Jay-Z confirms involvement in huge Cannabis deal

Hip-hop artist and entrepreneur Jay-Z is set to join a start-up marijuana company that is slated to become the largest in the state of California. Caliva, Left Coast Ventures, Subversive Capital Acquisition Corp. and Roc Nation, Jay-Z entertainment company founded in 2008, have partnered with one another. Under the terms of the agreement, Caliva will acquire OG Enterprises Branding Inc., currently owned by Caliva and Carter, at a 50:50 ratio. Jay-Z, whose real name is Shawn Carter, will assume the title of Chief Visionary Officer. He is expected to run a corporate venture fund focused on social justice efforts and will receive compensation in the form of shares in the new company. Subversive Capital will then acquire both Caliva and Left Coast Ventures for $ 282.9 million and $ 142.2 million, respectively. The combined company is referred to as "The Parent Company". The transaction is expected to close in January 2021. The unit's board of directors will include Chairman of Subversive Capital, Michael Auerbach, who calls California "the world's most powerful cannabis economy". "With its advanced infrastructure, industry-leading operational efficiencies, proven branding strategy and cultural influence, The Parent Company is expected to be best positioned for the inevitable end to cannabis prohibition in the United States," said Auerbach. "While we know we cannot fully redress the injustices created by the 'war on drugs', we can help create a better and more inclusive future," said Carter. "The brands we build will pave a new path forward for a legacy rooted in justice, access and justice. We create something people can trust and we invest in our future, our people and ours Municipalities ".