Jay-Z's Pot Co. Invests $50M In Marijuana-Focused SPAC

By Diana Novak Jones (May 17, 2021, 8:37 PM EDT) -- The Parent Company, a cannabis conglomerate formed from a blank check deal, is investing $50 million in another blank check company gearing up to acquire a California pot brand, the pair said Monday.

The Parent Company, which boasts rapper Jay-Z as its chief visionary officer, is investing via private placement in Mercer Park Brand Acquisition Corp., a special purpose acquisition company that is preparing to close its transaction with California brand Glass House Group.

The Parent Company itself was formed in the wake of special purpose acquisition company Subversive Capital Acquisition Corp.'s $1.2 billion acquisition of California cannabis companies Left Coast...

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