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

Caliva CEO Dennis O 'Malley told CNBC on Friday that his Californian cannabis company's new partnership with rap icon Jay-Z would help the company grow in the country, saying that his company "does not make small projects".

"We are obviously aiming to go beyond California in other states over the next two years, and we are confident that the creative genius of Mr. Carter and his ability to have the pulse of what he has to say. "A cultural movement will be able to help Caliva to that," said O Malley on "Squawk Alley.

Caliva announced Tuesday that Jay-Z, whose real name is Shawn Carter, had signed a multi-year partnership with the company and would serve as chief strategist for the brand.

"All I do, I want to do it right and at the highest level.With the full potential of the cannabis industry, Caliva's expertise and ethics make it the best partner for this company, "said Jay-Z in the announcement announcing the partnership. "We want to create something extraordinary, have fun in the process, do good and get people along the way."

As a musician, Jay-Z gained prominence as a musician in the 1990s, but also helped manage several large companies. Its entertainment company, Roc Nation, includes a sports management agency, which represents top athletes such as Kyrie Irving, and a venture capital branch called Arrive. He also has a financial stake in the champagne brand Armand de Brignac.

O & # 39; Malley said the rapper had asked Caliva to team up. The company claims to have more than 600 employees in California.

"Mr. Carter could choose from all the cannabis companies in the world, and he chose Caliva," O. Malley said.

Caliva sells a wide range of cannabis-based products, including steam, flowers and edible products. O & # 39; Malley said the company was focusing more on the categories of products for pain and healing.

"Our best-selling product today is actually a successful pain-relieving cream," said O & # 39; Malley. "We will see much of our product development and our foundation for the future helping people with pain, sleep and anxiety, and then energy and recovery. There is no black market for pain lotions. "