Jay-Z Named Chief Visionary Officer Of Newly Minted California Cannabis Powerhouse

NEW YORK –  Hip-hop mogul Shawn “Jay-Z” Carter has never shied away from proclaiming his adoration for cannabis in his music but the rapper and entrepreneur is taking his passion for the plant one step further. The star launched his first weed line dubbed Monogram earlier this autumn, partnering with California company Caliva to do so. But it turns out having his own brand complete with a curated playlist to enjoy during consumption wasn’t enough. 

In a move first reported by Bloomberg, Carter has been named Chief Visionary Officer of the newly formed TPCO Holding Corp., on track to be California’s largest legal marijuana firm. TPCO’s portfolio will include Subversive Capital Acquisition Corp, which had previously acquired Caliva, already one of the state’s biggest direct-to-consumer cannabis companies, as well as producers Left Coast Ventures. TPCO has ambitious plans to reach 90% of California’s cannabis consumers by 2022.

Here’s the highlights of their press release:

• The Parent Company, Formerly Subversive Capital Acquisition Corp., has Completed its Qualifying Transaction and is Now the Largest Vertically Integrated Cannabis Operation in California
• Shawn “JAY-Z” Carter, Chief Visionary Officer of The Parent Company, Leads Brand Strategy and The Parent Company Social Equity Ventures, a Corporate Venture Fund Investing in Black and Minority-owned Cannabis Businesses
• The Parent Company is the Most Well-Capitalized Cannabis Company in the U.S. and is Positioned to Consolidate and Reshape the Market in California and Beyond
• Investors Include Entertainment Powerhouse Roc Nation and Artists Rihanna, Meek Mill, Yo Gotti, and DJ Khaled.
• Common Shares are now Trading on the NEO Exchange Under the Symbol “GRAM.U” and OTCQX Under the Symbol “SBVCF”; Starting January 19, 2021 the OTCQX Symbol Will Change to “GRAMF”

In addition to heading up brand strategy, Carter will also focus much of his efforts at TPCO on its social equity components. The company intends to establish a fund that will invest into Black and minority-owned canna-businesses committing an initial sum of $10 million and an additional 2 percent of annual income; they also plan to support criminal justice reform efforts throughout the country.

“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 declared in a statement. “The brands we build will pave a new path forward for a legacy rooted in equity, access, and justice.”

It’s hoped that by setting an example for other heavy hitters Jay-Z will encourage others to follow in his company’s footsteps by showing their dedication to these same sentiments.

(Article Updated To Include Press Release Highlights)