The Parent Company, the company behind Jay Z’s cannabis business, has announced its second social equity investment.
Cannabis brand Peakz, founded by Jessie Grundy in 2018, is the receiver of the honor.
Grundy had created Peakz after winning a distribution license under Oakland’s Social Equity Program. He has since built a high profile in the California marketplace.
The company’s products have become now available on The Parent Company’s direct-to-consumer platforms and retail locations.
Steve Allan, CEO of TPCO, told Benzinga, “As founder and CEO of Peakz, Jessie Grundy continues to keep his finger on the pulse regarding market trends in cannabis. His dedication to growing the Peakz brand made this a natural fit for The Parent Company’s second social equity venture fund investment.”
“We look forward to our ongoing partnership and seeing the continued success of Peakz in the burgeoning legal cannabis industry as we continue to work to break down the systematic barriers Black and other minority entrepreneurs face in the legal cannabis industry,” he added.
Grundy continued, “I’m thrilled to have the opportunity to partner with The Parent Company and utilize their wide network to continue to grow my business. There is a huge need for funding and support within the cannabis industry and without it, entrepreneurs will continue to struggle to break into the legal marketplace.”