This Jay-Z Backed California Cannabis Company Is Taking Products, Branding To Another Level With New CEO

TPCO Holding Corp GRAMF announced Monday that Troy Datcher will serve as the company's new CEO beginning Sept. 8.

Datcher is set to become the first black CEO to lead a major public U.S. cannabis company. 

The Parent Company's current CEO, Steve Allan, appeared on Benzinga's Youtube show "Cannabis Hour" for an exclusive interview Tuesday. 

Datcher has had an incredible career and is an even more incredible human being, Allan told Benzinga. 

The incoming CEO understands that the cannabis industry is at the forefront of a global wealth creation opportunity, he added: "Troy is the best person to lead this company, period."

Related Link: Breaking: Jay-Z-Backed The Parent Co. Appoints First Black CEO In Major Public Cannabis Company, Troy Datcher

Allan expects that Datcher will be able to take The Parent Company's branding and products to another level through its partnership with Shawn "Jay-Z" Carter. 

Jay-Z was named chief visionary officer of The Parent Company at the end of 2020. 

Allan told Benzinga that he will remain at The Parent Company and focus on its consolidation strategy in California and the company's out-of-state partnerships. 

"The opportunity in California continues to be extraordinarily robust," Allan said.

The company plans to remain focused on utilizing its healthy cash position to accelerate its expansion within California, he noted. 

Allan went on to talk about market share strategies, earnings potential and more.

See the full interview here:

GRAMF Price Action: The Parent Company has traded as high as $13.96 and as low as $3.80 over a 52-week period.

At last check Wednesday afternoon, the stock was down 0.51% at $3.98.