Pot Co. Backed By Jay-Z Nabs Dispensaries For Up To $56M – Law360
By Sarah Jarvis (October 4, 2021, 6:42 PM EDT) — Jay-Z-backed California cannabis company The Parent Co. announced Monday that it has signed agreements to acquire dispensary and delivery company Coastal Holding Co. LLC for up to $56.2 million in cash and company shares.
The announcement comes as Coastal is facing a federal lawsuit filed last month by a company run by the ousted co-founders of cannabis giant MedMen, which alleged Coastal’s principals were planning to sell off the company to benefit themselves, without consulting the shareholders who should have a say in the matter. That suit is ongoing in the Central District of California.
Coastal has five operating dispensaries in…