The Parent Company Appoints Troy Datcher to Serve as New Chief Executive Officer
Datcher Brings over 25 Years of Executive Leadership from Clorox and Procter & Gamble
SAN JOSE, Calif., Aug. 16, 2021 /PRNewswire/ - TPCO Holding Corp. ("The Parent Company'' or the "Company") (NEO: GRAM.U) (OTCQX: GRAMF), California's leading vertically-integrated cannabis company, today announced that it has appointed Troy Datcher to serve as the Company's new Chief Executive Officer, effective Sept 8th. Datcher's historic appointment represents the first time a Black CEO will lead a major public U.S. cannabis organization. Current CEO Steve Allan will continue with the Company and assist with the leadership transition.
Datcher joins The Parent Company from The Clorox Company, where he most recently served as Senior Vice President and Chief Customer Officer responsible for the Company's worldwide sales organization. During his tenure, Datcher deployed global sales plans for over $6.7 billion in annual revenue across The Clorox Company's vast portfolio of brands.
Troy Datcher, Incoming Chief Executive Officer of The Parent Company
"I'm truly honored to be at the forefront of shaping the future of the cannabis industry with The Parent Company," said Datcher. "This is a tremendously strong company that is poised for continued growth and we have a unique opportunity to disrupt a sector that has disproportionately impacted communities of color – including my own – for far too long. This is a chance to partner with cultural powerhouses like JAY-Z and Desiree Perez to rectify the wrongs of prohibition, eradicate antiquated laws and create a new cannabis infrastructure rooted in diversity, equity and justice for our communities. Together, we can shape a legal cannabis industry that is reflective of our entire culture in California and beyond."
Datcher first joined The Clorox Company in 1999 as a region sales manager for the Specialty Division before assuming a leadership role for the company's automotive business. In 2006, he joined JTG/Daugherty Racing, where he spent three years as the Director of NASCAR Sponsorship and Marketing for the organization before returning to The Clorox Company in 2009. Prior to his combined 20-year tenure at The Clorox Company, Datcher served as national sales account manager at The Procter & Gamble Company.
"On behalf of our Board and employees, I look forward to welcoming Troy to lead our organization into its next chapter of growth," said Michael Auerbach, Chairman of The Parent Company. "Troy brings a wealth of invaluable experience driving high-volume sales and implementing growth strategies and a deep-seated knowledge of strategic brand execution. His leadership, expertise and perspective gained at such a prominent and enduring organization will be a significant advantage as we look to build the first 100-year company in cannabis, meet evolving consumer demands, and create meaningful change in our industry.
"Troy's business acumen, strategic thinking and leadership skills are invaluable qualities that will be critical to our organization's growth," said The Parent Company Chief Social Equity Officer and Board Member Desiree Perez. "He understands and embraces the unique responsibility we have to redefine the cannabis industry and establish a new precedent for cannabis entrepreneurs to build successful businesses. I look forward to watching him grow into this position and taking The Parent Company to new heights."
Datcher brings a passion for elevating diversity, equity and inclusion efforts to the forefront of corporate culture to his latest appointment. He is a two-time Ebony Magazine Power 100 honoree (2015 and 2020) and has also been recognized by Savoy Magazine as one of the top 100 Black Executives for three consecutive years.
About The Parent Company
Formed in January 2021, The Parent Company is California's leading vertically integrated cannabis company. The Company's three manufacturing facilities guarantee unparalleled access to high-quality, low-cost cannabis, while its vast wholesale distribution network of more than 450 California dispensaries, an unrivaled direct-to-consumer omnichannel platform, three consumer delivery hubs and five omni-channel retail locations, currently service approximately 70% of the largest legal cannabis market in the country. The Company's curated product portfolio includes eight of the most valuable and scalable brands in cannabis, including Monogram by Shawn "JAY-Z" Carter, Caliva, Deli, Fun Uncle, and Mirayo, which sets the tone for The Parent Company's industry leadership in California and beyond.
In addition to its vast manufacturing infrastructure, consumer reach and cultural influence, The Parent Company is committed to using its resources and status to play a significant role in molding a more equitable cannabis industry. Its social equity ventures initiative, established by Chief Visionary Officer Shawn "JAY-Z" Carter, was created to break down the systematic barriers Black and other minority entrepreneurs face as they endeavor to secure meaningful participation, growth and leadership in the multibillion-dollar legal cannabis industry.
Shares of The Parent Company common stock are traded on NEO Exchange under the ticker symbol "GRAM.U" and on the OTCQX under the ticker symbol "GRAMF".
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Forward Looking Statements
This press release may contain forward-looking information within the meaning of applicable securities legislation which reflects The Parent Company'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, the appointment of Troy Datcher as the new CEO of The Parent Company. 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 The Parent Company'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: 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 Parent Company's Annual Information Form dated March 25, 2021, which is available on SEDAR at www.sedar.com. The Parent Company undertakes 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.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable U.S. federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve The Parent Company of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of The Parent Company and any proceedings brought against the Company thereunder may adversely affect the Company's operations and financial performance.
SOURCE TPCO Holding Corp.
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