Empire State hip-hop icon Jay-Z attempted to create a successful luxury cannabis line four years ago, but it has been unable to survive in a highly competitive market. Apparently its US$50-dollar joints didn’t live up to consumer expectations.
Monogram was operated by “The Parent Company” before it was acquired by Gold Flora Corp (OTCMKTS: GRAM) last summer. Now, Gold Flora is in the midst of receivership proceedings and is currently ascending down a “debt death spiral,” as described by one knowledgeable source.
Shawn Carter (Jay-Z) served as The Parent Company’s Chief Visionary Officer before the takeover, but his only cannabis leadership role now is at his failing company. Monogram products cannot be found in stock at any of the California and Arizona dispensaries listed on its website.
The Parent Company once had a cash balance exceeding half a billion, but it managed to blow through it and merged into a now-deteriorating cannabis operator.
In an interview with SFGATE this week, renowned cannabis investor and Glass House Brands Inc (OTCMKTS: GLASF) 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.
Jay’s company tried to market the expensive joints as hand-rolled with the best green available, but his celebrity name and this feature weren’t enough to inspire people to spend half a Benjamin on one reefer cigarette.
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Other celebrity pot brands kick the bucket in recent years
Monogram now joins the ranks of companies that relied on having famous founders for their marketing schemes without the substance and strategy needed to be successful. Tough market conditions are a key factor too.
Flow Kana, associated with comedian and actress Chelsea Handler, is another recent celebrity marijuana failure. It ceased operations in early 2023 due to overwhelming financial issues.
Also Whoopi Goldberg’s medical cannabis company Whoopi & Maya, which shut down in 2020 due to a conflict between Goldberg and co-founder Maya Elisabeth. Like Monogram, this company had an extremely hard time thriving in California’s cutthroat market, another key reason for its disappearance.
rowan@mugglehead.com
