Rapper Jay Z, whose real name is Shawn Carter, is known for his musical prowess, innovation and business savvy. Recently announcing his bid in the budding industry of cannabis, the 51-year-old rapper launched Monogram, a cannabis company under The Parent Company. Now, the major umbrella that houses not only Jay-Z’s brand, but seven other brands has made a historical move in hiring a Black CEO.
The Parent Company has announced Alabama native Troy Datcher will serve as the company’s new Chief Executive Officer; becoming the first Black CEO of a major cannabis corporation nationally. The company’s current CEO, Steve Allan will stay with TPC and help in the transition of leadership. The change will take effect September 8.
“I’m truly honored to be at the forefront of shaping the future of the cannabis industry with The Parent Company,” says Troy 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.”
Formerly the Senior Vice President and Chief Customer Officer for The Clorox Company, Datcher will now take his expertise to the Company. With a resume spanning NASCAR and The Procter & Gamble Company, the newest CEO has been recognized by Savoy Magazine as one of the top 100 Black Executives for three consecutive years as well as Ebony Magazine’s Power 100 honoree in 2015 and 2020.
“On behalf of our Board and employees, I look forward to welcoming Troy to lead our organization into its next chapter of growth,” says Michael Auerbach, Chairman of The Parent Company. “Troy brings a wealth of invaluable experience driving high-volume sales and implementing growth strategies and a deep-seated knowledge of strategic brand execution. 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 is also invested in social equity ventures. Helping to establish the initiatives, Chief Visionary Officer Shawn Carter wants to help break stigmas and barriers preventing minorities, especially Black budders, from participating, investing or profiting from the multi-billion dollar industry. With the acquisition of Datcher, The Parent Company hopes to execute this vision.
“Troy’s business acumen, strategic thinking and leadership skills are invaluable qualities that will be critical to our organization’s growth,” says Desiree Perez, The Parent Company’s Chief Social Equity Officer and Board Member. “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.”
Formed in 2021, The Parent Company is based out of California and has three manufacturing facilities, three consumer delivery hubs and five omni-channel retail locations. Right now, the Company services about 70 percent of the largest legal cannabis markets in the country.
The cannabis industry, while increasing in revenue, is slowly gaining momentum with legalization, consumption and sell and distribution. While recreational and medicinal marijuana are legal in Michigan, exercising caution with usage is paramount.
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