Subversive Capital Acquisition Corp., which claims to be the largest cannabis-focused special purpose acquisition company, (SPAC), announced a deal to create a new vertically integrated California player. It unites big cannabis brands with high-profile artists, notably Jay-Z, who will serve as Chief Visionary Officer.
- The new parent company, TPCO Holding Corp. brings together California brand Caliva with Left Coast Ventures, whose brand portfolio includes Mirayo by Santana, and Marley Natural.
- Jay-Z previously partnered with Caliva on his new Monogram brand.
- In his newsletter, Left Coast Ventures exec Dai Truong makes the case for the deal, which incorporates about a dozen additional brands. The arguments in favor include scale, market access and cultural influence.
- The deal is set to close in January.
ICYMI, WeedWeek previously discussed the challenges celebrity brands face.