Caliva Ends 2020 in Record-Breaking Fashion with Industry-Changing Announcements

PRESS RELEASE

Caliva set the pace for cannabis innovation in 2020 by launching Shawn “JAY-Z” Carter’s MONOGRAM line, expanding its delivery and retail footprint in key California markets, and entering into definitive transaction agreements with Subversive Capital Acquisition Corp. (NEO: SVC.A.U, SVC.WT.U; OTCQX: SBVCF) (“SCAC”), a special purpose acquisition company (“SPAC”), to form TPCO Holding Corp. (“The Parent Company”), the largest vertically integrated cannabis platform in California

AN JOSE, Calif.–(BUSINESS WIRE)–Caliva, the largest vertically integrated, omnichannel cannabis company in California, closes 2020 with a myriad of exciting milestones and the momentum to build on in 2021. Successful new brand and product launches, retail delivery expansion, social justice efforts and strategic growth partnerships ensure that consumers will have even more to look forward to from this cannabis powerhouse in the coming year.

In a year as unprecedented as 2020,” Caliva CEO Dennis O’Malley concedes, “we were thrilled to build on Caliva’s success by growing our consumer reach, expanding our social equity work, and bringing new innovation to the world of cannabis. With all that the Caliva team has accomplished in 2020, we’re looking forward to continuing our momentum into 2021.

In December, Caliva partner, Shawn “JAY-Z” Carter, introduced his first cannabis brand, MONOGRAM, to the world. Following 18 months of careful strain selection and meticulous cultivation practices, the line has quickly become both a media and consumer darling. Media from the Los Angeles Times to Maxim featured the launch, while organic mentions from DJ Khaled’s Instagram to Late Night with Jimmy Fallon and Saturday Night Live drove national attention for the brand. MONOGRAM’s launch proved to be the most successful in Caliva history.

Coinciding with the MONOGRAM launch, Caliva also extended its delivery footprint with the opening of its Hanford delivery depot, the fifth for Caliva in California. Extending the company’s reach to the underserved market of the Central Valley, Hanford is setting new records for Caliva as its fastest growing delivery depot. As part of the ongoing direct-to-consumer growth, Caliva also received license approval for a sixth delivery depot in Chula Vista to cover the San Diego market. Between Hanford and the future Chula Vista depots, Caliva will serve more than 5 million additional Californians – enabling Caliva to deliver to over 58% of California’s population.

In addition to retail and delivery expansion, Caliva’s roll-out of new fulfilment types, including scheduled and express delivery, curbside pick-up and car-hop, powered growth in Caliva.com’s user base, allowing customers to access cannabis on their terms. Caliva surpassed 1.5M consumer transactions in its history in 2020. Leveraging Caliva’s flywheel of consumer information generated from the company’s direct to consumer business, Caliva’s product development team was also able to synthesize feedback and develop products that best match consumer needs. Seeing a demand for value and convenience, the Caliva team was able to rapidly prototype and launch Deli Roll Ups, a 14 gram (half-ounce) of pre-ground flower, packaged with rolling papers, and crutches, ready to fill, roll, and twist for consumer ease of enjoyment. Other 2020 new product innovations include Fresh Flower Vapes, an hCBD Cold Brew Coffee called Soul Grind, and Deli Nickels, the company’s first entry into the edibles market.

Building on the company’s ongoing commitment to social justice causes and in response to the employment crisis created by COVID-19, Caliva partnered with both Chrysalis and Success Centers to build hiring and career mentorship programs. Caliva also supported the growth of two new cannabis brands, Lady Gemini and Calexo, via the company’s Equity Brands Initiative, which seeks to elevate and support cannabis brands started by women and people of color, particularly those negatively impacted by the injustices of the War on Drugs here in California. Through this initiative, Caliva provided Lady Gemini and Calexo with dedicated shelf space and marketing promotion to help build a robust following with Caliva’s customers and in the larger California cannabis community.

Finally, in November, Caliva, California’s most trusted cannabis brand and leading direct-to-consumer platform, along with global icon, entrepreneur and MONOGRAM creator, Shawn “JAY-Z” Carter, entertainment powerhouse Roc Nation, and Left Coast Ventures, Inc. (Left Coast Ventures), a predominant cannabis and hemp company with low-cost manufacturing and a diversified portfolio of brands, entered into definitive transaction agreements with Subversive Capital Acquisition Corp. (NEO: SVC.A.U, SVC.WT.U; OTCQX: SBVCF) (“SCAC”), a special purpose acquisition company (SPAC), to form The Parent Company (the Transaction). SCAC is the largest SPAC in both cannabis and Canadian history and will seek to redefine the industry with a mission to both consolidate the California cannabis market and create an impactful global company. A copy of the final prospectus (the Prospectus) associated with the Transaction is available on SEDAR at www.sedar.com and on SCAC’s website at www.subversivecapital.com/s/Prospectus. Steve Allan, who will become The Parent Company’s CEO following closing of the Transaction on or around January 15, 2021, said: “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 and consolidate the cannabis industry in California.”

Caliva is poised for a 2021 filled with even more achievement through the formation of The Parent Company while further leading the cannabis industry in meaningfully addressing social justice in cannabis through the establishment of its $10 million Social Equity Fund.

About Caliva

Caliva is a leading single-state cannabis operator in California. Founded in 2015, Caliva’s industry advantage comes from its vertical integration and direct-to-consumer platform. This direct-to-consumer experience enables customers to purchase cannabis at Caliva’s retail stores and place orders online for in-store pickup or same-day delivery straight to their door. Caliva’s plant-based solutions are designed to fit any lifestyle. Caliva’s commitment to compliance and quality reinforce its position as THE MOST TRUSTED NAME IN CANNABIS™. For more information visit caliva.com or follow along on Instagram, @GoCaliva.

About MONOGRAM

MONOGRAM is the first cannabis brand introduced by Shawn ‘JAY-Z’ Carter, marking a new chapter in the space defined by dignity, care and consistency. Honoring the craft of cannabis and the artisans who have been working with the plant for millennia, the MONOGRAM team uses careful strain selection, premium flower grown in California and meticulous cultivation practices to ensure a superior smoke. Launching with four proprietary strains designated “light,” “medium” or “heavy,” MONOGRAM distinguishes each of its products with a clearly defined sensory experience. The core line includes 2g and 4g jars of flower, the Loosies Preroll Pack, and The OG Handroll – a one-of-a-kind, cigar-style handroll intended to burn slowly and evenly for multiple sessions. For more information visit www.monogramcompany.com or follow along on Instagram, @MONOGRAMCOMPANY.

About Roc Nation

Roc Nation, founded in 2008 by JAY-Z, has grown into the world’s preeminent entertainment company. Roc Nation works in every aspect of modern entertainment, with recording artists, producers, songwriters, and more. Roc Nation’s client list includes some of the world’s most recognizable names in entertainment, from Rihanna and Rapsody to Buju Banton and Snoh Aalegra. Roc Nation is a full-service organization, supporting a diverse roster of talent via artist management, music publishing, touring, production, strategic brand development, and beyond. Roc Nation Sports was founded in 2013, bringing the organization’s full-service touch to athletes across the NFL, NBA, MLB, and global soccer. For further information, visit rocnation.com.

About Left Coast Ventures

Headquartered in Santa Rosa, CA, Left Coast Ventures is a diversified cannabis and hemp company specializing in cultivation, extraction, manufacturing, brand development, and distribution. Left Coast Ventures and its subsidiaries are working to shape the future of the legal cannabis industry in the United States through acquisitions, investments, and incubation while building a respected portfolio of top shelf brands. Wholly owned, licensed, and/or distributed brands 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.

About Subversive Capital Acquisition Corp.

SCAC is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, a qualifying transaction within a specified period of time. Founded by Michael Auerbach and led by Chief Executive Officer, Leland Hensch, SCAC is dedicated to investing in radical companies whose core missions subvert the status quo. For more information, visit www.subversivecapital.com.

Forward Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation which reflects Caliva’s current expectations regarding future events. The words “will”, “expects”, “intends” and similar expressions are often intended to identify forward looking information, although not all forward-looking information contains these identifying words.

Specific forward-looking information contained in this press release includes, but is not limited to, statements concerning Caliva business expansion plans for 2021, the completion of the Transaction and the expected timing thereof, and The Parent Company’s size and operations following closing of the Transaction. 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 Caliva and SCAC’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: failure to complete the Transaction, inability to obtain requisite regulatory or shareholder approvals, changes in general economic, business and political conditions, changes in applicable laws, the U.S. and Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading “Risk Factors” in the Prospectus which is available on SEDAR at www.sedar.com. Caliva and SCAC undertake no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Contact

Caliva
Nike Communications
[email protected]

Subversive Capital Acquisition Corp.
Berrin Noorata
[email protected]

Investor Relations
[email protected]

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