Jay-Z's Cannabis Company Buys “Coastal Dispensary” For Up To $65 Million – AllHipHop
Jay-Z continues to make huge moves in the Cannabis market this time with the recent acquisition of “Coastal Dispensary.”
Back in June, Hov’s holding company in the cannabis space bought 85% of “Calma,” A West-Hollywood dispensary. This deal is for 100% of the equity in dispensary and delivery company “Coastal Holding Co. LLC,” for $16.2 million in cash and $40 million in shares. It includes four dispensary locations across California with a fifth currently under construction. The five stores will be visited by about a thousand people a day. A further $9 million could be added to the deal with the addition of equity in other stores.
As well as the rapid expansion of his Cannabis business, Jay-Z is also continuing his work in social justice reform currently advocating on behalf of one of his fans who is currently in prison serving 20 years on a marijuana charge. Valon Vailes reached out to HOV via letter pleading for “help with the intent to campaign for my clemency.” Highlighting the hypocrisy of the system under which he is currently imprisoned he wrote “13 and a half years is a long time