Rapper and entrepreneur Shawn ‘Jay-Z’ Carter’s vertically integrated cannabis firm The Parent Company (TPC) has appointed Troy Datcher as CEO.

In a move TPC described as ‘historic’, Datcher’s appointment, effective from September 8, represents the first time a Black CEO will lead a major public US cannabis organisation.

Incoming CEO Troy Datcher

Datcher joins after a 20-year stint at global consumer goods firm The Clorox Company, where he most recently served as senior vice president and chief customer officer responsible for worldwide sales.

He said: “This is a tremendously strong company that is poised for continued growth and we have a unique opportunity to disrupt a sector that has disproportionately impacted communities of colour – including my own – for far too long.”

“This is a chance to… rectify the wrongs of prohibition, eradicate antiquated laws and create a new cannabis infrastructure rooted in diversity, equity and justice for our communities.

“Together, we can shape a legal cannabis industry that is reflective of our entire culture in California and beyond.”

Current CEO Steve Allan will continue with TPC and assist with the leadership transition. The Parent Company trades on the NEO Exchange and the OTCQX.