Business Money News U.S.

Cannabis company backed by Jay-Z cancels $50M SPAC investment

California cannabis juggernaut The Parent Co. said Friday it will not go through with a planned $50 million private placement in GH Group, a cannabis company recently acquired by blank-check company Mercer Park Brand Acquisition Corp.

The Parent Co. , which itself was formed via a $1. 2 billion blank-check transaction last year and has rapper Jay-Z as its “chief visionary officer,” gave no reason for its reversal but said it would consider future partnerships with GH Group — better known as Glass House — as it continues with plans to expand its greenhouse cultivation in California.

Had the investment happened, The Parent Company…

To Read The Rest Of This Article By Staff on Law360

Published: July 05, 2021

SHARE
RELATED POSTS
Players Aren’t Completely off the Hook Under MLB’s New Marijuana Policy
Cannabusiness pioneers Thrive Society open doors in Nevada City
Cannabis Stocks are a Sea of Red as Selloff Stretches to 6th Straight Day

Leave Your Reply

*