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Cannabis company exec says Jay-Z partnership will fuel national growth

Caliva CEO Dennis O’Malley advised CNBC on Friday that his California hashish firm’s new partnership with rap icon Jay-Z will assist the agency broaden across the nation, saying his firm is “making no small plans.”

“We obviously have aspirations to go beyond California into other states over the next couple of years, and we really believe that Mr. Carter’s creative genius and his ability to really have the pulse of what a cultural movement is will be able to help Caliva do that,” O’Malley mentioned on “Squawk Alley. “

Caliva introduced Tuesday that Jay-Z, whose actual title is Shawn Carter, has entered a multiyear partnership with the corporate and can function its chief model strategist.

“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,” Jay-Z mentioned within the launch asserting the partnership. “We want to create something amazing, have fun in the process, do good and bring people along the way.”

Jay-Z rose to prominence as a musician within the 1990s however has additionally helped run a number of main enterprise ventures. His leisure firm, Roc Nation, features a sports activities administration company, which represents high-profile athletes resembling Kyrie Irving, and a enterprise capital arm named Arrive. He additionally has a monetary stake in champagne model Armand de Brignac.

O’Malley mentioned the rapper reached out to Caliva about teaming up. The corporate says it has greater than 600 workers in California.

“Mr. Carter could have his pick of any cannabis company in the world, and he chose Caliva,” O’Malley mentioned.

Caliva sells a variety of hashish merchandise, together with vapor, flowers and edibles. O’Malley mentioned the corporate is at the moment focusing extra on the ache and therapeutic product classes.

“Our bestselling product today is actually a bestselling pain lotion,” O’Malley mentioned. “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.”

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