The Largest SPAC in Cannabis History Closes Its Qualifying Transaction
NEO is excited to welcome The Parent Company ("TPCO" or the "Company"), as it makes its public market debut today on the NEO Exchange, with a market capitalization in excess of US$1 billion. The Parent Company is now available for trading under the symbol NEO:GRAM.U.
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The Parent Company, a vertically integrated cannabis company, participates in a digital market open to celebrate their launch today on the NEO Exchange. The Parent Company is available for trading under the symbol NEO:GRAM.U. (Graphic: Business Wire)
A vertically integrated cannabis company, TPCO is a consolidation of the California cannabis market formed by bringing together global icon and entrepreneur Shawn "Jay-Z" Carter, entertainment powerhouse Roc Nation, and top California cannabis operators, CMG Partners Inc. (Caliva) and Left Coast Ventures Inc. The newly-formed company is a result of a qualifying transaction by Subversive Capital Acquisition Corp. – the largest ever Special Purpose Acquisition Company (SPAC) in the cannabis sector - that completed its initial public offering and began trading on NEO on July 16, 2019.
"The successful closing of this transaction is a strong endorsement of The Parent Company and our strategy to consolidate and dominate the California cannabis market," remarked Michael Auerbach, Chairman of Subversive Capital and The Parent Company. "As an institutional-grade mainboard stock exchange, NEO has been essential in lending credibility and security to the investment opportunity we have presented, as well as communicating the merits of our deal through robust marketing and PR activities."
The Parent Company is the largest cannabis company in California by revenue, footprint, and brand portfolio. "In addition to building the most influential portfolio of cannabis and hemp brands in the world, The Parent Company’s vertical operational platform has been designed for growth and future mergers and acquisitions, forging a path to redefine the cannabis industry in California and beyond," added Steve Allan, CEO of The Parent Company. "No peer in the cannabis marketplace can compete with the unique value proposition we offer."
With Shawn "Jay-Z" Carter playing an active role in the Company’s operations as Chief Visionary Officer, The Parent Company leverages an industry-leading omnichannel platform, robust portfolio of brands, and unparalleled cultural influence. Through a social equity fund established by the Company, TPCO will actively contribute to efforts to diversify both the business leadership and workforce of the cannabis industry. Mr. Carter explained, "Although we can’t fully redeem the injustices created by the ‘war on drugs,’ we can help shape a brighter and inclusive future. The brands we build will pave a new path forward for a legacy rooted in equity, access, and justice. We’re creating something people can trust and we’re investing in our future, our people, and our communities."
Investors can trade shares of The Parent Company (NEO:GRAM.U) through their usual investment channels, including discount brokerage platforms and full-service dealers.
"The launch of The Parent Company on NEO demonstrates, once again, the incredible potential of the SPAC as a highly successful investment vehicle and an enabler of lighthouse go-public transactions, when leveraged by the right company on the right exchange," commented Jos Schmitt, President and CEO of NEO. "By selecting the NEO Exchange as their preferred listing partner, Subversive Capital and The Parent Company have acknowledged NEO as the Canadian exchange of choice for SPACs and industry-defining companies. We are eager to further demonstrate the value and benefits that NEO can offer to innovative, high-growth companies."
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NEO Exchange is a progressive stock exchange that brings together investors and capital raisers within a fair, efficient, and service-oriented environment. Fully operational since June 2015, NEO puts investors first and provides access to trading all Canadian-listed securities on a level playing field. The NEO Exchange lists senior companies and investment products seeking a stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.
About The Parent Company
The Parent Company (TPCO Holding Corp.) (NEO:GRAM.U, GRAM.WT.U, OTCQX:SBVCF) is California’s leading vertically integrated cannabis company combining best-in-class operations with leading voices in popular culture and social impact. The Parent Company brings together global icon and entrepreneur Shawn "Jay-Z" Carter, entertainment powerhouse ROC NATION, California’s leading direct-to-consumer platform CALIVA, and leading cannabis and hemp manufacturer, LEFT COAST VENTURES, to form a cannabis industry leader for the post-prohibition era. Chief Visionary Officer Shawn "Jay-Z" Carter, one of the most recognized and celebrated entrepreneurs of our time, will guide The Parent Company’s brand strategy in partnership with Roc Nation, the world’s preeminent entertainment company with a roster of culture-making artists, athletes and influencers. The brands we build together will pave a new path forward for a legacy rooted in equity, access, and justice. For more information, visit www.theparent.co.
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