If Black wealth is the aim, then Jay-Z is the blueprint. The visionary businessman is back at it once again, making Black power moves in the cannabis industry.
Jay-Z’s cannabis company, The Parent Company, has hired Troy Datcher as its new CEO, it was announced on Monday. The appointment is significant. Datcher will become the first Black CEO to lead a major, public cannabis organization in the U.S, according to Business Insider.
The move marks a significant step in redressing the racial inequality in the ever-expanding cannabis industry. Recent figures show that only 4.3% of cannabis business owners in the U.S were Black. White owners made up 81%, 5.7% were Hispanic, and 2.4% were Asian.
This is not Jay-Z’s first attempt at highlighting the lack of diversity in the industry and promoting greater Black participation. In January, he created a $10 million fund to invest in Black-owned Cannabis start-ups.
Hov explained his mission to the Wall Street Journal at the time. “We were the ones most negatively affected by the war on drugs, and America has turned around and created a business from it that’s worth billions. I wanted to do something in a real, concrete way, where I do my part.”
Datcher will commence his role in September. He joins after a 20-year tenure at The Clorox Company, most recently as senior vice president and chief customer officer. He also led the company’s worldwide sales organization.
Addressing the importance of his appointment, Datcher said that The Parent Company has a “unique opportunity to disrupt a sector that has disproportionately impacted communities of color – including my own – for far too long.”
“This is a chance to partner with cultural powerhouses like JAY-Z and Desiree Perez to rectify the wrongs of prohibition, eradicate antiquated laws and create a new cannabis infrastructure rooted in diversity, equity and justice for our communities,” Datcher said. “Together, we can shape a legal cannabis industry that is reflective of our entire culture in California and beyond.”
Yesterday it was a pioneering sportsbook play, today a “first-of-its-kind” Cannabis industry step. One thing’s for sure, Hov is going to continue to make those mogul moves!
