Billionaire Mario Gabelli said, “How do you make money? Spinoffs, split-ups, liquidations, mergers, and acquisitions.”
Jay-Z understands this … which is why he is sitting comfortably in the nine-digit club with the likes of Gabelli, Oprah Winfrey, Jeff Bezos, Robert Smith, Tyler Perry, and Michael Jordan.
One of his most recent moves that amplifies the aforementioned quote is the recent deal with Subversive Capital Acquisition Corp., the Largest Cannabis S### in History.
The company has recently announced that they will work with the “Can’t Knock the Hustle” rapper, RocNation, his cannabis company Caliva and Left Coast Ventures to form an even bigger and better company.
The Brooklynite will be a part of a vertically integrated cannabis company now called The Parent Company (TPCO), becoming the largest —hear us good— marijuana company in California.
In this venture, he will join their C-Suite as the Chief Visionary Officer.
“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. “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 will lead the way by heading up a corporate venture fund that will invest in Black-owned and minority-owned cannabis businesses.
Other investors in the new business include Rihanna, Yo Gotti, and Meek Mill. It was a smart investment since Caliva and Left Coast Ventures expect combined revenues of $185 million in 2020 and $334 million in 2021.
As of today, the company is sitting on $575 million in cash – making it one of the most well-capitalized cannabis companies in the United States, giving the new company the power to reach 90% of California consumers by the end of 2022.
