Jay-Z’s isn’t just cashing in on the cannabis business, he’s leading the charge to break barriers too.
Business Insider reports that the billionaire icon’s cannabis organization, The Parent Company, announced this week that seasoned business executive Troy Datcher has been tapped to serve as the company’s new chief executive officer. Datcher’s new role marks a first for the cannabis industry as he will become the first Black CEO to lead a major, public cannabis organization based in the U.S.
Datcher is set to start his new position effective Sept. 8. After a 20-year tenure at The Clorox Company, he brings with him decades of experience from his previous roles as the company’s senior vice president and chief customer officer. He was also responsible for leading the company’s worldwide sales organization so there’s no doubt he will rise to the occasion in his new appointment.
“Troy brings a wealth of invaluable experience driving high-volume sales, implementing growth strategies, and a deep-seated knowledge of strategic brand execution,” Michael Auerbach — chairman of The Parent Company — said in a statement sent to Business Insider. “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.”
Jay-Z’s cannabis company has been a changemaker in the industry that has made strides for diversity by intentionally investing in Black and brown entrepreneurs. After launching his own brand, Monogram, the Hip-Hop mogul has been making moves to expand and lead social equity ventures in an effort to help those who have been often shut out of the industry. Now he’s working within his organization to reflect the same kind of change he’s making happen across the cannabis space to eliminate systemic hurdles.
With Datcher heading the organization, the hope is that The Parent Company can act as a catalyst for other cannabis companies to diversify their leadership teams and create a better tomorrow through equality and initiative.
“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,” Datcher said to Business Insider. “Together, we can shape a legal cannabis industry that is reflective of our entire culture in California and beyond.”