US: Jay-Z hires first black cannabis CEO

If Black wealth is the aim, then Jay-Z is the blueprint. The visionary businessman is back at it once again, making Black power moves in the cannabis industry.  

Jay-Z’s cannabis company, The Parent Company, has hired Troy Datcher as its new CEO, it was announced on Monday. The appointment is significant. Datcher will become the first Black CEO to lead a major, public cannabis organization in the U.S, according to Business Insider.  

The move marks a significant step in redressing the racial inequality in the ever-expanding cannabis industry. Recent figures show that only 4.3% of cannabis business owners in the U.S were Black. White owners made up 81%, 5.7% were Hispanic, and 2.4% were Asian. 

This is not Jay-Z’s first attempt at highlighting the lack of diversity in the industry and promoting greater Black participation. In January, he created a $10 million fund to invest in Black-owned Cannabis start-ups. 


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