Pot Co. Backed By Jay-Z Nabs Dispensaries For Up To $56M

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's principals are facing a federal lawsuit filed last month by a company run by the ousted co-founders of cannabis giant MedMen, who alleged that 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...

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