The Parent Company and Jay-Z's Roc Nation and SC Branding have established a revised strategic agreement to restructure their partnership, the companies announced to Insider.
Jay-Z, Roc Nation, and their affiliates will return approximately 7.1 million common shares of The Parent Company "to preserve shareholder value," the companies said.
Through the agreement, The Parent Company will have an eight-year exclusive license to distribute Monogram, Jay-Z's cannabis line, in California.
"We are excited for the continued growth of The Parent Company and our future together in the cannabis industry."
Desiree Perez, CEO of Roc Nation, added, "We're eager to work alongside The Parent Company in this progressive capacity.