Saucey Farms & Extracts enters a promising new deal with Jay-Z’s The Parent Company
Saucey Farms & Extracts, a boutique weed brand, teamed up with a hip-hop icon to create what the new company trumpets as “the post-ban cannabis industry leader.”
Under the agreement announced on Tuesday, Saucey Farms & Extracts will enter into an agreement with TPCO Holding Corp., also known as “The Parent Company,” which will “manage the manufacture and distribution of all Saucey products in the state of California.”
The colorful side of this deal: Jay-Z is involved. The press release said: “The Parent Company brings global icon and entrepreneur Shawn ‘JAY-Z’ Carter, entertainment company Roc Nation, California’s leading direct-to-consumer platform Caliva, and leading cannabis and hemp maker Left Coast Ventures together form a leader in the cannabis industry for the post-ban era. “
Jay-Z is identified as the Chief Visionary Officer for The Parent Company.
Alex Todd, founder of Saucey Farms & Extracts, cited the surge in marijuana reform as the impetus for the deal.
“With all of the recent legalizations across the country, it was important for us to work with a company that can help us meet growing demand,” Todd said in the press release on Tuesday. “I look forward to working with The Parent Company, who have proven themselves to be a leader in the cannabis industry, and look forward to expanding our presence in bringing our world-class cannabis offerings to consumers across California.”
Steve Allan, the CEO of The Parent Company, said the hip hop legend and mogul were drawn to the Saucey Farms brand.
“At The Parent Company, we pride ourselves not only on developing, but also on identifying power brands in the cannabis industry,” said Allan. “Saucey’s brand DNA and customer profile caught the attention of our Chief Visionary Officer Shawn“ JAY-Z ”Carter – which is no small matter – and their premium products, coupled with a unique understanding of where cannabis and mainstream culture are overlap are the perfect addition to our existing portfolio. We look forward to growing our business together in California and beyond. “
Saucey Farms & Extracts, The Parent Company and promise for the future
Saucey Farms describes itself as a “luxury cannabis brand that offers organic, slow cured and top quality products” and a “range of products” [that] ranges from vape cartridges to cannabis flowers that will appeal to all adult consumers, from novices to seasoned connoisseurs. “
The parent company, meanwhile, is touted as “California’s Leading Vertically Integrated Cannabis Company”, combining world-class activities with leading voices in terms of popular culture and social impact.
For Jay-Z, the company is the latest example of its growing presence in the cannabis sector.
In January, he announced the launch of a mutual fund to help minority entrepreneurs enter the cannabis industry.
“It’s really amazing how that can happen,” Jay-Z said at the time. “We were the ones hit hardest by the war on drugs, and America turned around and turned it into a billion-dollar business.”
The Wall Street Journal reported on the cannabis fund at the time, saying it was from The Parent Company or TPCO Holding Corp.
According to the Journal, the fund “resulted from the $ 575 million acquisition in December of California-based cannabis companies CMG Partners Inc. and Left Coast Ventures Inc. by Subversive Capital Acquisition Corp., a Vancouver-based special-purpose acquisition company, emerged. In October, Mr. Carter launched the Monogram cannabis line, which will be a joint venture with the merged company and will be named TPCO Holding Corp. wearing. “
“As part of the subversive deal, TPCO will debit Mr. Carter’s fund with $ 10 million and then bring in an additional 2% of net income every year. The fund is managed by Mr. Carter and Desiree Perez, executive directors of the Roc Nation entertainment conglomerate of Mr. Carter and recipient of a pardon from Donald Trump on the last day of his presidency. It will invest up to $ 1 million in every startup cannabis company they choose, ”the Journal reported.