Jay-Z named chief visionary officer of new cannabis company
Subversive Capital Acquisition intends to reinvest 2% of its net income into Black-owned marijuana brands
Jay-Z is the new chief visionary officer at a California-based cannabis company called Subversive Capital Acquisition Corp.
Subversive has been acquiring smaller cannabis companies for some time. Its latest acquisitions being Caliva and Left Coast Ventures, creating a holding company called TPCO, through which Jigga will produce his own line of weed called Monogram.
A report from Complex states that Subversive’s goal 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 revenue of about $185 million this year, and $334 million in the following year.
The legalization of weed is slowing becoming the new normal, with this election resulting in New Jersey decriminalizing cannabis. However, some advocates say the growing profitability of selling marijuana should not overshadow the (mostly Black) lives lost and incarcerated in the war on drugs.
Jay-Z is a former drug dealer from the Marcy Projects of Brooklyn. His expertise and influence could potentially innovate how cannabis empowers the Black community.
“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.”
The company hopes the hip-hop star can build a guide brand strategy and social equity ventures that will invest into Black and minority-owned marijuana businesses, Complex reports.
Jay-Z, whose real name is Sean Carter, is also working directly with the holding company on criminal justice reform.
According to Bloomberg, TPCO wants to establish $10 million in funding and dedicate 2% of its annual net income to invest in Black and minority-owned cannabis businesses.
As theGrio previously reported, Tidal released a Monogram playlist called Sounds from the Grow Room that includes popular odes to marijuana including “Kaya” from Bob Marley and the Wailers, “Brown Sugar” the title track of D’Angelo‘s debut album, the 90s hip hop stoner track “I Got Five On It” by the Luniz, Scarface’s “Mary Jane” and the Peter Tosh hit “Legalize It.” (We’re wondering where Rita Marley‘s classic ganja anthem “One Draw” is but hopefully, someone will add that one, too).
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