According to a press release, an agreement between The Parent Company and Jay-Z’s Roc Nation and SC Branding has been modified.
Under the new agreement, the cannabis company is “expected” to save nearly $33.5 million over eight years.
The agreement includes Jay-Z, Roc Nation, and affiliates will return approximately 7.1 million common shares of The Parent Company.
“Roc Nation has agreed to forgo future The Parent Company equity payments pursuant to the original partnership and SC Branding has agreed to forego future cash and/or equity payments,” the press release details.
Jay-Z and Roc Nation will retain their shareholder titles.
“Collectively, we have agreed to restructure our partnership in order to afford The Parent Company the best opportunity to execute a longstanding and successful strategy,” said Shawn “JAY-Z” Carter. “We are excited for the continued growth of The Parent Company and our future together in the cannabis industry.”
