This is an incredible time for this industry,” Carter said in a prepared statement. “The end of cannabis prohibition is here, and The Parent Company will lead the charge to a more expansive and inclusive cannabis industry. We are paving a path forward for a legacy rooted in dignity, justice, care, and consistency. The brands we build will redefine growth, social impact, and social equity. This is our time. I m proud and excited to lead the vision of The Parent Company.
Deal Details
The merger was previously announced in November:
Caliva agreed to acquire OG Enterprises Branding Inc., then owned by Caliva and Carter at a 50/50 ratio.
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NEW YORK and TORONTO, Jan. 13, 2021 /PRNewswire/ Subversive Capital Acquisition Corp. (NEO: SCV.A.U, SCV.WT.U,OTCQX: SBVCF) (
SCAC ), a special purpose acquisition company, is pleased to announce that, after processing the notices of redemption received prior to the redemption deadline, SCAC will have an aggregate of US$381 million to execute on its growth strategy and fund transaction expenses and considerations. As previously announced, SCAC will acquire, directly or indirectly, all of the equity of CMG Partners, Inc. (
Caliva ) and Left Coast Ventures, Inc. (
Left Coast Ventures ) (collectively, the
Transaction ) to form TPCO Holding Corp. (
These types of deals are occurring more often as a less costly and more efficient go-public strategy.
Recall in November how
Caliva and entrepreneur Shawn Carter (aka Jay-Z) inked the largest ever SPAC deal with
Subversive Capital Acquisition Corp. (OTCQX:SBVCF). The SPAC would acquire Caliva and Left Coast Ventures for a respective $282.9 million and $142.2 million.
But SPACs must clear several hurdles in 2021 to remain a popular and effective investment alternative.
SPAC Deals May Close In Just A Few Months
The traditional initial public offering (IPO) process is expensive and time consuming. SPACS allow companies to go public without spending as much money or time on the process.
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