JAY-Z‘s luxury weed brand Monogram is reportedly in financial trouble despite receiving initial backing of over half a billion dollars.
Joints from the company, which launched in 2020, retailed for $50, ten times the average price in California.
The company originally estimated it would gross upwards of $300 million in its first year but their accounts for 2022 show that Monogram’s parent company TPCO suffered a $587 million net loss, according to SFGate.
Following the filing, Monogram appears to have been sold to a separate company called Gold Flora, which is also in dire financial straights.
This year, Gold Flora revealed it had suffered losses of $56 million, while it has debts of over $60 million more than it has in assets.
The company has also been sued for allegedly not paying invoices, apparently owing a cannabis farm over $200,000.
JAY-Z, who was chief visionary officer for Monogram and a central point of its initial publicity splash, has not yet commented on the company’s financial woes.
Monogram appears to be a rare miss in JAY-Z’s vast business empire, which has powered his personal net worth to $2.5 billion, according to Forbes.