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TPCO Holding Corp. announced its acquisition of Calma West Hollywood, a licensed dispensary, for $11.5 million. The deal involves $8.5 million in cash and $3 million in equity. This acquisition expands TPCO's California retail presence to four locations, enhancing their reach in a high-traffic area with a population of approximately 18.7 million. Regulatory approvals are pending, and the initial closing is anticipated in Q3 2021. The founders of Calma will continue to operate the dispensary, ensuring brand continuity.
The Parent Company (NEO: GRAM.U) (OTCQX: GRAMF) has announced its second social equity investment in The Peakz Company, a cannabis brand founded by Jessie Grundy. This investment follows a previous one in Josephine & Billie's and aims to enhance Peakz's presence in the California cannabis market. The funding includes an initial $10 million and 2% of future net income, supporting entrepreneurs of color in the industry. Peakz, known for its unique strain names and premium products, is also collaborating with NFL legend Marshawn Lynch.
TPCO Holding Co (OTCQX: GRAMF) has selected Josephine & Billie’s, a cannabis brand founded by Black women in Los Angeles, as its first investment through its social equity corporate venture fund. This innovative retail concept aims to create a welcoming space for Women of Color and is expected to open its first location by year-end. The Parent Company has committed $10 million and 2% of future net income to support this initiative. This move underscores the company's goal of fostering a more equitable cannabis market.
The Parent Company (OTCQX: GRAMF) announces the formation of a new advisory committee for its $10 million social equity initiative, aimed at supporting minority entrepreneurs in the cannabis industry.
Members include notable figures like George Atallah and Marcia Dyson, providing mentorship and strategic guidance. The initiative allocates 2% of future net income to promote diversity and equity within the cannabis sector, addressing systemic barriers faced by Black and minority entrepreneurs. The company's approach underscores its commitment to fostering a more inclusive cannabis marketplace.
The Parent Company (NEO: GRAM.U, OTCQX: GRAMF) reported its Q1 2021 financial results, highlighting net sales of $39.9 million, with an adjusted estimate of $45.6 million if accounting for a full operating quarter. The gross profit stood at $7.2 million, yielding a gross margin of 18%. However, the company faced an Adjusted EBITDA loss of $11.4 million amid substantial operating expenses. Cash reserves were reported at $281 million. The company withdrew its previous guidance due to uncertainty in the cannabis market.
TPCO Holding Corp. (NEO: GRAM.U; OTCQX: GRAMF) announced a $50 million strategic investment in GH Group, Inc. as part of a merger with Mercer Park Brand, expected to close by Q3 2021. This investment will secure access to over 900,000 pounds of low-cost California-grown cannabis and enhance distribution for The Parent Company's brands. Additionally, TPCO has signed a $17 million agreement to acquire four acres of outdoor cannabis cultivation in Sonoma County, enhancing its supply chain and operational capacities.
TPCO Holding Corp. (OTCQX: GRAMF) appointed Desiree Perez to its Board effective May 13, 2021. Perez is the CEO of Roc Nation and brings over 20 years of experience in business and social advocacy. Her appointment is seen as pivotal for the company's growth, particularly in promoting social equity in the cannabis industry. The Parent Company aims to leverage her expertise to enhance its influence and initiatives aimed at empowering Black and Brown entrepreneurs in the industry.
TPCO Holding Corp (OTCQX: GRAMF, OTC PINK: GRMWF) announced CEO Steve Allan's participation in two virtual cannabis conferences. The first is the Eight Capital "Seed to Scale" conference on May 4, 2021, at 1:50 p.m. ET, followed by the Canaccord Genuity Cannabis conference on May 11, 2021, at 10:30 a.m. ET. The Parent Company is recognized as California's leading vertically integrated cannabis firm, backed by Shawn "JAY-Z" Carter and ROC NATION. The firm combines top-tier operations with cultural influence for a forward-looking approach to cannabis.
On April 30, 2021, TPCO Holding Corp. (OTCQX: GRAMF; OTC PINK: GRMWF) announced a partnership with Omura to launch Caliva Flowersticks, a new offering in the 'heat-not-burn' category. This product line includes 100% whole flower cannabis pre-filled paper cartridges with three popular Caliva strains: Alien OG, Sour Diesel Lemon Kush, and Watermelon Sorbet. Available at Caliva stores and online, these Flowersticks utilize Omura's technology, providing consumers a convenient, combustion-free method to enjoy cannabis while preserving its natural compounds.
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