This year has been quite a big one for Jay-Z and his business moves, but the rapper’s latest deal finds him making history. The Parent Company, which is based in California and which houses Jay’s cannabis brand Monogram, announced that executive Tory Datcher will become the company’s newest chief executive officer. Datcher, who previously worked as the senior vice president and chief customer officer of Clorox, will begin the role next month, and according to a press release from Monogram, he’ll become the first Black CEO to lead a major public cannabis company in the United States.
Datcher spoke with Insider following the announcement and said that The Parent Company has a “unique opportunity to disrupt a sector that has disproportionately impacted communities of color — including my own — for far too long.” He added, “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.” He concluded, “Together, we can shape a legal cannabis industry that is reflective of our entire culture in California and beyond.”
The newly-appointed CEO will work beside Jay-Z — who is currently the company’s chief visionary officer — andDesiree Perez, Roc Nation CEO and chief social equity officer of The Parent Company. “Troy’s business acumen, strategic thinking, and leadership skills are invaluable qualities that will be critical to our organization’s growth,” Perez said. “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.”