Jay-Z Invests $19 Million Into Cannabis-Focused Payment Processing Company
Jay-Z is continuing to expand his ever-growing empire by making a hefty business investment!
According to recent reports, Jay-Z (real name Shawn Carter) invested $19 million into Flowhub, a Denver-based software company. Specifically, Flowhub specializes in point-of-sale systems for marijuana dispensaries–essentially helping the businesses process payments and transactions.
In the wake of Jay-Z‘s investment, Flowhub founder and CEO Kyle Sherman remarked:
“When Jay says ‘I’m not a businessman–I’m a business, man’, it’s true. He’s got incredible business acumen–he really knows how to surround himself with brilliant people and build great companies.”
In another statement, Sherman also said:
“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 investment was also acknowledged on Flowhub’s Instagram page, where a spokesperson wrote:
“Breaking: We’ve just closed a $19 million strategic funding round led by Headline, Poseidon and Shawn ‘Jay-Z’ Carter! What do we plan to do with this money? Accelerate expansion into emerging markets, Further develop our product line, Grow our social equity program. Helping cannabis businesses thrive in this increasingly competitive industry takes more than useful software and tools. We’re obligated to lift up those who have been negatively and disproportionately impacted by the War on Drugs.”
Notably, Flowhub may not the only Denver-based business that Jay-Z will get involved with. As previously reported, Jay-Z is speculated to be a potential new owner for the Denver Broncos, as the current owners are expected to sell the team after the 2021-2022 NFL season.
What do you think about Jay-Z’s latest business move? Comment down below to let us know!