According to a May 17 press release, The Parent Company announced a $50 million investment into Glass House Group—with plans to grow a massive amount of cannabis, approaching one million pounds.
Shawn “Jay-Z” Carter guides The Parent Company’s brand strategy in partnership with Roc Nation, his enormous entertainment company. The deal will be completed through a private placement offering by Mercer Park Brand Acquisition Corp.
“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.”
Glass House grows on over 500,000 square feet of California greenhouse cultivation area, producing over 110,000 pounds of dry flower biomass each year. Glass House also currently operates four dispensaries throughout California with plans for two additional retail licenses in Santa Barbara County.
In addition, The Parent Company signed a definitive, binding agreement to acquire four acres of licensed, outdoor cannabis cultivation operations located in Sonoma County, California from experienced cannabis farmers, Mosaic.Ag, an affiliate of Soma Rosa Farms, for a total consideration of up to $17 million in cash and common shares in the capital of the The Parent Company. The acquisition is expected to close in Q2 2022.
Glass House also entered into an agreement to merge with 17 retail licenses from Element 7 that are currently in the approval process, which is expected to bring the company to a total of 23 open locations by the end of the first half of 2022.
AllHipHop.com reports that The Parent Company and Glass House are also finishing up a $25 million retail partnership agreement over six years that enables The Parent Company’s suite of branded products including MONOGRAM, to be sold across all Glass House retail locations.