Cannabis Firm Caliva Eyes National Growth With Jay-Z Partnership


In a move that is said to help the company grow across the nation, California cannabis firm Caliva has teamed up with Jay-Z. Caliva recently announced that the rap star will serve as the company’s chief brand strategist and has entered into a multiyear partnership with the firm, CNBC reported.

Jay-Z said in the release announcing the partnership, according to the outlet, “Anything I do, I want to do correctly and at the highest level. With all the potential in the cannabis industry, Caliva’s expertise and ethos makes them the best partner for this endeavor.” He continued, “We want to create something amazing, have fun in the process, do good and bring people along the way.”

The rapper, whose real name is Shawn Carter, reportedly reached out to Caliva about working together. The company is said to have over 600 employees in the Golden State. Caliva CEO Dennis O’Malley said, according to the report, “Mr. Carter could have his pick of any cannabis company in the world, and he chose Caliva.”

The company offers a host of cannabis items such as edibles, vapor and flowers. As of now, the company is focusing more on healing and pain product categories. O’Malley said, according to the report, “Our bestselling product today is actually a bestselling pain lotion.” O’Malley continued, “You’ll see a lot of our product development and a lot of our move-forward basis be around helping people with pain, sleep and anxiety, and then energy and recovery. There’s no black market for pain lotions.”

In separate news, legal pot is starting to pull its weight in retail: Colorado has recently hit a milestone, with total cannabis-related revenue rising above $1 billion. (It was reportedly the first state to do so.) Colorado is also said to have just under 3,000 licensed marijuana businesses as well as just over 41,000 individuals licensed to work in the space.


Latest Insights:

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. In the November 2019 AML/KYC Report, Zillow’s Justin Farris tells PYMNTS how the platform incorporates stringent authentication without making the onboarding and buying experiences too complex.