MJBizMag May-June 2023 - 12

FIVE QUESTIONS with Troy Datcher
Parenting Strategy
CEO of The Parent Co. discusses diversity initiatives and restructuring
By Chris Casacchia
T
roy Datcher has overhauled
operations at TPCO Holding
Corp. since he became CEO
in August 2021 and board chair of
the publicly traded company, better
known as The Parent Co.,
in May 2022.
Changes initiated by the former
Clorox executive include:
* Restructuring the business with
Shawn " Jay-Z " Carter affiliates
and Roc Nation returning common
shares, a move projected
to save roughly $33.5 million in
top-line costs over eight years.
* Inking a definitive agreement
with Gold Flora to expand its
California operation to 12 house
brands and statewide retail
coverage including 20 stores.
If the merger with Gold Flora
comes to fruition, Datcher will
become board chair of the
merged company, New Parent.
* Reducing its workforce by 40%
last year alone, cutting an estimated
$17 million from payroll.
Datcher, believed to be the first
Black CEO of a publicly traded cannabis
company, recently sat down
with MJBizMagazine to discuss his
vision for the evolving company,
the tough choices he's made to
position the business for growth
and efforts he's spearheading to
improve diversity and inclusivity in
the industry.
How do you view your role as
a Black leader in an industry
lacking diversity at the top?
The number of African Americans
in the C-suite is disappointing. And
the number of Black CEOs in the
10 May-June 2023 | MJBizMagazine
U.S. is a disappointing percentage.
So, when you come into an
emerging new industry, you're
going to have some of those same
hangovers that society has seen.
The good news is we're at the
stage of this industry being built
(where) we have an opportunity
to really affect the change now
and not try to retrofit the industry
a decade from now. We see
the challenge, and we have an
opportunity to address it up front.
I saw an opportunity to jump in
on the forefront of an emerging
industry, bring my 30 years of
consumer experience and executive
experience to bear and hopefully
bring people to the table that
could reflect the communities in
which we live. And really be a voice
about how important it is to make
sure we have a diverse industry of
leaders.
The Parent Co. recently
launched the first cohort
under its Social Equity
Ventures Brand Success
Program. What are the goals
of the initiative?
We thought it would be a great
opportunity for us to leverage
what we do best, which is to help
build brands. That's really our " true
north " as a company.
The purpose is to partner with
those brands to give them some
exposure. So, they'll be distributed
in our stores and our delivery
platform.
And what I'm hoping comes out
of that is they'll have a test market
of 12 stores that have data on their
Troy
Datcher
success, which they can then take
to other dispensaries in California.
Hopefully, the data that we provide
will be just as rich as the experience
they have with our team.
In terms of modeling the
program, did you look at other
successes or your experience
in the consumer-packaged
goods arena?
I'll lean on my previous CPG
experience. For 30 years, I've longed
to have this intimate relationship
with a consumer, where I control
the entire experience. I would spend
time developing innovation and
marketing plans, and then I would
hand it over at the moment of truth
to Amazon, Target or Walmart, and
inevitably I would walk into a store
and be disappointed.
And here, because we own
those dispensaries, we can be
very specific on how those brands
appear in-store.
My hope is that, because of
that, we can really help these
brands figure out their success
model so they can apply it to other
opportunities in the market.
I think that can be become a
competitive advantage.

MJBizMag May-June 2023

Table of Contents for the Digital Edition of MJBizMag May-June 2023

MJBizMag May-June 2023 - 1
MJBizMag May-June 2023 - 2
MJBizMag May-June 2023 - 3
MJBizMag May-June 2023 - 4
MJBizMag May-June 2023 - 5
MJBizMag May-June 2023 - 6
MJBizMag May-June 2023 - 7
MJBizMag May-June 2023 - 8
MJBizMag May-June 2023 - 9
MJBizMag May-June 2023 - 10
MJBizMag May-June 2023 - 11
MJBizMag May-June 2023 - 12
MJBizMag May-June 2023 - 13
MJBizMag May-June 2023 - 14
MJBizMag May-June 2023 - 15
MJBizMag May-June 2023 - 16
MJBizMag May-June 2023 - 17
MJBizMag May-June 2023 - 18
MJBizMag May-June 2023 - 19
MJBizMag May-June 2023 - 20
MJBizMag May-June 2023 - 21
MJBizMag May-June 2023 - 22
MJBizMag May-June 2023 - 23
MJBizMag May-June 2023 - 24
MJBizMag May-June 2023 - 25
MJBizMag May-June 2023 - 26
MJBizMag May-June 2023 - 27
MJBizMag May-June 2023 - 28
MJBizMag May-June 2023 - 29
MJBizMag May-June 2023 - 30
MJBizMag May-June 2023 - 31
MJBizMag May-June 2023 - 32
MJBizMag May-June 2023 - 33
MJBizMag May-June 2023 - 34
MJBizMag May-June 2023 - 35
MJBizMag May-June 2023 - 36
MJBizMag May-June 2023 - 37
MJBizMag May-June 2023 - 38
MJBizMag May-June 2023 - 39
MJBizMag May-June 2023 - 40
MJBizMag May-June 2023 - 41
MJBizMag May-June 2023 - 42
MJBizMag May-June 2023 - 43
MJBizMag May-June 2023 - 44
MJBizMag May-June 2023 - 45
MJBizMag May-June 2023 - 46
MJBizMag May-June 2023 - 47
MJBizMag May-June 2023 - 48
MJBizMag May-June 2023 - 49
MJBizMag May-June 2023 - 50
MJBizMag May-June 2023 - 51
MJBizMag May-June 2023 - 52
MJBizMag May-June 2023 - 53
MJBizMag May-June 2023 - 54
https://www.nxtbook.com/emerald/MJBizMag/20240304
https://www.nxtbook.com/emerald/MJBizMag/20240102
https://www.nxtbook.com/emerald/MJBizMag/20231112
https://www.nxtbook.com/emerald/MJBizMag/202310
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-cannabis-packaging-23
https://www.nxtbook.com/emerald/MJBizMag/202309
https://www.nxtbook.com/emerald/MJBizMag/202308
https://www.nxtbook.com/emerald/MJBizMag/202307
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-may-june-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-april-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-retail-strategy-23
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-march-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-february-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-january-2023
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-lighting-23
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-november-december-2022
https://www.nxtbook.com/emerald/MJBizMag/202210
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-sustainability
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-march-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-cannabis-retail
https://www.nxtbook.com/emerald/MJBizMag/202204
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-february-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbiz-buyers-guide-cannabis-security
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag
https://www.nxtbook.com/emerald/MJBizMag/202208
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-july-2022
https://www.nxtbook.com/emerald/MJBizMag/2022-buyers-guide-indoor-grow
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-may-june-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-packaging-automation-buyers-guide-january-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-november-december-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-october-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmagazine-september-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmagazine-september-2021-lighting-buyers-guide
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-august-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-july-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-may-june-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-april-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-march-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-february-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-january-2022
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-january-2021
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-november-december-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-october-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-september-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-august-2020
https://www.nxtbook.com/emerald/MJBizMag/mjbizmag-july-2020
https://www.nxtbookmedia.com