A Look Into Jay-Z's New Cannabis Company
Cannabis companies are already on a tear, and few notable ones are still flying under the radar or have yet to become public.
One that I bought into while it was the largest cannabis SPAC in history merged with Jay-Z’s The Parent Company and is now gearing up for a NASDAQ listing, which will likely occur this year.
The Parent Company is currently trading in Canada on the CSE under the symbol GRAM.U and in the US under the ticker GRAMF.
Jay-Z’s involvement is likely the signal that celebrities will be looking to align their brands with cannabis more aggressively with the Biden administration’s rollout of a federal strategy.
The company is the umbrella for Caliva, a California retailer with over 1 million customers and 200 dispensaries across the state, according to Michael Auerback, who put the SPAC together specifically for the cannabis business.
Jay-Z also rolled (pun intended) his Monogram premium cannabis brand into the company, which raised $570 million prior to the merger.
The stock has been relatively quiet so far, but fireworks can be expected as the year progresses.