NEW YORK and TORONTO, January 8, 2021 / PRNewswire / – Subversive Capital Acquisition Corp. (NEO: SCV.AU, SCV.WT.U, OTCQX: SBVCF) (“SCAC“), a special purpose acquisition company, today announced the increase in its previously announced private placement of subscription receipts and non-voting shares of its wholly-owned subsidiary (the”Private placement“). The private placement without intermediary gave rise to total equity commitments of about we $ 63 million, compared to $ 36.5 million previously announced – an increase of over 70%, as part of the proposed transaction whereby SCAC will acquire, directly or indirectly, all of the capital of CMG Partners, Inc. (“Calive“) and Left Coast Ventures, Inc. (“Adventures on the left coast” or “LCV “) (collectively, the “Transaction“) to form TPCO Holding Corp. (“Mother Society“). SCAC has also entered into agreements with the global icon, entrepreneur and founder of MONOGRAM, Shawn “Carter JAY-Z “, and entertainment center Roc Nation. The Transaction will constitute the qualifying transaction of the SCAC.
Michel auerbach, Chairman of SCAC, said: “The private placement reflects investor confidence in the parent company. Current investors from Caliva, LCV and Subversive LPs have doubled their support and we are also honored to have artists like Rihanna, Meek Mill, Yo Gotti, and DJ Khaled supporting The Parent Company in their investments. We have the unique opportunity to consolidate the California market, the largest cannabis economy in the world today. The parent company’s vertical operational platform was designed to support industry-leading brands and future mergers and acquisitions, placing the parent company in a position to redefine the cannabis industry on a global scale. “
Michel auerbach continued, “Every secular, regulatory and cultural trend affirms that people around the world want the widespread adoption of cannabis for adult use. In the United States alone, 46 states have passed at least one law allowing the manufacture of cannabis. , distribution, distribution or possession The Democratic Senate majority gives us more confidence that we will see a major regulatory change at the federal level in the next 12 to 24 months, which will allow us to expand our impactful cannabis brands through United States. The parent company is positioned to capitalize on “The Perfect Storm” and is the first cannabis company built for the post-prohibition era. ”
The proceeds of the private placement will ensure that the parent company has funds at the close of the transaction which will be used to execute its growth strategy going forward. The Private Placement remains subject to the approval of Neo Exchange Inc.
The SCAC provides that the Transaction will close on or around January 15, 2021, subject to customary closing conditions. A copy of the final prospectus (the “Prospectus“) associated with the Transaction is available on SEDAR at www.sedar.com and on the SCAC website at www.subversivecapital.com/s/Prospectus.
How to invest
To invest in The Parent Company and Subversive Capital Acquisition Corp., investors can buy or sell stocks through their usual investment or brokerage platform. US investors can buy and sell OTCQX securities under the ticker symbol “SBVCF” and Canadian investors can buy and sell through the NEO Exchange under the ticker symbol “SVC.AU” After closing, the securities of the parent company will continue to sell. ‘be traded on the OTCQX. and on the NEO.
About Subversive Capital Acquisition Corp.
Subversive Capital Acquisition Corp. is a special purpose acquisition company incorporated under the laws of the Province of British Columbia for the purpose of carrying out, directly or indirectly, an eligible transaction within a specified period. Founded by Michel auerbach and headed by the general manager, Leland hensch, SCAC is dedicated to investing in radical companies whose main missions upset the status quo. For more information visit www.subversivecapital.com.
About the parent company
The parent company (TPCO Holding Corp.) (OTCQX: SBVCF, NEO: SVC.AU, SVC.WT.U) will be California leading vertically integrated cannabis company combining top notch operations with leading voices in popular culture and social impact. The parent company brings together global icon and entrepreneur Shawn “JAY-Z” Carter, the ROC NATION entertainment powerhouse, California CALIVA’s leading direct-to-consumer platform; and leading cannabis and hemp manufacturer, LEFT COAST VENTURES, to form a cannabis industry leader for the post-ban era. Visionary Director Shawn “JAY-Z” Carter, one of the most recognized and celebrated entrepreneurs of our time, will guide The Parent Company’s branding strategy in partnership with Roc Nation, the world’s largest entertainment company with a list of artists, creators of culture, sportsmen and influencers. The brands we build together will pave a new way for a legacy rooted in fairness, access and justice. See “Forward-looking statements” below for more information on the parent company.
About Roc Nation
Roc Nation, founded in 2008 by JAY-Z, has become the preeminent entertainment in the world business. Roc Nation works in all aspects of modern entertainment, with recording artists, producers, songwriters and more. Roc Nation’s client list includes some of the most well-known names in the entertainment world, from Rihanna and Rapsody to Buju Banton and Snoh Aalegra. Roc Nation is a full-service organization, supporting a diverse roster of talent through artist management, music publishing, touring, production, strategic brand development and beyond. Roc Nation Sports was founded in 2013, bringing the full service touch of the organization to athletes in the NFL, NBA, MLB and world football. For more information, visit rocnation.com.
Caliva is a leading one-state cannabis operator in California. Founded in 2015, Caliva’s industrial advantage comes from its vertical integration and its direct-to-consumer sales platform. This direct-to-consumer selling experience allows customers to purchase cannabis from Caliva’s retail stores and place orders online for in-store pickup or same-day delivery right to their doorstep. Caliva’s herbal solutions serve over a million customers and are designed to fit all lifestyles. Caliva’s commitment to compliance and quality reinforces its position as the MOST TRUSTED NAME IN CANNABIS ™. For more information, visit caliva.com or follow us on Instagram, @GoCaliva.
About Left Coast Ventures
Based at Santa Rosa, California, Left Coast Ventures is a diverse cannabis and hemp company specializing in cultivation, extraction, manufacturing, branding and distribution. Left Coast Ventures and its affiliates are working to shape the future of the legal cannabis industry by United States through acquisitions, investments and incubations while building a respected portfolio of premium brands. Brands wholly owned, licensed and / or distributed within the Left Coast Ventures portfolio include Marley Natural, Mind Your Head by Mickey Hart, Mirayo by Carlos santana, JEF, SoulSpring, Provault, Chill, Headlight, Get Zen, New Frontier Brewing and Yummi Karma / High Gorgeous.
This press release may contain forward-looking information within the meaning of applicable securities laws that reflect SCAC’s current expectations regarding future events. The words “will”, “expect”, “intention” and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words.
The specific forward-looking information contained in this press release includes, without limitation, statements regarding the completion of the Transaction and the expected timing thereof, the size and operations of the Parent Company after the closing of the Transaction. and the potential future regulatory landscape of federal cannabis law authorities. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the control of the SCAC, which could cause actual results and events to differ materially. those disclosed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: failure to complete the transaction, failure to obtain required regulatory or shareholder approvals, changes in economic, business and general policy conditions, changes in applicable laws, the US and Canadian regulatory landscapes and their application related to cannabis, changes in public opinion and perception of the cannabis industry, the use of senior management expertise and judgment, as well as the factors discussed under the heading “Risk Factors” in the Prospectus which is available on SEDAR at www.sedar.com. The SCAC assumes no obligation to update this forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Subversive Capital Acquisition Corp.