Jay-Z is part of a fund created to invest in Black owned cannabis businesses in order to bolster Black participation in the industry.
The new fund was created as part of a purchase of two California-based cannabis companies by a third company. Jay-Z was a creative strategist at Caliva, one of the two companies acquired by Subversive Capital Acquisition Corp., which has renamed itself TPCO Holding Corp.
Subversive Capital Acquisition Corp., now known as The Parent Company, is now the largest cannabis operation in California, offering services including plant cultivation, manufacturing, distribution, brands, retail, and delivery. The company expects to earn revenues up to $334 million in 2021.
Shawn “JAY-Z” Carter, has been named Chief Visionary Officer of The Parent Company and leads brand strategy for The Parent Company Social Equity Ventures, a corporate venture fund investing in Black and minority-owned Cannabis Businesses.
The Parent Company Social Equity Ventures will invest $10 million (plus an annual contribution of at least 2% of its net income) in minority-owned and Black-owned cannabis businesses, while also aiming to rectify the wrongs of cannabis prohibition and the racially-biased war on drugs over the past four decades.
According to Jay-Z, “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.”
Investors include Roc Nation and artists Rihanna, Meek Mill, Yo Gotti, and DJ Khaled.
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