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Ray J launches new cannabis company with $5 million investment

KC Orcutt

 // Jun 3, 2019

Ray J // Artist Instagram

Ray J is making some money moves. After hitting an impressive $10 million in sales in less than a year with his tech company Raycon Global Inc., the singer, entertainer and entrepreneur has announced his latest venture.

As reported by TMZ, Ray J is in the process of launching his latest endeavor, William Ray LA, which will center on the cannabis industry and include a product line. According to the celebrity news publication, the company will specialize in growing, branding and marketing in addition to offering branded products.

Per TMZ, the move to expand his financial portfolio also included a $5 million investment. The company, which will be based in California, is set to coincide its launch with its first product release: a branded pre-roll joint aptly dubbed "Ray Jay's."

While additional information about what Ray J has up his sleeve remains speculative at this stage in the game, the new company will feature some of the industry's most reputed growth and marketing experts. The company will also offer a variety of branding and marketing services to other cannabis companies looking to expand their network and customer reach.

"Been working on deal for a year now!!" Ray J shared on Instagram, captioning a video of himself in an airplane about to take off. "Stayed up for days at a time getting work done! That's why I look hella tired all the time! But It's about to finally be official this week!! Jus wanna say thank you to my team in Kentucky, Arizona, California and Las Vegas! We've work hard to get to this point! Now let's go get these MMMMs!"

His manager, David Weintraub, shared with TMZ that the company's aim will focus on non-traditional marketing strategies in media, music and entertainment, further showcasing how Ray J's multifaceted business experience will translate well to the cannabis market.

Take a look at Ray J sharing his excitement for the new venture in the clip below.

TMZ

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