The largest cannabis Special-Purpose Acquisition Company (SPAC) deal in history has closed thanks to hip-hop mogul Jay-Z.
Along with this news, Subversive Capital Acquisition Corp. has announced the launch of The Parent Company with Shawn “Jay-Z” Carter, Caliva, Roc Nation, and Left Coast Ventures.
Its qualifying transaction now makes The Parent Company, Former Subversive Capital Acquisition Corp., the largest vertically integrated cannabis operation in California.
It also makes them the most well-capitalized cannabis company in the U.S. with the position to consolidate and reshape the market not only in California but worldwide.
Jay-Z, The Parent Company’s Chief Visionary Officer, will lead brand strategy, and The Parent Company Social Equity Ventures, which is a corporate venture fund that invests in Black and minority-owned cannabis businesses.
“This is an incredible time for this industry,” said MONOGRAM founder, Jay-Z. “The end of cannabis prohibition is here, and The Parent Company will lead the charge to a more expansive and inclusive cannabis industry. We are paving a path forward for a legacy rooted in dignity, justice, care, and consistency. The brands we build will redefine growth, social impact, and social equity. This is our time. I’m proud and excited to lead the vision of The Parent Company.”
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Investors include Roc Nation, the entertainment powerhouse that Jay-Z helped to build along with its artists Rihanna, Yo Gotti, DJ Khaled, and Meek Mill.
“Everyone needs a chance to evolve,” said The Parent Company’s CEO, Steve Allan. “The Parent Company is the first purpose-built post-prohibition cannabis company. We believe this really is just the beginning. Our aims are high, and the opportunity is now. Welcome to day one of The Parent Company.”
Common shares and warrants are now trading under the symbols “GRAM.U” and “GRAM.WT.U,” respectively, and will remain trading on the OTCQX under the symbols “SBVCF” and “SBVQF,” respectively. Today, the OTCQX symbol “SBVCF” has changed to “GRAMF.”