CannabisNews420.com – Cannabis/Marijuana Industry News

NEW YORK – Cannabis special-purpose acquisition company Subversive Capital Acquisition Corp (SCAC) entered into definitive transaction agreement to form TPCO Holding Corp. (The Parent Company), a vertically integrated cannabis company “combining best-in-class operations with leading voices in popular culture and social impact.”

Music mogul and billionaire Shawn “Jay-Z” Carter will join The Parent Company as chief visionary officer (CVO). No stranger to building hugely successful brands, Jay-Z has been extending his own brands since the late 90s, with early rap clothing line Rocawear; then later with D’Ussé cognac, Armand de Brignac champagne, and music streaming service Tidal, to name just a few of the rapper’s ventures.

Jay-Z also founded entertainment company Roc Nation in 2008. Roc Nation also joins The Parent Company in this latest mega-deal. With its roster of brand partners, The Parent Company will create the largest vertically integrated cannabis company operation in the state of California.

Today’s announcement also included news of two powerhouse acquisitions: well-established California-based cannabis companies Caliva and Left Coast Ventures. Caliva President Dennis O’Malley will join The Parent Company as chief operations officer and Left Coast Ventures President Brett Cummings will join as chief financial officer.

The Caliva and Left Coast Venture deals were secured with a private placement commitment of “$36.5 million. Investors in the private placement commitments received to date include Fireman Capital Partners, Tuatara Capital, and Subversive Capital, the largest investors in Caliva and Left Coast Ventures,” today’s announcement said of the qualifying transaction.

Fireman Capital Partners, Tuatara Capital, and Subversive Capital are also stakeholders with artists Rihanna, Yo Gotti, and Meek Mill.

In addition to his appointment as CVO, Jay-Z will develop strategy for The Parent Company Social Equity Ventures, a corporate venture fund investing in Black-owned and minority-owned cannabis businesses.

Partner at Fireman Capital Partners Chris Akelman said, “Caliva and Left Coast Ventures are two proven cannabis operators, and California is an incredible market with a huge opportunity for consolidation. I’m proud of FCP’s role and confident that The Parent Company will go on to build industry-leading brands in the cannabis space.”

“In addition to building the most influential portfolio of cannabis and hemp brands in the world, The Parent Company’s vertical operational platform has been designed for growth and future mergers and acquisitions, forging a path to redefine the cannabis industry in California,” said Steve Allan, who is slated to serve at chief executive officer for The Parent Company.

Currently, Class A Units trade on the NEO under the symbol “SVC.A.U” and on the OTCQX under the symbol “SBVCF.”



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