On Monday, the Parent Company named Troy Datcher as its new chief executive officer, making him the first Black CEO to lead a major publicly traded cannabis company in the United States.
TPCO, of which Jay-Z is the chief visionary officer for, is a major player in California’s growing marijuana industry, with three manufacturing facilities and different weed brands including Jay-Z’s Monogram. Prior to joining the team at the Parent Company, Datcher served as senior vice president and chief customer officer at the Clorox Company.
"I’m truly honored to be at the forefront of shaping the future of the cannabis industry with The Parent Company,” said Datcher. “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.”
Current TPCO CEO Steve Allan will remain with the company, and will help the leadership transition. Earlier this year, TPCO and Jay-Z’s weed brand Monogram launched a national drug policy awareness campaign. The campaign highlighted the hypocrisy inherent in current cannabis regulations in the United States, and was accompanied by striking artwork of those worst impacted by the antiquated drug laws.
“Troy’s business acumen, strategic thinking and leadership skills are invaluable qualities that will be critical to our organization’s growth,” said TPCO social equity officer and board member Desiree Perez, who is also the CEO at Jay’s Roc Nation. “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 take The Parent Company to new heights.”
Jay-Z has previously highlighted the lack of diversity in the ever-expanding legal cannabis industry across the country. In January, Hov even launched a $10 million fund to invest in minority-owned cannabis startups in an effort to usher more Black participation in the industry.
