The Parent Company (TPCO Holding Corp.), backed by Jay-Z, is known as one of California’s leading cannabis companies. The Parent Company recently acquired 100% of the equity of Coastal Holding Company, LLC (“Coastal”), a California retail dispensary and delivery operator. The deal closed for $16.2 million in cash.
The Parent Company x Coastal
Coastal has six retail licensed locations with five operating locations. The operating dispensaries are in Santa Barbara, Pasadena, West Los Angeles, Stockton, and Vallejo. Coastal serves more than 1,000 customers per day.
Executives at The Parent Company are Hyped
“I am thrilled to add Coastal to our expanding retail network. With strategically positioned locations in high-traffic, densely populated regions, Coastal enables us to significantly increase our reach to a broader potential audience of consumers with both in-person retail and delivery options. In just over 4 months, we have more than tripled our operating retail stores in California.”
Troy Datcher, Chief Executive Officer of The Parent Company
Photo by Jan Zwarthoed on Unsplash
This isn’t The Parent Company’s Only Recent Acquisition
In addition to the Coastal transaction, The Parent Company closed on their acquisition of Calma dispensary, located in West Hollywood, on October 1, 2021. Due to these acquisitions, The Parent Company is now the second largest operating retail dispensary and delivery hub in California. The company is now able to reach more than 80% of the state’s population.
“As we continue to extend our reach in California, our focus remains on providing our customers with the exceptional product selection and retail experiences they have come to expect from us. I look forward to welcoming and working with the Coastal team and introducing their customers to our convenient in-store, delivery, and mobile app shopping options and full suite of high-quality brands.”
Troy Datcher, Chief Executive Officer of The Parent Company.
Photo by GreenForce Staffing on Unsplash
The Parent Company has Distribution and Retail All Over California
The Parent Company has three cannabis manufacturing facilities that work with a wholesale distribution network of more than 450 California dispensaries. In addition, the Parent Company has six consumer delivery hubs and eleven omni-channel retail locations.
To learn more about the exact terms of the agreement, visit The Parent Company’s website.
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