The Parent Company makes its 2nd social equity investment in Oakland-based Peakz
Updated: Jun 23, 2021
Company invests in Black-founded and led business, further cementing its commitment to create a more equitable and inclusive cannabis marketplace
TPCO Holding Co. ("The Parent Company" or the "Company") (NEO: GRAM.U) (OTCQX: GRAMF), California's leading vertically integrated cannabis company, is pleased to announce that it has selected The Peakz Company ("Peakz"), an Oakland-based cannabis brand founded by Jessie Grundy, as the Company's second social equity corporate venture fund investment. Following their initial investment in Josephine & Billie's, this announcement signifies the continuation of The Parent Company's commitment to help mold a more equitable cannabis marketplace. The investment will allow Peakz to leverage The Parent Company's expansive DTC capabilities and retail locations, enhancing its footprint in the California cannabis community.
"The Parent Company's partnership will provide us with the tools to grow Peakz as a business and reach its full potential as a brand, both of which are exciting prospects in achieving my vision for the company," said Peakz founder Jessie Grundy. "With their investment, we will be able to fulfill more orders, conceptualize and execute creative, out-of-the-box collaborations and hire from our community – giving us the ability to truly compete with big players while still representing social equity in the cannabis space."
Peakz was founded in 2018 after Grundy won a distribution license under Oakland's Social Equity Program. The company has continued as a one-person operation led by the young, savvy founder, whose strong brand vision and entrepreneurial instincts made Peakz a natural fit for partnership with The Parent Company. Over the past few years, Peakz has been successfully building its profile in the California market with its loud strain names and designs, intuitive understanding of authentic cannabis culture, premium indoor genetics from well-respected cultivators, limited product runs, and availability in taste-making retailers, such as Cookies, Connected, Dr. Greenthumb, and SPARC. Currently, Peakz is working on a collaboration with NFL legend Marshawn Lynch via his cannabis brand Dodi Blunts, to be announced in the coming weeks. "In a short period of time, Peakz has displayed significant promise and a unique ability to disrupt the cannabis industry," said The Parent Company Chief Social Equity Officer and Board Member Desiree Perez. "We wholeheartedly believe in Jessie's vision and this investment also reaffirms The Parent Company's commitment to empowering Black businesses. We look forward to helping Peakz scale its business further, deliver innovative product offerings to increasingly larger audiences and invigorate Oakland's economy for years to come."
With initial funding of $10 million, plus 2% of all future net income, The Parent Company's social equity corporate venture fund seeks to discover and develop the industry's future entrepreneurs of color, offering them the capital and mentorship necessary to build generational wealth as part of a more equitable and diverse cannabis industry. The Parent Company manages the fund in partnership with an advisory committee led by Perez and The Parent Company Chief Visionary Officer Shawn "JAY-Z" Carter, leveraging the company's operational expertise and thought leadership to support the next wave of cannabis entrepreneurs before, during and after the funding process.
Select Peakz strains, priced at $52/eighth of flower, are available starting today on www.caliva.com and at all Caliva and DELI by Caliva retail locations.
About The Parent Company: The Parent Company (TPCO Holding Corp.) (NEO: GRAM.U) (OTCQX: GRAMF) 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 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 brands we build together will pave a new path forward for a legacy rooted in equity, access, and justice.
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About The Peakz Company: Founded in 2018 after winning a distribution license via Oakland's Social Equity Program, The Peakz Company is the people's brand, aimed at bringing culture to the legal cannabis industry. Led by founder and CEO Jessie Grundy, the Oakland-based company's products feature top-shelf luxury flower while providing an authentic connection to cannabis culture. Peakz is known for its curated stains, distinctive in-house designs and high-level partnerships and creative collaborations with premium retailers, cultivators and other brands in the space. Peakz can currently be found in over 50 stores throughout California, with additional retail partners added daily.
To keep up with all things Peakz, follow us on Instagram @ThePeakzCompany.
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 commitment to future social equity initiatives. 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. SOURCE The Parent Company