Desiree Perez Hails Appointment of New Cannabis Company’s CEO
Desiree Perez and Jay-Z recently announced the appointment of Troy Datcher as the chief executive officer of The Parent Company. Datcher becomes the first Black chief executive of a major U.S. public cannabis company.
Desiree Perez hailed Datcher as a strategic, accomplished business leader. Perez serves as The Parent Company’s chief social equity officer and as a board member. Perez and Jay-Z co-founded Roc Nation, the international entertainment management, recording an events company. Desiree Perez serves as Roc Nation’s CEO.
Datcher began his new role on September 8. Steve Allan, The Parent Company’s current CEO, will remain with the company and aid in the leadership transition.
Datcher previously served as senior vice president and chief customer officer for The Clorox Co. There, he managed the worldwide sales team for Clorox, developing and managing sales plans generating more than $6.7 billion in annual revenue across the Clorox family of brands. He spent 20 years at the company.
The Parent Company has a social justice focus on its vertically integrated, California-based cannabis company. Datcher cited the importance of using the cannabis company to address the wrongs generated by prohibition and regressive laws related to the cannabis industry. He wants to leverage his new position to work with leaders like Desiree Perez and Jay-Z to build a new cannabis industry infrastructure that can address diversity, equity, and justice in communities.
Datcher emphasized that there is a remarkable opportunity to create a legal cannabis industry that reflects the culture of California and beyond. He recognized that he can play a key role in shaping the future of the emergent cannabis industry through his new role.
Perez praised Datcher’s business acumen, leadership skills, and strategic approach as critical skills that will be much needed as the company plans its growth. She praised the new leader’s understanding of the unique responsibility the company has to remake the cannabis industry and help cannabis entrepreneurs to develop successful businesses.
That mission-driven focus is what has made Desiree Perez a pioneer in the burgeoning cannabis industry. Earlier in 2021, Perez announced the creation of a unique venture fund that The Parent Company will use to identify, fund, support, and develop entrepreneurs of color in the cannabis industry.
The fund was started to build generational wealth among communities that have been unfairly impacted for decades by repressive drug laws. It’s also intended to diversify the cannabis industry.
The initiative includes not only financial support but also mentoring and advice to drive success among those starting out in the industry. The fund is overseen by Perez and an advisory board representing business leaders from multiple industries.
The Parent Company has committed $10 million in initial investments for the fund, plus 2 percent of all future net income the company generates. The company’s first investment from the social equity corporate venture fund is Josephine & Billie’s, a Los Angeles cannabis brand and retail company. The company expects to launch its first retail location in 2021.
The Parent Co. also hosts Jay-Z’s Monogram cannabis brand, which features small-batch, hand-finished products for sale in retail locations and delivery services. Monogram launched in October 2020.
In May 2021, news reports indicated that The Parent Co. had established a strategic investment of $50 million in Glass House Group. Under terms of the partnership, The Parent Company will sell a range of branded cannabis products in Glass House retail shops.
Desiree Perez has been a visionary leader for decades. The child of Cuban immigrants, she got her start as a part-time nightclub manager, which is where she met Jay-Z. The pair founded Roc Nation and Perez served for 12 years as chief operating officer before being named CEO in 2019.
Perez has grown Roc Nation into a massive multinational entertainment powerhouse. Roc Nation’s business sectors include representation of some of the world’s top musicians and athletes, recording labels, event and tour management, and promotion.
Recently, she has led new projects for the company, including the launch of the Roc Nation School of Music, Sports & Entertainment at Long Island University and a partnership with Modern Luxury Media to establish a new multimedia platform, EDITION, designed to amplify voices from diverse communities.