Reed Smith represented Shawn ‘Jay-Z’ Carter in the transaction. Cassels acted for Left Coast Ventures.
Affiliates of Shawn “Jay-Z” Carter executed the sale of certain ownership interest in two cannabis-related companies, CMG Partners Inc. (Caliva) and OG Enterprises, Inc., to Subversive Capital Acquisition Corp. (Subversive) and certain other related agreements.
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 (Picture), Ari Edelman, and James Tandler and associate Simon Kliegman.
The Cassels’ team included Andrea FitzGerald.