JAY-Z has been named "chief visionary officer" of a major new cannabis company.

With the drug now legal in many U.S. states, including California, the musician recently announced he was launching his own marijuana line, Monogram, with the brand Caliva.

And now bosses at Subversive Capital Acquisition Corp. announced they had agreed a deal with Caliva chiefs and Jay to create a new vertically integrated cannabis company to be named TPCO Holding Corp - with the musician set to serve as its Chief Visionary Officer.

In a press release, the 99 Problems hitmaker said he would also use his role to alter America's criminal justice system and help those convicted of cannabis-related offences with training and job placements.

"Although we know we can't fully redeem the injustices created by the 'war on drugs', we can help shape a brighter and inclusive future," he explained. "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."

TPCO will also boast Jay's Roc Nation labelmates Rihanna and Meek Mill as shareholders, with the stars "leveraging unparalleled cultural influence" to get other famous names on board.