A consortium made up of rapper Jay-Z’s company Roc Nation, CMG Partners and Left Coast Ventures has finalized its transaction with Subversive Capital Acquisition Corp.
The merged entity will be renamed The Parent Company, with Steve Allan as CEO and Jay-Z (real name Shawn Carter) as Chief Visionary Officer.
Carter said: “This is an incredible time for this industry. 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.”
The Parent Company is forecasting revenue of US$334 million in 2021 and claims to be the most well-capitalized cannabis company in the US.
“With both the most comprehensive vertically integrated platform and brand portfolio in California, and the healthiest balance sheet in cannabis, we will reshape the industry in the world’s largest cannabis economy,” Allan said.