WEST HOLLYWOOD—Jay-Z’s cannabis company TPCO expanded its company by purchasing a dispensary in West Hollywood. TPCO purchased Calma West Hollywood for $11.5 million.
The Parent Company TPCO announced on June 30 that they have agreed to acquired 100 percent of Calma WeHo. The dispensary is 3,250 square feet and is 1 of 10 stores licensed for delivery and storefront retail. There will also be opportunity to learn about cannabis seeds for beginners. This purchase brings TPCO’s operating locations to four, with two other San Jose and Bellflower locations.
The founders of Calma WeHo announced they will be involved in the company’s operations to ensure their foothold remains in West Hollywood. The store averages a little more than 3.6 million visitors a year. In addition, the purchase could have possible regulatory and city approvals. Eighty-five percent of the equity is expected to be transferred around the third quarter of 2021, and the remaining will be transferred in the next year.
Jay-Z was named the Chief Visionary Officer of the company in November 2020. The Parent Company TPCO is the leading cannabis company in California which combines best-in-class operations with leading voices in popular culture and social impact. The rapper has earned a total of 23 Grammy Awards during his musical career. He is married to singer Beyonce whom he shared 3 children with.