Rap mogul JAY Z recently launched his Monogram cannabis company as the legal marijuana industry is about to take off.
According to a press statement, the rapper is getting set to become the owner of California’s largest cannabis-producing company after multiple multi-million dollar transactions.
According to reports by HotNewHipHop, JAY Z‘s The Parent Company, which owns his Monogram Cannabis brand, acquired Mercer Park Brand Acquisition Corp for fifty million dollars. Mercer Park is set to merge with Glass House Group in a deal worth more than five hundred and sixty-seven million dollars. After the merger, The Parent Company will officiate a ten-year-deal with Glass House to produce nearly five hundred thousand pounds of cannabis. Additionally, the companies are finalizing a six-year twenty-five million dollars retail partnership that will allow The Parent Company products to be sold at Glass House stores. In addition to scoring the deal, The Parent Company also purchased four acres of land from cannabis farmers for seventeen million dollars in a combination of cash and shares of The Parent Company. The farmers also received a six million dollars cash advance.
“These partnerships are a fantastic opportunity to secure long-term access to over nine hundred thousand pounds of high-quality, low-cost, California-grown cannabis for use across our expanding portfolio of branded products. Our focus over the last hundred 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.” said the Chief Executive Officer of The Parent Company Steve Allan.
It was recently reported that Hov filed to trademark a TV and film production company.