After acquiring two California-based cannabis companies, Subversive Capital Acquisition Corp., announced that Shawn “Jay-Z” Carter has been named Chief Visionary Officer.
The announcement to purchase Caliva and Left Coast Ventures Inc. was made public on November 24, although the purchase isn’t expected to close until January 2021. The parent company, referred to as TPCO Holding Corp., hopes to reach approximately 75 percent of California cannabis consumers in this new acquisition, with an estimate of revenue at $185 million in 2020 and $334 the following year. According to Subversive, this new acquisition will “redefine the industry with a mission to both consolidate the California cannabis market and create an impactful global company.”
In early November, Jay-Z announced his new cannabis line, Monogram, in conjunction with Caliva, where he served as chief brand strategist. Now, his new role will focus on “the company’s strategic agenda and leading growth initiatives,” according to Bloomberg. The producer and rapper provided a statement, addressing how these companies will work together to make the cannabis industry a more inclusive business. “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,” Jay-Z said in a statement. “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.”
When Jay-Z was appointed to Chief Brand Strategist in July 2019, he shared that whenever he puts his mind to something, he does it “correctly and at the highest level.” This value can also be attributed to the new company that Jay-Z has been brought on board to work with. TPCO Holding Corp. has pledged to provide two percent of its annual net income toward businesses owned by black people and other minorities, as well as justice reform initiatives.
