Subversive is the largest special purpose acquisition company (SPAC) in both cannabis and Canadian history. The transaction will include the acquisition of Caliva, Left Coast Ventures, Inc., and OG Enterprises, a joint venture between Caliva and an affiliate of Jay-Z, and other agreements between an affiliate of Jay-Z and Subversive.
Caliva is a California cannabis brand and leading direct-to-consumer platform. Left Coast Ventures is a predominant cannabis and hemp company with low-cost manufacturing and a diversified portfolio of brands.
Jay-Z will serve as Subversive’s Chief Visionary Officer.
The New York-based Reed Smith team advising Jay-Z included corporate partners Jennifer Cheng, Ari Edelman, and James Tandler and associate Simon Kliegman.
A copy of the Subversive release announcing this transaction can be found at businesswire.com.