We are excited to announce an exciting development regarding one of our portfolio company investments with Fireman Capital Partners (FCP). Left Coast Ventures (“LCV”) has agreed to be acquired by Subversive Capital Acquisition Corp. (NEO: SVC.A.U and OTC: SBVCF) (“SCAC”). SCAC is a $575M Special Purpose Acquisition Company which is focused on acquiring leading cannabis companies. LCV will be joining Caliva, a vertically integrated California based cannabis operator, which has also agreed to be acquired by SCAC to form TPCO Holding Corp. (The Parent Company).
Additionally, global icon and entrepreneur, Shawn “Jay-Z” Carter, has agreed to be SCAC’s Chief Visionary Officer and his company, Roc Nation, will join SCAC, contributing brands as well as his vast consumer reach and influence. He will guide brand strategy and The Parent Company Social Equity Ventures, a corporate venture fund investing in Black-owned and minority-owned cannabis businesses.
Together, SCAC will be the largest cannabis company in California by revenue, integrated vertical footprint, brand portfolio, and balance sheet. Please note that this transaction is subject to closing, which is scheduled to occur in early January 2021.
Subversive Capital Acquisition Corp., the Largest Cannabis SPAC in History, Announces Transaction with Shawn “JAY-Z” Carter, Roc Nation, Caliva and Left Coast Ventures
Newly formed vertically integrated cannabis company to be named TPCO Holding Corp. (The Parent Company), will be the largest in California
Shawn “JAY-Z” Carter will join The Parent Company as Chief Visionary Officer to guide brand strategy and The Parent Company Social Equity Ventures, a corporate venture fund investing in Black-owned and minority-owned cannabis businesses
$36.5mm in equity commitments from existing and new shareholders provides sufficient cash to satisfy closing conditions
Transaction expected to close in January 2021
Class A Units currently trade on the NEO under the symbol “SVC.A.U” and on the OTCQX under the symbol “SBVCF”
Conference call and webcast available for replay
Click here for the full press release
By Tiffany Kary
November 24, 2020, 12:36 PM ESTUpdated on
Subversive Capital Acquisition Corp., a special-purpose company that’s growing in the cannabis business, said it acquired two California companies and named Shawn “Jay-Z” Carter as its chief visionary officer.
Click here for the full Bloomberg article
November 24, 2020 at 11:54 am | Published by NCV Newswire
Subversive Capital Acquisition Corp., the Largest Cannabis SPAC in History, Announces Transaction with Shawn “JAY-Z” Carter, Roc Nation, Caliva and Left Coast Ventures
- Newly formed vertically integrated cannabis company to be named TPCO Holding Corp. (The Parent Company), will be the largest in California
- Shawn “JAY-Z” Carter will join The Parent Company as Chief Visionary Officer to guide brand strategy and The Parent Company Social Equity Ventures, a corporate venture fund investing in Black-owned and minority-owned cannabis businesses
Click here for the full Cannabis Ventures article
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