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SAN JOSE, Calif., Feb. 7, 2022 /PRNewswire/ - TPCO Holding Corp. ("The Parent Company" or the "Company") (NEO: GRAM.U) (OTCQX: GRAMF), a leading vertically-integrated California cannabis company, announced today that Dennis O'Malley, the Company's Chief Operating Officer has elected to step down in the spring of 2022. To ensure a smooth transition, Mr. O'Malley will remain with the Company until March 15th, at which time Troy Datcher, Chief Executive Officer of the Company is expected to assume his duties and responsibilities.
Mr. O'Malley has served as Chief Operating Officer since January 2021, when the Company completed its qualifying transaction to create one of the largest vertically integrated cannabis operators in California. Prior to that, he served as CEO of Caliva since January 2017.
"Today our business is well positioned with both high-quality cannabis products and reach to become the preferred choice for California cannabis consumers. Our recent announcement of the extension of our voluntary lock-up agreement from 100% of Board Directors and key members of our leadership team reinforces confidence in our long-term plans to deliver shareholder value," said Troy Datcher, Chief Executive Officer of The Parent Company. "On behalf of myself, our Board, and the entire senior management team, I would like to sincerely thank Dennis for the dedication and passion he has displayed during his time here. We wish Dennis the best in his future endeavors."
Dennis O'Malley, Chief Operating Officer of The Parent Company, added, "It's been a privilege over the last five years to work with such outstanding people. I know the Company is in good hands for the future."
About The Parent Company
Formed in January 2021, The Parent Company is a leading vertically integrated California cannabis company. The Company's three manufacturing facilities provide access to high-quality cannabis, while its vast wholesale distribution network of more than 450 California dispensaries, a direct-to-consumer omnichannel platform, six consumer delivery hubs and eleven omni-channel retail locations, currently service approximately 80% of the largest legal cannabis market in the country. The Company's curated product portfolio includes eight valuable and scalable brands, including Monogram, Caliva, Deli, Fun Uncle, and Mirayo, which set the tone for The Parent Company's industry leadership in California and beyond.
In addition to its manufacturing infrastructure, consumer reach and cultural influence, The Parent Company is committed to using its resources and status to play a significant role in molding a more equitable cannabis industry. Its social equity ventures initiative, established by Chief Visionary Officer Shawn "JAY-Z" Carter, was created to break down the systematic barriers Black and other minority entrepreneurs face as they endeavor to secure meaningful participation, growth and leadership in the multibillion-dollar legal cannabis industry.
The Parent Company's common shares are traded on NEO Exchange under the ticker symbol "GRAM.U" and on the OTCQX under the ticker symbol "GRAMF".
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.
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SOURCE The Parent Company