TROY DATCHER WAS APPOINTED CHIEF EXECUTIVE OFFICER OF JAY-Z’S CANNABIS COMPANY
Troy Datcher was appointed to the Chief Executive Officer of Shawn “Jay-Z” Carter’s cannabis company, The Parent Company. Datcher’s new role with be effective on September 8. According to the press statement, this is the first time a Black CEO will lead a major, public cannabis organization in the US.
“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,” Datcher said. “Together, we can shape a legal cannabis industry that is reflective of our entire culture in California and beyond.”
According to Proactive Investors, last year, the global cannabis market was estimated to be valued at $20.5 billion, that number is expected to balloon to US$90.4 billion by 2026, registering a 28% compound annual growth rate.
The Parent Company is California’s leading vertically-integrated cannabis company. It houses Jay-Z’s cannabis brand Monogram among several other cannabis brands. Jay-Z is also the company’s chief visionary officer and leads a social equity initiatives for the company.
“Troy brings a wealth of invaluable experience driving high-volume sales, implementing growth strategies, and a deep-seated knowledge of strategic brand execution,” said Michael Auerbach, chairman of The Parent Company. “His leadership expertise and perspective gained at such a prominent and enduring organization will be a significant advantage as we look to build the first 100-year company in cannabis, meet evolving consumer demands, and create meaningful change in our industry.”
The Parent Company’s current CEO Steve Allan will remain with the company and assist with the leadership transition. Earlier this year, Allan and Jay-Z’s weed brand Monogram launched a national drug policy awareness campaign. In addition, Jay-Z launched a $10 million fund to invest in minority-owned cannabis startups in an effort to usher more Black participation in the industry.
