Jay-Z and The Parent Company just closed a deal to purchase Coastal Dispensary.
The acquisition of Coastal’s dispensary and delivery infrastructure around the state could end up being worth $65.2 million. The Parent Company points to the acquisition as further proof of their ongoing commitment to increase accessibility to high quality, affordable cannabis products.
The deal comes on the heels of The Parent Company buying 85% of Calma in West Hollywood in early summer.
This new deal is for 100% of the equity in Coastal. It will feature $16.2 million in cash with the rest of the money coming in $40 million in The Parent Company equity after they get to certain milestones. It includes dispensary locations in Santa Barbara, Pasadena, West Los Angeles, Stockton and Vallejo. Another NorCal shop is under construction. Between the five shops they see about a thousand people a day. When the deal is closed, The Parent Company will have access to 80% of California’s population.
There are some other dispensaries that Coastal owns a minority stake in that were left out of the original deal. They could be added with a $9 million option.
“I am thrilled to add Coastal to our expanding retail