Mr Knowles has partnered with Bangi Inc which buys and rents real estate for weed farms.
He recently told the New York Post Page Six, that despite smoking the drug for "medicinal reasons", the company doesn't actually handle the marijuana itself, just leases the land to the growers.
"I'm a marketing guy," he explained. "I like to think outside the box. I like to be on the beginning of a trend and not at the end of it. We are buying land. We'll lease it back to the growers, the dispensaries, the extraction companies."
He seems to be following in the footsteps of his son in-law, Jay Z, who has joined cannabis company Caliva as chief brand strategist.
Knowles used to manage his daughter Beyonce and her former group Destiny's Child until she fired him in 2011 after a string of legal issues between the two.
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