According to a recent report by AllHipHop, Jay-Z’s The Parent Company, which owns his Monogram cannabis brand, is set to merge with Glass House Group in a deal worth almost $600 million.
The 10-year deal with Glass House includes the production of nearly 500,000 pounds of cannabis biomass, along with a six-year, $25 million retail partnership in which The Parent Company’s products, including Monogram, will be sold at Glass House locations. Also, The Parent company purchased $17 million worth of land for cannabis production from private cannabis farmers, giving the farmers an advance of $6 million cash.
“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,” said Steve Allan, Chief Executive Officer of The Parent Company. “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.”
