Hip hop artist and entrepreneur Jay-Z is set to join a newly formed marijuana company expected to become the largest in the state of California.

Caliva, Left Coast Ventures, Subversive Capital Acquisition Corp. and Roc Nation, the entertainment company Jay-Z launched in 2008, have formed a venture via a partnership.

Under the agreement, Caliva will acquire OG Enterprises Branding Inc., which is currently owned by Caliva and Carter at a 50/50 ratio.

Jay-Z, whose real name is Shawn Carter, will take on the title of “Chief Visionary Officer.” He is expected to help oversee a corporate venture fund focused on social equity measures and will receive compensation in the form of the new company’s stock.

Subversive Capital will then acquire both Caliva and Left Coast Ventures for $282.9 million and $142.2 million, respectively. The combined entity is known as “The Parent Company.”

The transaction is slated to close in January 2021.

The entity’s board of directors will include Subversive Capital chairman Michael Auerbach, who calls California “the most powerful cannabis economy in the world.”

“With its advanced infrastructure, industry leading operational efficiencies, proven strategy of brands, and cultural influence, The Parent Company is expected to be best positioned for the inevitable end of cannabis prohibition in the United States,” Auerbach stated.

“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,” Carter says. “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.”


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