10 Firms Steer Pot SPAC's $1.2B Deal With Jay-Z

Law360 (November 24, 2020, 8:52 PM EST) -- The biggest blank check company in cannabis on Tuesday created a marijuana powerhouse valued at nearly $1.2 billion and featuring rapper Jay-Z as its leading visionary, in a deal steered by 10 firms including Paul Hastings LLP, Cooley LLP and Reed Smith LLP.

Subversive Capital Acquisition Corp. announced a pair of acquisitions: Caliva, a direct-to-consumer brand, and Left Coast Ventures, a cultivator, manufacturer and distributor of cannabis products. The deal includes $36.5 million in upfront equity commitments and will create a yet-to-be-named holding company that intends to shake up the industry's leading business model. Jay-Z will be the company's chief visionary...

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