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Jay-Z has made history by hiring a Black CEO to lead his cannabis company. This move means Jay-Z’s ‘The Parent Company’ is now the first cannabis business with a Black CEO leading it.
JAY-Z’s cannabis company and executive Troy Datcher are about to make history. On Monday (Aug. 16), the Hov-backed The Parent Company, which houses his Monogram cannabis brand, announced that Datcher will soon become the company’s new chief executive officer. When Datcher assumes the role on Sept. 8, a press release notes, he will be the first Black CEO to lead a major, public cannabis organization in the country.
In a statement sent to Insider, Datcher said the California-based Parent Company has 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,” he added. “Together, we can shape a legal cannabis industry that is reflective of our entire culture in California and beyond.”
Datcher will work alongside Hov, who currently serves as The Parent Company’s chief visionary officer. Both the 51-year-old mogul and The Parent Company’s chief social equity officer, Roc Nation CEO Desiree Perez, have used the brand to lead initiatives aimed at helping Black and other minority entrepreneurs succeed in the cannabis industry.
“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.”
Datcher previously served as the senior vice president and chief customer officer of Clorox, where he worked for 20 years.
“Troy brings a wealth of invaluable experience driving high-volume sales, implementing growth strategies and a deep-seated knowledge of strategic brand execution,” The Parent Company Chairman Michael Auerbach said in the release. “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.”