Jay-Z named chief visionary officer following historic cannabis deal

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New York-based Subversive Capital Acquisition Corp. (SCAC), has acquired two leading California cannabis brands and named Jay-Z the chief visionary officer of the newly formed parent company, TPCO Holding Corp. Acquired in the deal, which includes US$36.5 million in equity commitments, were cannabis platform Caliva and licensed producer Left Coast Ventures. Jay-Z launches new cannabis brand, Monogram Jay-Z files lawsuit on behalf of pot prisoners after violence spurs ‘unthinkable spate of deaths’ Joe Montana is heavily invested in cannabis — but don’t ask him about it According to a press release, the deal is expected to close in January and Subversive Capital anticipates the combined revenues of the two companies to top US$180 million this year, growing to more than US$330 million in 2021. “California is the most powerful cannabis economy in the world, and we have a unique opportunity to consolidate the market,” SCAC chairman Michael Auerbach says in the company statement. “Although we know we can’t fully redeem the injustices created by the ‘war on drugs’, we can help shape a brighter and inclusive future,” notes Jay-Z. “The brands we build will pave a new path forward for a legacy rooted in equity, access and justice. We’re creating something people can trust and we’re investing in our future, our people, and our communities,” he adds. Earlier this month, Caliva announced the new Jay-Z led brand ‘Monogram.’ The 50-year-old hip hop legend and entrepreneur joined Caliva, a seed to sale company, as the company’s chief brand strategist last year. In his new role with TPCO, Jay-Z will be overseeing social equity ventures and assisting with brand strategy. According to the press release, TPCO will begin with an initial target of US$10 million in social equity funding and invest at least two per cent of its net income in minority-owned…

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