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Entertainment Jay-Z: Marijuana Mogul? He Joins New Cannabis Venture as Chief Visionary Officer

07:45  25 november  2020
07:45  25 november  2020 Source:   billboard.com

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In his role as chief visionary officer at TPCO, Jay - Z will guide both brand strategy and Social Equity Ventures , described as a corporate venture fund that will invest in Black and minority-owned cannabis businesses and contribute to progressive criminal justice initiatives. These initiatives are to include

Jay - Z , 49 was named by Forbes magazine in June as the first hip-hop artist to become a billionaire thanks to investments in clothing, champagne, the ride-hailing service Uber and his Roc Nation entertainment company. He is the latest celebrity to get into the marijuana business as its legalization

Subversive Capital Acquisition Corp., a special purpose acquisition company (SPAC) with a growing footprint in the cannabis industry, has acquired two California-based cannabis brands and named Jay-Z as the resulting holding company’s chief visionary officer, it was announced Tuesday (Nov. 24). The transaction is expected to close in January.

Subversive Capital is acquiring the direct-to-consumer cannabis platform and brand Caliva as well as Left Coast Ventures, a cannabis and hemp producer. The brands will combine under a new vertically-integrated cannabis company to be named TPCO Holding Corp. The deal includes $36.5 million in equity commitments from new and existing shareholders, including Fireman Capital Partners, Tuatara Capital, Subversive Capital and Roc Nation artists including Rihanna, Yo Gotti, and Meek Mill.

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He launched a cannabis line called Monogram Friday. It's a partnership with California cannabis company Caliva. "Monogram marks a new chapter in cannabis defined by dignity, care and consistency," the site reads. Jay - Z joins cannabis company Caliva as chief brand strategist.

The stated goal of the new venture is “to redefine the industry with a mission to both consolidate the California cannabis market and create an impactful global company.” Subversive Capital anticipates combined revenues of the two brands to reach $185 million this year and $334 million in 2021.

The news comes just one month after Jay-Z unveiled MONOGRAM, a new cannabis brand he launched with Caliva, where he has served as chief brand strategist since July 2019.


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In his role as chief visionary officer at TPCO, Jay-Z will guide both brand strategy and Social Equity Ventures, described as a corporate venture fund that will invest in Black and minority-owned cannabis businesses and contribute to progressive criminal justice initiatives. These initiatives are to include bail reform, industry vocational training, job placement, expungement clinics and application support for California’s Social Equity program, which offers support to individuals who have been negatively impacted by the state’s prior criminalization of cannabis. TPCO will fund Social Equity Ventures with an initial target of $10 million and an annual contribution of at least 2% of its net income.

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Jay - Z : Marijuana Mogul ? He Joins New Cannabis Venture as Chief Visionary Officer . Based at New Music USA's New York City offices, Reed replaces former CEO Ed Harsh, who left the organization after 17 years to serve as a senior staff member at the Kurt Weill Foundation for Music

Jay - Z : Marijuana Mogul ? He Joins New Cannabis Venture as Chief Visionary Officer . The onslaught is led by "Bohemian Rhapsody," which re-enters a new No. 3 peak. (Older songs are able to chart on Hot Rock Songs if they rank in the top 25 and show a meaningful reason for their resurgence.)

“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,” said Jay-Z in a statement. “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.”

Also part of the deal is Jay-Z’s label and management company Roc Nation, which will leverage Roc Nation artists to help build and promote the newly-formed cannabis giant.

Importantly, TPCO also plans to leverage Caliva’s e-commerce platform, Caliva.com, in order to “rapidly scale” the company’s direct-to-consumer reach across California, with an expectation of reaching 75% of cannabis consumers in the state by the end of 2021 and nearly 90% by the end of 2022. Caliva and Left Coast Ventures currently reach about half of California cannabis consumers.

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Cannabis Culture News CCN July-17-2019 Jay - Z will join the California-based cannabis company Caliva as Chief Brand Strategist.. The House of Representatives voted to end a Department of Veterans Affairs policy that blocks military veterans who work in the marijuana industry from getting

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Joining Jay-Z on the TPCO executive leadership team are Steve Allan as CEO, Brett Cummings as CFO and president of Left Coast Ventures and Dennis O’Malley as COO and president of Caliva. The board of directors will include Roc Nation CEO Desiree Perez, former Yahoo and Autodesk CEO Carol Bartz, Tuatara Capital partner Al Foreman, La Jolla Group CEO Daniel Neukomm, NetApp and Barracuda director Jeffry Allen, Subversive Capital CEO Leland Hensch and Subversive Capital founder and chairman Michael Auerbach.

Jay-Z may be the biggest music player in the California cannabis industry but he’s certainly not the first. Carlos Santana, Mickey Hart of the Grateful Dead , B-Real of Cypress Hill and the Bob Marley estate are among those who have attempted to capitalize on the state’s growing market. According to research by Arcview Market Research and BDS Analytics, cannabis sales in California reached nearly $3 billion in 2019, a year-over-year increase of 18%.

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The Sanity Group wants to become Europe's leading cannabis company. Now the founders have won prominent investors for their financing round. © dpa The German soccer player has invested in a start-up for medical cannabis. Finn Hänsel and Fabian Friede win prominent support for their cannabis start-up Sanity Group: The US rapper and music producer Will.i.am, TV presenter Klaas Heufer-Umlauf and soccer world champion Mario Götze are three of the new investors, who are participating in a nearly fou

usr: 1
This is interesting!