Rap mogul and cannabis connoisseur Jay-Z is using his stake in the weed industry to make another culture-shifting deal.
This week, The Parent Company — the icon’s cannabis company — announced that it has acquired Mercer Park Brand Acquisition Corp for $50 million, who is set to merge with Glass House Group, a press release states.
As a member of the lucrative partnership group, Jay-Z and his brand stand to play defining roles in the new deal as he will become an owner of California’s largest cannabis producer.
As a result of the new multi-million dollar merger deal, The Parent Company — which owns Jay-Z’s Monogram brand — has secured a 10-year-contract with Glass House to expand its supply of cannabis products.
According to rolling out, the two groups are also in the process of finalizing a six-year $25 million retail partnership that will prompt The Parent Company to sell its products at Glass House stores.
“These partnerships are a fantastic opportunity to secure long-term access to over 900,000 pounds of high-quality, low-cost, California-grown cannabis for use across our expanding portfolio of branded products,” Steve Allan, CEO of The Parent Company, said in a statement. “Our focus over the last 100 days has been to continue to scale up our supply chain. Our strategic investment accomplishes two important components, gaining access to Glass House’s greenhouse-grown cannabis at attractive pricing and expanding the distribution of our products to their network of retail stores.”
Jay-Z officially bought into the cannabis industry late last year with the launch of his top-shelf pot brand, which has proved to be quite successful as the weed market is starting to take off. Moreover, the business mogul has made it his business to help other cannabis entrepreneurs secure funding to take their businesses to the next level as well.
Back in January, he announced a $10 million investment fund to help elevate Black and brown-owned bud businesses through a “blank check” deal from Subversive Capital Acquisition Corp.
