August 17, 2021
Jay-Z’s ‘The Parent Company’ Appoints Its First Black Chief Executive Officer of a Cannabis Company
Jay-Z has made history several times over the course of his hip-hop career and business dealings, and now, he’s done it again!
The Parent Co., California’s leading vertically integrated cannabis company, has just announced the appointment of Troy Datcher as the company’s new chief executive officer. Datcher will take over duties on Sept 8. This appointment makes this the first time a Black CEO will be the head of a major public U.S. cannabis organization. The Parent Co.’s current CEO, Steve Allan, will continue with the company and assist with the leadership transition.
“We have a unique opportunity to disrupt a sector that has disproportionately impacted communities of color – including my own – for far too long. Together, we can shape a legal cannabis industry that is reflective of our entire culture in CA & beyond.” https://t.co/4P5SwfauRe
— The Parent Company (@theparentcom) August 16, 2021
“I’m truly honored to be at the forefront of shaping the future of the cannabis industry with The Parent Company,” said Datcher in a written statement. “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 most recently served as senior vice president and chief customer officer at The Clorox Co. He was responsible for the worldwide sales organization for the company. During his tenure, Datcher deployed global sales plans of more than $6.7 billion in annual revenue across The Clorox Co.’s vast portfolio of brands.
“Troy’s business acumen, strategic thinking, and leadership skills are invaluable qualities that will be critical to our organization’s growth,” said The Parent Co. 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.”
In May, BLACK ENTERPRISE reported that Shawn “Jay-Z” Carter’s The Parent Co. had entered into an exclusive $50 million strategic investment with Glass House Group. The Parent Co. will sell its suite of branded cannabis products across all Glass House retail locations.