Jay-Z-and Roc Nation launched a cannabis SPAC called The Parent Company based on a wager that nationwide weed legalization is just around the corner.
“I’m 100% confident that prohibition of cannabis will end within the next 12-24 months,” The Parent Company’s Michael Auerbach told Voices of Wall Street’s Dion Rabouin in February 2021.
His prediction is already starting to come true, with New York, New Mexico, and Virginia legalizing adult-use cannabis in the past few months.
In this clip, the cannabis entrepreneur talks about the SPAC’s plans to collaborate with investors like Rihanna, DJ Khaled, and Meek Mill, as well as how it will support entrepreneurs of color in the industry.
Watch the full episode here.
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