The deal, once completed, means Jay-Z’s “The Parent Company” will have access to 80% of the population of California.
Jay-Z continues to make huge moves in the Cannabis market this time with the recent acquisition of “Coastal Dispensary.”
Back in June, Hov’s holding company in the cannabis space bought 85% of “Calma,” A West-Hollywood dispensary. This deal is for 100% of the equity in dispensary and delivery company “Coastal Holding Co. LLC,” for $16.2 million in cash and $40 million in shares. It includes four dispensary locations across California with a fifth currently under construction. The five stores will be visited by about a thousand people a day. A further $9 million could be added to the deal with the addition of equity in other stores.
As well as the rapid expansion of his Cannabis business, Jay-Z is also continuing his work in social justice reform currently advocating on behalf of one of his fans who is currently in prison serving 20 years on a marijuana charge. Valon Vailes reached out to HOV via letter pleading for “help with the intent to campaign for my clemency.” Highlighting the hypocrisy of the system under which he is currently imprisoned he wrote “13 and a half years is a long time to be still incarcerated over a substance that has become the ultimate green rush.” The case is ongoing with Jay-Z’s “Monogram” continuing their efforts.
In 2019 Roc Nation’s own Jim Jones linked up with celebrity jeweler Alex Todd to form cannabis brand “Saucey Farms and Extracts.” In May they signed a distribution partnership with “The Parent Company” allowing them to expand their brand to many more dispensaries.
Speaking last month about his Roc Nation label boss who he referred to as “the big, big homie,” he said:
“Jay is a smart individual. I mean, whenever he steps into something, we all know it’s going to be at the top tier of what can be done, as far as the power of his structure,” Jones said. “He’s created like an Amazon inside of this marijuana business, especially for people like ourselves, who’ve come up under the culture, now pushing marijuana as a business. He knows where to get in when it comes to business.”
Speaking on the opportunities Jay-Z has been able to create for others Jones continued, “As opposed to him just coming in with his own marijuana brand and just getting into dispensaries and make it a big thing, he actually made it a platform for other people to come eat with him, and help other people off the platform to enter the marijuana business so that it can be lucrative.”