Knowles has taken the position of Chief Marketing Officer for Bangi Inc., a firm that leases land to legal cannabis farms and dispensaries. While Knowles revealed he does consume cannabis for "medical reasons," he said Bangi will not be dealing with the plant directly.
"We are buying land," Knowles told Page Six. "We'll lease it back to the growers, the dispensaries, the extraction companies."
His main role with the company will be leading Bangi's "global marketing campaign," Knowles said, adding that he's excited to be getting into the burgeoning market.
"I'm a marketing guy. I like to think outside of the box. I like to be on the beginning of a trend and not at the end of it," he said.
Knowles' announcement came just days after his rapper son-in-law Jay-Z announced plans to enter the cannabis space. Knowles said he was unaware of Jay's plans and joked about being upstaged by the famous entertainer.
"I found out the way you found out. [I thought,] 'How ironic.' I called my people, [and was like,] 'Damn, I wish mine would have come out first!'" he quipped. "The same week is cool. Neither one of us knew what the other was doing."
So will Jay-Z and Knowles team up on a joint cannabis venture in the future? We'll just have to wait and see.
"It's way too early to have that conversation."