The company doesn’t actually deal with marijuana itself, only real estate for farms and dispensaries, according to Page Six.
The 67-year-old told the outlet he would be “leveraging my extensive network” in order to spread the word about the company as he takes on his new role.
Knowles is best known for managing Beyonce and his other daughter Solange Knowles, as well as the girl group Destiny’s Child, which Beyonce also sang in.
“I’m a marketing guy,” Knowles told Page Six about his new role with Bangi. “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.”
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Recently, Knowles’ son-in-law Jay-Z announced he was partnering with California-based cannabis company Caliva.
The rapper will be the company’s chief brand strategist and will be tasked with “driving creative direction, outreach efforts and strategy for the brand,” the company explained on its website.
His efforts will also be aimed toward boosting “the economic participation of citizens returning from incarceration” by way of methods such as job training, according to Caliva.
The two parties agreed to a multiyear arrangement, the company said.
Caliva was founded in 2015 and has a workforce of more than 600 people, according to its website. In addition to running a farm and two stores in Northern California, it also distributes its branded products in roughly two dozen other retail outlets in the state.
FOX Business’ Elizabeth Zwirz and The Associated Press contributed to this report.