Jay-Z to Permanently Move in Los Angeles

Jay-Z has officially announced he’s moving to Los Angeles from New York. The rapper has been residing in California with his wife Beyonce and their three children.

Jay-Z said, “I intend to keep my primary residence in Los Angeles, California…I pay California state taxes. In light of these facts, I consider myself to be domiciled in Los Angeles, California.”

New York is, however, not permanently out of Jay-Z’s life. The Carters still own a $26 million, seven-bedroom and seven-and-a-half-bathroom home in East Hampton, New York. The family also has houses in New Orleans and Houston. 

Source: Pete Tosiello/Medium

Making Moves in Los Angeles

One of the reasons for Jay-Z to move to Los Angeles might be the rapper’s cannabis company. Parent Co. has recently announced its plans to list on the U.S. stock exchange. Chairman of Parent Co. said, “We are exceptionally well positioned with strong, highly visible consumer brands and an innovative product offering to leverage the success.” 

However, this is not the first time the company has gone public. Parent Co. had already been trading $50 million on NEO Exchange, a Canadian Toronto-based stock. The company disclosed plans to end its $50 million stakes in Toronto. They’ve also made a new deal with California’s largest cannabis producer, Long Beach-based Glass House Group. The new deal value is estimated at $567 million. 

In this case, Jay-Z’s decision makes total sense. The extent of the cannabis industry’s development varies from state to state. California was a pioneer in legalizing weed. One could smoke there without any legal consequences five years before the state of New York. It’s still almost impossible to open a dispensary in the Empire State, which is certainly not the case for the Golden State.

Jay-Z makes money everywhere he can. He has his own champagne, which was recently purchased for 50 percent by LVMH Moet Hennessey. Read about it here.  

Written by Nikita Serdiuk | IG: @nikitasrdk | Twitter: @nktserdiuk