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Newly Created Role will Focus on Expanding Omni-Channel Retail Revenue and Implementing Operational Cost-Saving Initiatives
SAN JOSE, Calif., June 6, 2022 /CNW/ - TPCO Holding Corp. ("The Parent Company" or the "Company") (NEO: GRAM.U) (OTCQX: GRAMF), a leading consumer-focused California cannabis company, today announced the appointment of Roz Lipsey as Executive Vice President of Operations & Wholesale effective June 6, 2022. In this newly created role, Ms. Lipsey will focus on implementing operational efficiencies and cost-saving initiatives across the Company as well as the continued growth of the Company's omni-channel retail platformZ
Ms. Lipsey brings over 25 years of experience in evaluating and scaling businesses and products for success. Prior to joining The Parent Company, Ms. Lipsey served as Chief Operating Officer of MedMen, where she led the strategic initiative to evolve their California distribution platform to a more cost-effective drop ship model. Prior to being appointed Chief Operating Officer, Ms. Lipsey held the positions of Senior Vice President of Business Operations as well as Vice President of Wholesale at MedMen.
"I am delighted to welcome Roz to our leadership team," said Troy Datcher, Chief Executive Officer and Chairman of The Parent Company. "I look forward to working with her and leveraging her deep operational expertise and industry insight as we execute towards our goal to deliver cost-savings and profitability improvements across our business. The strong leadership team we have built will be instrumental as we continue to implement our strategy focused on high-quality revenue, which combined with our consumer-first approach and robust footprint, strongly positions us to become the number one consumer choice in California."
Prior to entering the cannabis industry almost a decade ago, Ms. Lipsey held numerous leadership positions in a diverse range of industries, including real-estate development and manufacturing. Over the course of her career, she has accomplished many strategic goals including successfully transitioning operations by reworking product line designs, diversifying market channels or signing key manufacturing partnerships which lowered overall operational expenses and increased margin. Ms. Lipsey began her private sector career in the agricultural industry, as Director of Business Development for a vertically integrated cotton company located in California and Arizona. Ms. Lipsey received a Bachelor of Economics degree from Allegheny College and a Masters in Business Administration from Kent State University.
About The Parent Company
The Parent Company is a leading consumer-focused, vertically integrated cannabis company with eleven retail locations, six delivery hubs and a curated product portfolio including Monogram by Shawn "JAY-Z" Carter, Caliva, Mirayo by Santana, Fun Uncle and Deli.
The Parent Company is committed to leveraging its status to help build a more equitable cannabis industry. Its social equity venture fund aims to eliminate systematic barriers to entry and provide minority entrepreneurs with meaningful participation, growth, and leadership opportunities in the multibillion-dollar legal cannabis industry.
Shares of The Parent Company common stock are traded on NEO Exchange under the ticker symbol "GRAM.U" and on the OTCQX under the ticker symbol "GRAMF."
Forward Looking Statements
This press release contains forward-looking information within the meaning of applicable securities legislation which reflects The Parent Company's current expectations regarding future events. The words "will", "expects", "intends", "believes" and similar expressions are often intended to identify forward looking information, although not all forward-looking information contains these identifying words.
Specific forward-looking information contained in this press release includes, but is not limited to, statements concerning the appointment of Rozlyn Lipsey and progress toward The Parent Company's cost-savings and profitability goals. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond The Parent Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward looking information. Such risks and uncertainties include, but are not limited to: changes in general economic, business and political conditions, changes in applicable laws, the U.S. and Canadian regulatory landscapes and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, reliance on the expertise and judgment of senior management, as well as the factors discussed under the heading "Risk Factors" in The Parent Company's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 31, 2022 and in the Company's periodic reports subsequently filed with the SEC and in the Company's filings on SEDAR at www.sedar.com. The Parent Company undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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.
SOURCE TPCO Holding Corp.
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