HOV made another boss move!
As reported on The Source, Jay-Z and his The Parent Company, which owns his Monogram cannabis brand, is joining forces with Glass House Group. He inked a 10-year deal reportedly worth nearly $600 million.
Under the deal, they’ll produce nearly 500,000 pounds of cannabis biomass. In addition, a six-year, $25 million retail partnership where The Parent Company’s products, including Monogram, will be for sale at Glass House locations. The Parent company also purchased land worth $17 million for cannabis production from private cannabis farmers, giving the farmers an advance of $6 million cash, the article reports.
Steve Allan, Chief Executive Officer of The Parent Company, said, “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. He continued,
“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.”