The announcement was made in a statement published on the website of Caliva, a cannabis company which was founded in 2015 and whose headquarters are based in San Jose, California.
Caliva products are currently sold exclusively in California.
The company's produce includes a strain of cannabis called "Alien OG", vape pens, pre-rolled cannabis joints and beverages.
The Caliva statement outlines that Jay-Z will "enter into multi-year partnership with Caliva as chief brand stategist", playing "a crucial role driving creative direction, outreach efforts and strategy for the brand".
Jay-Z says that he and Caliva "want to create something amazing, have fun in the process, do good and bring people along the way".
“Anything I do, I want to do correctly and at the highest level," the 49-year-old says.
"With all the potential in the cannabis industry, Caliva's expertise and ethos makes them the best partner for this endeavour."
Jay-Z's position, Caliva states, will involve providing assistance to individuals who have been released from prison after being charged with cannabis-related offences.
This will include advocating for said individuals and offering them job training.
Earlier this year, Jay-Z collaborated with fellow rapper Meek Mill to launch a prison reform organisation called Reform Alliance.
The rappers, in addition to other founding partners, pledged $50m (£40m) towards launching the organisation.
"We stand behind our brand promise of providing consumers with consistency, transparency, and accessibility," Caliva states on its website.
"We were built on a foundation of trust and we seek to be known as the most trusted name in cannabis."
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