SAN JOSE, Calif.--(BUSINESS WIRE)--TPCO Holding Corp. ("The Parent Company" or the “Company”) (NEO: GRAM.U) (OTCQX: GRAMF), today announced the appointment of Desiree Perez to its board of directors (the “Board”) effective May 13, 2021.
A multi-industry leader and a well-known advocate for social and criminal justice reform, Perez has developed her impressive reputation for cultural, creative and business acumen over her 20+ year career. Perez currently serves as Chief Executive Officer of Roc Nation, LLC ("Roc Nation"), a preeminent entertainment company based in New York, New York and Los Angeles, California. Roc Nation works in every aspect of modern entertainment and boasts an unrivaled client list of recording artists, producers, songwriters and advocates for social change that includes some of the world’s most recognizable names in entertainment.
"The Parent Company has positioned itself as a leader in the world’s largest cannabis market and the organization’s commitment to empowering the next generation of Black and Brown entrepreneurs in the cannabis industry is truly unparalleled,” said Perez. “I look forward to collaborating with the Board to further develop those social equity initiatives while also amplifying the Parent Company’s broader influence across the country.”
Within her current position, Perez has played a key role in every significant deal Roc Nation has made in the past decade – from negotiating the worldwide touring deal between JAY-Z and Livenation, to expanding JAY-Z’s portfolio with the product launches of successful luxury liquor brands D’Usse cognac and Ace of Spades champagne, to securing a worldwide partnership with Universal Music Group – all while overseeing the company’s day-to-day operations. Prior to becoming Chief Executive Officer, Perez served as Roc Nation’s Chief Operating Officer and Co-Founder for more than twelve years.
“We are honored to welcome Desiree to our Board at such a pivotal time in our Company's growth," said Michael Auerbach, Chairman of The Parent Company. "Desiree brings a tremendous amount of business and brand-building experience to our Company, in addition to her extensive work in advancing criminal justice reform. I have had the pleasure of working with Desiree on a variety of shared initiatives and look forward to working with her in her capacity as a Director.”
About The Parent Company:
The Parent Company (TPCO Holding Corp.) (NEO: GRAM.U, GRAM.WT.U) (OTCQX: GRAMF; OTC PINK: GRMWF) is California's leading vertically integrated cannabis company combining best-in-class operations with leading voices in popular culture and social impact. The Parent Company brings together global icon and entrepreneur Shawn "JAY-Z" Carter, entertainment powerhouse ROC NATION, California's leading direct-to-consumer platform CALIVA, and leading cannabis and hemp manufacturer, LEFT COAST VENTURES, to form a cannabis industry leader for the post-prohibition era. Chief Visionary Officer Shawn "JAY-Z" Carter, one of the most recognized and celebrated entrepreneurs of our time, guides The Parent Company's brand strategy in partnership with Roc Nation, the world's preeminent entertainment company with a roster of culture-making artists, athletes, and influencers. The Parent Company acts as “Official Cannabis Partner” to Roc Nation, leveraging their vision, cultural influence, and social impact to accelerate the growth in sales and brand equity of the Company’s portfolio of brands. In addition, The Parent Company works to promote social equity as a core part of its business including through a new social equity fund focused on investing in Black and other people-of-color Cannabis entrepreneurs.
Forward Looking Statements
This press release may contain forward-looking information within the meaning of applicable securities legislation which reflects The Parent Company’s current expectations regarding future events. The words “will”, “expects”, “intends” and similar expressions are often intended to identify forward looking information, although not all forward-looking information contains these identifying words.
Specific forward-looking information contained in this press release includes, but is not limited to, statements concerning The Parent Company’s future growth potential as one of the cannabis industry’s most influential companies. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond The Parent Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward looking information. Such risks and uncertainties include, but are not limited to: changes in general economic, business and political conditions, changes in applicable laws, the U.S. and Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading “Risk Factors” in The Parent Company’s Annual Information Form dated March 25, 2021, which is available on SEDAR at www.sedar.com. The Parent Company undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Caution Regarding Cannabis Operations in the United States
Investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the U.S. Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable U.S. federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with medical or adult-use cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve The Parent Company of liability under U.S. federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of The Parent Company and any proceedings brought against the Company thereunder may adversely affect the Company’s operations and financial performance.