Jay-Z's company set to produce 900K pounds of pot

Growth op

A company owned by rapper Jay-Z is set to produce a staggering 900,000 lbs of cannabis after inking a series of multi-million dollar deals in California this month. Shawn “Jay-Z” Carter’s The Parent Company — which is also the owner of the rapper and entrepreneur’s recently-launched Monogram weed brand — will have a considerable stake in the state’s biggest weed producer, thanks to splashing out U$50 million on Mercer Park Brand Acquisition Corp., which is in turn on the brink of a $567 million merger with cannabis producer and retailer Glass House Group. The Parent Company also announced a decade-long deal with Glass House in which the latter will provide nearly half a million pounds of cannabis biomass, and a six-year retail partnership “that will secure shelf space in all stores for its house of brands” including Monogram, according to a press release. Not to be satisfied with the confusing web of weed deals above, The Parent Company also snapped up four acres of “licensed high-quality outdoor cultivation from a consortium of experienced cannabis farms affiliated with Mosaic.Ag” for a cool $17 million in cash and shares. The Parent Company CEO Steve Allan lauded the deals, which he says will “maximize consumer awareness and availability in California.” “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,” Allan 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.” Although the 51-year-old rapper stands to make a lot of money, he…

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Source : Jay-Z's company set to produce 900K pounds of pot

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