he Northern California rapper, most notable for doing songs with Wiz Khalifa, Snoop Dogg, Nipsey Hussle, and Bone Thugs and Harmony, has created his own marijuana company that rivals many of the industry juggernauts. But is it true that Berner turned down 800 million?
In a recent interview, the canabis entrepreneur claimed that he was offered 800 million dollars for his Cookies brand, which specializes in unique marijuana strains as well as a clothing line. While on The Premium Pete Show, Berner talks about how a large cannabis company approached him with an offer which included mostly stocks. Instead of taking a deal that may not be worth as much as the face value in the long term, Berner bet on himself and turned down the large sum.
“SO, INSTEAD OF TAKING $800 MILLION, I TOOK $10 MILLION IN CASH FOR 10 PERCENT OF MY COMPANY AS A FRIENDS AND FAMILY ROUND TO INVEST IN INFRASTRUCTURE”
Berner indicates that he based his decision to not take the stock buyout on a 4.1 billion dollar investment made by Constellation Brands (makers of Corona beer) in Canopy Growth. Berner knows he has the brand and a larger revenue stream to become one of the largest in the industry, so investing in himself was worth more to him. By taking a smaller stake and increasing infrastructure, he further develops his brand whilst not giving it away for a sum in which he believes is not enough.
His statement about Canopy Growth comes before Constellation announces it has yet to turn a profit on its investment while Canopy stocks have dropped 30%.
Although turning down 800 million may seem foolish to most, Berner has proven his business savvy and knows more than what people think.
“I WANT PEOPLE OUT THERE TO KNOW THAT THE FIRST DEAL IS NOT THE BEST DEAL”
Berner continues to grow his company ‘Cookies’ at a rapid rate and wants to tell his story soon in a book titled, “The Best Deal”.
Watch The Perfect Pete Show below to learn more about Berner’s business endeavours.
