Beyoncé’s success has paid off significantly over the years. Since her rise fame in the late 1990s, the singer has been dominating the music industry with her chart-topping songs and hit records. Today, Bey is considered one of the most successful and highest-paid entertainers in the world — and has a staggering fortune to prove it. Though she is very well off in terms of money, it seems the singer isn’t done expanding her vast net worth as her latest business venture could make her even more prosperous.
Beyoncé says she’s building a cannabis and honey farm
Five years after launching her athleisure brand, Ivy Park, in 2016, Beyoncé is expanding her lucrative empire — and potentially her net worth — even further by entering into the cannabis industry.
In a recent interview with Harper’s Bazaar, the “Formation” singer announced that she is building a hemp and honey farm to obtain her own CBD, which she’s become a big fan of.
“I discovered CBD on my last tour, and I’ve experienced its benefits for soreness and inflammation,” Beyoncé told the outlet. “It helped with my restless nights and the agitation that comes from not being able to fall asleep.”
In addition to finding relief from CBD, Beyoncé has also discovered the healing properties of honey, which she says have benefitted her and her children. Such satisfaction brought her to decide to build a hemp and honey farm.
“Now I’m building a hemp and a honey farm,” she shared. “I’ve even got hives on my roof!”
The singer is a firm supporter of the cannabis industry
Beyoncé’s plan to become a cannabis farm owner doesn’t come as a big surprise seeing as she’s a known advocate of the industry.
In 2020, Beyoncé’s foundation BeyGOOD partnered up with the NAACP to provide small business grants for Black-owned businesses affected by COVID-19. Together, the organizations gifted the Maryland-based cannabis company The Gift a grant for $10,000.
“Banks are reluctant to lend to us because the regulations around hemp are new and still developing in some respects,” Cory Moore, co‐founder and CEO of The Gift said in a written statement sent to Black Enterprise. “Black‐owned businesses are challenged even further when it comes to financing. This grant from NAACP and Beyoncé has made us feel seen, and we are grateful to them for the opportunities we will create with these funds.”
While Beyoncé is just getting into the cannabis industry, her husband Jay-Z is already part of the business as he recently launched his own cannabis line, Monogram.
“Monogram marks a new chapter in cannabis defined by dignity, care and consistency,” the site reads. “It is a collective effort to bring you the best, and a humble pursuit to discover what the best truly means.”
This business move could increase Beyoncé’s net worth substantially
As of this writing, Beyoncé’s net worth currently stands at $500 million, according to Celebrity Net Worth. Though that is a vast number, the multi-Grammy winner’s fortune will likely increase in the upcoming years if her hemp and honey farm is a success.
According to Forbes, there is a lot of money in the cannabis industry. In 2020, the outlet reported that the projection for the cannabis business was $16.1 billion in the U.S. alone. Now, they predict that the collective market for CBD sales in the U.S. will surpass $20 billion by 2024.
If this is the case, Beyoncé could make quite the fortune being part of the cannabis industry.