The Parent Company has invested in Mercer Park Brand Acquisition Corp., which is merging with Glass House Group. The Parent Company, which is backed by Jay-Z and for which he serves as chief visionary officer, is expanding its retail footprint in California with this week’s announcement that it has acquired Calma West Hollywood. Beyond the West Hollywood store, the company has two locations in San Jose and one in Bellflower. If given the green light, acquiring Calma ups the company’s California retail footprint to four stores. Making it rain is nothing new for rapper-cum cannabis entrepreneur Shawn “Jay-Z” Carter, who reportedly dropped a similar amount on a swanky vehicle a few years back.
The Parent Company, which is backed by Jay-Z and for which he serves as chief visionary officer, is expanding its retail footprint in California with this week’s announcement that it has acquired Calma West Hollywood.
The 3,250 sq. ft. dispensary — one of just 10 stores in the West Hollywood area licensed for both delivery and storefront retail — has been acquired for a total consideration of US$11.5 million ($14.3 million), with US$8.5 million ($10.5 million) of the price-tag promised in cash with the remainder in equity of The Parent Company, notes...
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