The cannabis SPAC announced today it has entered into definitive transaction agreements with Shawn “Jay-Z” Carter, Roc Nation, Caliva (a California-based cannabis brand and direct-to-consumer platform), and Left Coast Ventures, a cannabis and hemp company. The partners will form TPCO Holding. Subversive said in a press release that Jay-Z will be the company’s “Chief Visionary Officer.”
Subversive said it has received private placement commitments of $36.5 million conditional on completion of the transaction. 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, as well as Roc Nation artists Rihanna, Yo Gotti, and Meek Mill. Read more.
