposed engagement, the scammer claimed he needed money for urgent medical treatment.

According to the imposter, the actor was undergoing treatment for kidney cancer, and since he couldn’t access his own funds due to a messy divorce from Angelina Jolie, Anne’s help was needed. Naturally, Anne, who had just come into a divorce settlement worth nearly $800,000, sent over the money, believing she was aiding her new fiancé.

But the twists didn’t stop there. The scammer continued to fuel Anne’s delusions by sending AI-generated images of Pitt in a hospital bed, feigning a desperate need for financial assistance. Unfortunately for Anne, it wasn’t until she saw the real Brad Pitt out with his new girlfriend, Ines de Ramon, that the truth began to hit her. By then, Anne had sent over a staggering 830,000 euros (£697,000) to the scammer.

The extent of the betrayal was overwhelming. Anne, now realizing she had been duped, filed a complaint in 2024, prompting an investigation into the scam.

Tragically, the emotional toll of the deception has left her hospitalized for severe depression. Meanwhile, the authorities are still on the hunt for the scammer who preyed on her vulnerabilities.

 

Heartbreaking: A French Woman Dumps Millionaire Husband And Sends $1M to Scammer Posing as Brad Pitt for Cancer Treatment

 

Interestingly, this is not the first time that Brad Pitt’s name has been used for malicious gain. In September 2024, five individuals were arrested in Spain for extorting over $330,000 from two women by posing as the actor.

As tragic as this story is, the internet has been both sympathetic and snarky in its reactions. Sarah Bee, a commenter on X, summed it up perfectly: “Romance scams are the cruellest.” Others had a bit more of a tongue-in-cheek response, questioning why Anne didn’t just Google Brad Pitt’s current situation before sending so much money, or joking that people should keep track of their older relatives’ activities to avoid them giving away their inheritance to a fake Brad Pitt.

One user, Jay Kennedy, chimed in, sharing how his stepmother continues to send money to a “cellist,” despite repeated warnings. “It’s sad how lonely and lost older people get. To where they are so delusional and do this.”

Continue Reading
“This is too risky”: 107YO went viral because the 4-inch “Longevity Horn” growing on her forehead was said to be due to… see more
Lifestyle1 hour ago

“This is too risky”: 107YO went viral because the 4-inch “Longevity Horn” growing on her forehead was said to be due to… see more

Paris Hilton Helps Reunite L.A. Wildfire Victims With Their Cat, Makes Big Donation, and a Bold Promise to Do What No Other Celebrity Has Ever Done
CELEBRITY1 day ago

Paris Hilton Helps Reunite L.A. Wildfire Victims With Their Cat, Makes Big Donation, and a Bold Promise to Do What No Other Celebrity Has Ever Done

The Pacific Palisades house where Matthew Perry died was engulfed in an LA fire… a few months later a tycoon arrived and… see more
CELEBRITY1 day ago

The Pacific Palisades house where Matthew Perry died was engulfed in an LA fire… a few months later a tycoon arrived and… see more

Heartbreaking: A French Woman Dumps Millionaire Husband And Sends $1M to Scammer Posing as Brad Pitt for Cancer Treatment
CELEBRITY2 days ago

Heartbreaking: A French Woman Dumps Millionaire Husband And Sends $1M to Scammer Posing as Brad Pitt for Cancer Treatment

Breaking News: Coco Gauff fuels romance rumors with Ben Shelton at Australian Open amid playful sightings
Entertainment2 days ago

Breaking News: Coco Gauff fuels romance rumors with Ben Shelton at Australian Open amid playful sightings

Just In: As TikTok faces a potential ban in the United States, the search for a new short-video platform is heating up, and one app has quickly risen to the top: Xiaohongshu, also known as RedNote in English.
NEWS2 days ago

Just In: As TikTok faces a potential ban in the United States, the search for a new short-video platform is heating up, and one app has quickly risen to the top: Xiaohongshu, also known as RedNote in English.

Megyn Kelly criticizes Prince Harry and Meghan Markle, calling their wildfire relief efforts a "publicity stunt."
ROYAL FAMILY3 days ago

Megyn Kelly criticizes Prince Harry and Meghan Markle, calling their wildfire relief efforts a “publicity stunt.”

Shocking: “Tragedy strikes Hollywood” Will Smith is “heartbroken” as his $42 million Malibu mansion catches fire and sees his wife and loved ones looking at him with eyes “…” as they try to… see more
CELEBRITY3 days ago

Shocking: “Tragedy strikes Hollywood” Will Smith is “heartbroken” as his $42 million Malibu mansion catches fire and sees his wife and loved ones looking at him with eyes “…” as they try to… see more

Prince William’s family’s surprise $56 million donation to victims and frontline firefighters of the Los Angeles wildfires. I am heartbroken to see thousands of victims left homeless and forced to evacuate…see more
ROYAL FAMILY3 days ago

Prince William’s family’s surprise $56 million donation to victims and frontline firefighters of the Los Angeles wildfires. I am heartbroken to see thousands of victims left homeless and forced to evacuate…see more

Wildfires in Los Angeles have killed 24 people, with 16 missing, as firefighters prepare for dangerous Santa Ana winds
Uncategorized3 days ago

Wildfires in Los Angeles have killed 24 people, with 16 missing, as firefighters prepare for dangerous Santa Ana winds

ABC's 'The View' ignores Stephanopoulos settlement with Trump
CELEBRITY4 days ago

ABC’s ‘The View’ ignores Stephanopoulos settlement with Trump

Khloé Kardashian bashes LA mayor over California wildfires, calls her a 'joke'
CELEBRITY4 days ago

Khloé Kardashian bashes LA mayor over California wildfires, calls her a ‘joke’

Trending

Copyright © 2024 USAgists