Hov has made another money move in the marijuana industry.
Jay-Z Makes Major Marijuana Move With A New $19 Million Investment
According to Forbes, on Oct. 12, the billionaire rap mogul has invested $19 million in Flowhub, the company is looking to expand into other markets, further develop its products and grow its social equity program.
Flowhub in a joint venture with Headline and Poseidon. The company has reported so far raised to nearly $50 million and is currently valued at over $200 million.
“We are thrilled to announce this capital raise. Headline is an incredible Silicon Valley-based venture capital firm, Poseidon is a pioneer investor in the cannabis industry and Jay-Z is a cultural and creative global force no matter the industry he is involved in,” said Kyle Sherman, founder, and CEO of Flowhub. “I couldn’t think of a better group to be working with as we take this company to the next stage. This funding not only underscores the significant value that Flowhub provides to our customers, but also the maturation of the cannabis industry at large. We remain committed to developing innovative products that help our retail customers run better businesses.”
The company's founder was quoted saying, “When JAY says, ‘I’m not a businessman, I’m a business, man,’ it’s true,” Flowhub Founder and CEO Kyle Sherman told Forbes. “He’s got incredible business acumen — he really knows how to surround himself with brilliant people and build great companies.”