The Parent Company Strengthens California Retail Footprint
Acquires Operating Dispensary in Modesto Metro Area of California, Expanding State Coverage to 65%
SAN JOSE, Calif., Aug. 3, 2021 /PRNewswire/ – TPCO Holding Corp. (“The Parent Company” or the “Company”) (NEO: GRAM.U) (OTCQX: GRAMF), today announced that it has acquired an operating retail dispensary located in Ceres, California (the “Ceres Dispensary”) from the owners of Jayden’s Journey (“Jayden’s”). Terms of the transaction were not disclosed and remain subject to customary closing conditions, including regulatory approval. The Company plans to rebrand the location at a later date.
Known for its advocacy for the veteran community and its support of families with children with disabilities, Jayden’s has built a strong and loyal customer base in California’s Central Valley. Located at 4030 Farm Supply Dr, Ceres, CA 95307, the Ceres Dispensary features large, open retail space to provide consumers with a unique and compelling shopping experience. The Ceres Dispensary increases the Company’s distribution reach to a new 1.7 million people, improving the Company’s state wide coverage to approximately 65% of California’s population and now additionally servicing the area that extends from Antioch to Merced. Online orders for delivery through caliva.com, The Parent Company’s on-demand direct-to-consumer platform are immediately available from this location.
“This is a fantastic opportunity to expand our reach and increase availability of our exceptional product selection and retail experiences to a broader potential audience of consumers and patients in California’s Central Valley,” said Steve Allan, Chief Executive Officer of The Parent Company.
This new location allows us to quickly access this important region and to drive future growth through the introduction of our robust delivery network.
Steve Allan, Chief Executive Officer of The Parent Company
We look forward to building off the strong foundation that the team at Jayden’s Journey has created while continuing to honor their commitments to the community.
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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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.