News surfaced noting Jay-Z is appointing the first Black CEO to lead The Parent Company, a cannabis company.

Jay-Z serves as the Chief Visionary Officer, and spoke on the move to put Troy Datcher in place as CEO. Hov said โ€œThis is an incredible time for this industry. The end of cannabis prohibition is here, and The Parent Company will lead the charge to a more expansive and inclusive cannabis industry. We are paving a path forward for a legacy rooted in dignity, justice, care, and consistency. The brands we build will redefine growth, social impact, and social equity. This is our time. I’m proud and excited to lead the vision of The Parent Company.โ€

Troy Datcher spoke on the move, and it was noted that his role will be in effect on September 8. Datcher said โ€œIโ€™m truly honored to be at the forefront of shaping the future of the cannabis industry with The Parent Company.โ€ Datcher concluded by saying โ€œThis is a chance to partner with cultural powerhouses like JAY-Z to rectify the wrongs of prohibition, eradicate antiquated laws and create a new cannabis infrastructure rooted in diversity, equity, and justice for our communities.โ€ Datcher being CEO marks the first time a Black CEO will lead a public U.S. Cannabis company.