You can’t be successful in everything you do in life.
Jay-Z’s luxury cannabis company Monogram is reportedly facing huge financial losses despite receiving initial backing of over half a billion dollars. The business initially projected that it would make up to $300 million in its first year, but according to its 2022 financial statements, Monogram’s parent company, TPCO, experienced a net loss of $587 million, according to a report from SFgate.
Monogram now appears to have been sold to a separate company called Gold Flora, which is also in dire financial trouble. Gold Flora disclosed that it had lost $56 million and that its debts exceeded its assets by more than $60 million. The business has also been sued for allegedly failing to pay invoices, purportedly owing more than $200,000 to a cannabis farm.
Jay-Z officially entered the marijuana market with his new brand MONOGRAM back in 2020 where he held the title of “Chief Brand Strategist” of the California-based cannabis company. To help promote MONOGRAM, Jay-Z had also debuted a new Tidal playlist titled, “Monogram: Sounds From The Grow Room.”
Apparently, its US $50-dollar joints didn’t live up to consumer expectations which was the main reason for the company’s commercial failures.
In an interview with SFgate this week, renowned cannabis investor and Glass House Brands Inc strategic advisor, Seth Yakatan, said that Monogram reviews were generally terrible.
“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,” he said.
