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The cannabis industry can be a bit of a slippery slope for Black founders. However, when you have The Parent Company on your side, the opportunities can be endless. Jesse Grundy has been a businessman since a young age and has always been fascinated by the cannabis plant and the ways in which it can make the lives of others better. “I’ve always had a deep love for cannabis,” he said in an exclusive interview with AfroTech. “My dad was a grower. So, I was always around the plant from an early age. When I first heard about the fact that cannabis was going legal, Oakland had something that they were going to try to do called the social equity program that would be able to bring in people like me.” After applying and becoming one of the first people accepted into a first-of-its-kind social equity program, Grundy was on his way to learning how to successfully run a cannabis business. Now, his company Peakz has launched a first-of-its-kind cannabis non-fungible token (NFT) brand alongside...
The Parent Company — a publicly traded U.S. cannabis organization backed by Jay-Z — is on a mission to make the cannabis industry more diverse, inclusive and equitable. Aligning with this, the company has hired Tiffany McBride as its new managing director of Social Equity Ventures. Founded in January 2021, The Parent Company is California’s leading vertically integrated cannabis company. McBride’s hire comes as the company also welcomed Kerry Arnold as its chief people officer. “This is an exciting time to join The Parent Company as the Managing Director of Social Equity Ventures to continue to ensure that minority communities have a seat at the table in the cannabis industry,” McBride said in a press release. “The Social Equity Ventures Fund and the recent opening of LA’s first Black Woman-Owned Dispensary, Josephine & Billie’s, are just some of the ways we are already making progress toward a more equitable future in cannabis. McBride joins the company with more than 15 years of...
On October 29, Josephine & Billie’s opened its flagship Los Angeles location, priding itself on being a safe space for women of color, especially Black women, to shop and be educated on cannabis. “Most stores are designed and built by white people with one perspective. And women of color rarely get the opportunity to feel comfortable in those spaces,” said COO Ebony Anderson in a press release. “But Josephine & Billie’s was designed and built by, and for, women of color with that in mind.” AfroTech got the opportunity to attend the grand opening of Josephine & Billie’s to meet with the owners and check out what the space had to offer. Located at 1535 W. Martin Luther King Jr. Blvd, this Black-women owned dispensary is the first-of-its-kind speakeasy-style cannabis concept and is inspired by ‘tea pads’ that once thrived in Black communities during the 1920s and 30s. Photo Credit: Stephanie Ogbogu for AfroTech Photo Credit: Stephanie Ogbogu for AfroTech “So many people have asked me,...
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...
Here’s to a more inclusive cannabis marketplace! According to information provided to AfroTech, The Parent Company, California’s leading vertically integrated cannabis company, has announced that it has chosen The Peakz Company (Peakz) as the Company’s second social equity corporate venture fund investment. In a move following their initial investment in Josephine & Billie’s, the new announcement solidifies their commitment to helping create a more equitable cannabis marketplace. Peakz, an Oakland-based cannabis brand created by Jessie Grundy, will now have the opportunity to leverage The Parent Company’s expansive DTC capabilities and retail locations which in turn will enhance its footprint in the California community. “The Parent Company’s partnership will provide us with the tools to grow Peakz as a business and reach its full potential as a brand, both of which are exciting prospects in achieving my vision for the company,” said Grundy in an official press release . “With their...
Rap mogul and cannabis connoisseur Jay-Z is using his stake in the weed industry to make another culture-shifting deal. This week, The Parent Company — the icon’s cannabis company — announced that it has acquired Mercer Park Brand Acquisition Corp for $50 million, who is set to merge with Glass House Group, a press release states. As a member of the lucrative partnership group, Jay-Z and his brand stand to play defining roles in the new deal as he will become an owner of California’s largest cannabis producer. As a result of the new multi-million dollar merger deal, The Parent Company — which owns Jay-Z’s Monogram brand — has secured a 10-year-contract with Glass House to expand its supply of cannabis products. According to rolling out, the two groups are also in the process of finalizing a six-year $25 million retail partnership that will prompt The Parent Company to sell its products at Glass House stores. “These partnerships are a fantastic opportunity to secure long-term access...
The largest cannabis Special-Purpose Acquisition Company (SPAC) deal in history has closed thanks to hip-hop mogul Jay-Z. Along with this news, Subversive Capital Acquisition Corp. has announced the launch of The Parent Company with Shawn “Jay-Z” Carter, Caliva, Roc Nation, and Left Coast Ventures. Its qualifying transaction now makes The Parent Company, Former Subversive Capital Acquisition Corp., the largest vertically integrated cannabis operation in California. It also makes them the most well-capitalized cannabis company in the U.S. with the position to consolidate and reshape the market not only in California but worldwide. Jay-Z, The Parent Company’s Chief Visionary Officer, will lead brand strategy, and The Parent Company Social Equity Ventures, which is a corporate venture fund that invests in Black and minority-owned cannabis businesses. “This is an incredible time for this industry,” said MONOGRAM founder, Jay-Z. “The end of cannabis prohibition is here, and The Parent...