The business acumen of one of hip-hop’s most lucrative performers, and arguably one of the greatest lyricists to grace the microphone, is rising at every transaction he involves himself in.
Shawn “Jay-Z” Carter’s The Parent Company has entered into an exclusive $50 million strategic investment with Glass House Group. The Parent Company will sell its suite of branded cannabis products across all Glass House retail locations.
“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, CEO of The Parent Company in a written 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.”
Glass House currently produces over 110,000 pounds of dry flower biomass per year, with a targeted long-term greenhouse footprint of 6 million ft2, and also operates four award-winning dispensaries in California. Glass House also agreed to merge with 17 in-process retail licenses from Element 7, which is expected to bring Glass House’s retail footprint to a total of 23 open locations by the end of the first half of 2022. This agreement also ensures that The Parent Company’s has shelf space in all of Glass House’s stores.
“Our strategy for vertical integration in California required locking in long-term, low-cost cultivation to meet our demand for branded products in our wholesale and direct-to-consumer channels,” Allan added. “With Glass House and Mosaic.Ag added onto to our existing large-scale indoor grow, we will have successfully grown our cultivation foundation, setting us up to have a scale and margin advantage for years to come. Additionally, having a long-term retail partnership with Glass House is expected to continue to enable our brands to maximize consumer awareness and availability in California.”