Bloomberg reports that the rapper and entrepreneur has partnered with the new cannabis company TPCO, which plans to reach 90 percent of consumers in the state of California by 2022. It was acquired by Subversive Capital Acquisition Corp., which has been acquiring a number of smaller businesses in the growing marijuana industry. It also acquired direct-to-consumer weed brand Caliva, and Left Coast Ventures, which manufactures the drug. The brands will be combined as TPCO Holding Corp, with Jay-Z serving as the Chief Visionary Officer.
Subversive said that its goal with combining the brands is "to redefine the industry with a mission to both consolidate the California cannabis market and create an impactful global company." The company is projecting that the revenue from both brands will reach up to $185 million this year, and $334 million in 2021.
"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,” Jay-Z said in a statement about the new venture. “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.”
Jay-Z is expected to help guide brand strategy and social equity ventures, a fund that will invest into Black and minority-owned marijuana businesses. Additionally, TPCO will contribute to criminal justice reform initiatives, a cause that Jay has supported extensively over the past few years in particular.