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The Parent Company (NEO: GRAM.U, OTCQX: GRAMF) announced its acquisition of Coastal Holding Company for $16.2 million in cash, with contingent consideration of up to $40 million in equity. This acquisition is expected to close in 2022, subject to regulatory approvals. Once completed, it will expand The Parent Company’s retail presence to eleven stores and six delivery depots, reaching over 80% of California's population. Additionally, the acquisition includes an option to acquire more equity in a Southern California dispensary for $9 million.
The Parent Company (NEO: GRAM.U; OTCQX: GRAMF) has launched a new wellness product line, Well by Caliva, during National Wellness Month. This line includes CBD and THC lotions and tinctures in three categories: Well Balanced, Well Rested, and Well Relieved. The new offerings respond to consumer demands for relaxation and pain management, with topicals and sublinguals seeing a revenue increase of 10% and 12% this year. Prices for the tinctures and lotions are set at $29 and $29.50, respectively, with each product designed to promote whole-body wellness.
TPCO Holding Corp. announces the appointment of Troy Datcher as its new Chief Executive Officer, effective September 8. Datcher, previously with Clorox, brings over 25 years of executive leadership experience. His appointment marks a significant milestone as he will be the first Black CEO leading a major public U.S. cannabis company. Datcher aims to drive growth and promote diversity within the cannabis industry alongside cultural figures like JAY-Z. Current CEO Steve Allan will assist during the transition, ensuring continuity.
The Parent Company has opened its fifth retail store, the DELI by Caliva, in Hanford, enhancing its reach in the Greater Fresno area. The new store complements an existing delivery hub, expanding the company's consumer reach to 65% of California's legal cannabis market. The location offers personalized customer service and a variety of cannabis products. To celebrate, customers can enjoy a 30% discount on their first order and access weekly specials. An official ribbon-cutting ceremony was held on August 13, 2021.
TPCO Holding Corp. (NEO: GRAM.U, OTCQX: GRAMF) filed a Form 10 registration statement with the SEC to register common shares and warrants, aiming to list on a major U.S. exchange. Chairman Michael Auerbach emphasized the importance of federal cannabis legalization for industry growth and employment. The filing is expected to enhance liquidity for shareholders and enable trading under Rule 144 after one year. Investors are reminded of the significant legal risks related to U.S. cannabis operations, including ongoing federal restrictions.
TPCO Holding Corp. has acquired an operating retail dispensary in Ceres, California, expanding its coverage to approximately 65% of the state's population. The dispensary, known for its support of veterans and families with disabilities, enhances TPCO's distribution reach to an additional 1.7 million people. The acquisition is subject to standard closing conditions and regulatory approval. CEO Steve Allan emphasized the opportunity to broaden access to their products and improve delivery services.
TPCO Holding Corp. (NEO: GRAM.U, OTCQX: GRAMF) announced that insiders have voluntarily entered lock-up agreements for over 35 million shares, representing approximately 36% of issued common shares, extending until January 28, 2022. This decision aims to bolster confidence among shareholders. Additionally, the company has initiated Buyback Agreements to purchase shares from select employees to cover tax liabilities, amounting to 1.725 million shares. These actions support the company's strategic positioning in the cannabis market.
TPCO Holding Corp. has launched an upgraded Caliva Delivery App, allowing California consumers to place cannabis orders for pickup or delivery. The app integrates shopping capabilities and features a loyalty program, Caliva CLUB, for earning rewards. With 30% off the first in-app purchase as an introductory offer, users can also access expert wellness consultants via online chat. This launch coincides with Apple's decision to permit cannabis purchases in-app, marking a significant milestone for the legal cannabis industry in California.
The Parent Company has launched a new delivery hub in Chula Vista, California, expanding its service to over 60% of the state's population. This hub will cater to 3.3 million residents in the greater San Diego area, following a demand increase of over 20% year-over-year for its Caliva brand. The San Diego region has spent over $200 million on cannabis in the past year. The new hub will create 20-30 new jobs and provide on-demand delivery options, enhancing customer experience.
TPCO Holding Corp. (OTCQX: GRAMF) has expanded its vape product line with the launch of Fun Uncle Cruisers featuring Live Resin cartridges priced at $36. Introduced for Oil Day on July 10, 2021, the new product includes four strains, enhancing the brand's value offerings. Fun Uncle vapes, launched in March 2021, gained significant market traction, ranking #9 in unit volume. The Parent Company aims to solidify its position in the cannabis market by providing affordable, high-quality products, leveraging in-house extraction from over 500 California growers.
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