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 investment, we will be able to fulfill more orders, conceptualize and execute creative, out-of-the-box collaborations and hire from our community – giving us the ability to truly compete with big players while still representing social equity in the cannabis space.”
Grundy founded Peakz in 2018 after he won a distribution license under Oakland’s Social Equity Program.
Afterward, the company continued as a one-person operation led by the innovative founder whose brand vision and entrepreneurial instincts made Peakz the perfect fit for the partnership with The Parent Company.
“In a short period of time, Peakz has displayed significant promise and a unique ability to disrupt the cannabis industry,” said The Parent Company Chief Social Equity Officer and Board Member Desiree Perez. “We wholeheartedly believe in Jessie’s vision and this investment also reaffirms The Parent Company’s commitment to empowering Black businesses. We look forward to helping Peakz scale its business further, deliver innovative product offerings to increasingly larger audiences and invigorate Oakland’s economy for years to come.”
View this post on Instagram
The Parent Company’s social equity corporate venture fund will commit initial funding of $10 million, plus two percent of its annual net income. The fund is managed in partnership with an advisory committee led both by Perez and The Parent Company’s Chief Visionary Officer Shawn “Jay-Z” Carter.
Editorial Note: This piece has been edited for clarity.