Staff
TPCO Holding Corp. also known as The Parent Company (NEO: GRAM.U) (OTCQX: GRAMF) is buying California-based Coastal Holding Company in a deal with a valuation of $56 million that is expected to close in 2022. The acquisition will bring The Parent Company’s current California retail store and delivery depot footprints to eleven and six, respectively. The Parent Co. said this would make it the second-largest operating retail dispensary and delivery hub in the State with an expanded reach to over 80% of California’s population.
The deal consists of $16.2 million in cash with a contingent consideration of up to $40 million in equity of The Parent Company upon completion of milestone events and a $9 million option to acquire the remaining equity of a southern California dispensary that Coastal currently holds a minority interest in.
“I am thrilled to add Coastal to our expanding retail network,” said Troy Datcher, Chief Executive Officer of The Parent Company. “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.”
Mr. Datcher added, “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.”
No.03 OG Handroll
The Parent Company’s product portfolio includes Monogram by Shawn “JAY-Z” Carter, Caliva, Deli, Fun Uncle, and Mirayo. Monogram just released its No.03 strain in the Heavy OG Handroll product type. The company said that the OG Handroll “takes inspiration from the smoke experience of a premium cigar, but implements a proprietary roll technique allowing the flower to burn slowly and evenly for multiple sessions. Highly trained artisan rollers break the flower down by hand, and roll using a time-honored process that was specially architected by MONOGRAM’s Culture & Cultivation Ambassador, DeAndre Watson.”
