The Parent Company is a leading California-based vertically integrated cannabis company, combining best-in-class operations with leading voices in popular culture and social impact. The Peakz Company is an Oakland-based cannabis brand founded by Jessie Grundy in 2018 after winning a distribution license under Oakland's Social Equity Program.
Following its initial investment in Josephine & Billie's, The Parent Company said its latest investment signified the continuation of its commitment to help mold a more equitable cannabis marketplace. The investment will allow Peakz to leverage its expansive DTC capabilities and retail locations, enhancing its footprint in the California cannabis community.
READ: The Parent Company's social equity fund invests in Josephine & Billie’s, a cannabis retailer bringing back the 'tea pad' with a focus on women of color
"The Parent Company's partnership will provide us with the tools to grow Peakz as a business and reach its full potential as a brand, both of which are exciting prospects in achieving my vision for the company," Peakz founder Grundy said in a statement. "With their investment, we will be able to fulfill more orders, conceptualize and execute creative, out-of-the-box collaborations and hire from our community – giving us the ability to truly compete with big players while still representing social equity in the cannabis space."
The Parent Company said Grundy’s strong brand vision and entrepreneurial instincts made Peakz a natural fit for partnership. It noted that over the past few years, Peakz has been successfully building its profile in the California market with its loud strain names and designs, intuitive understanding of authentic cannabis culture, premium indoor genetics from well-respected cultivators, limited product runs, and availability in taste-making retailers, such as Cookies, Connected, Dr Greenthumb, and SPARC.
Currently, Peakz is working on a collaboration with NFL legend Marshawn Lynch via his cannabis brand Dodi Blunts, to be announced in the coming weeks.
"In a short period of time, Peakz has displayed significant promise and a unique ability to disrupt the cannabis industry," The Parent Company chief social equity officer and board member Desiree Perez said. "We wholeheartedly believe in Jessie's vision and this investment also reaffirms The Parent Company's commitment to empowering Black businesses. We look forward to helping Peakz scale its business further, deliver innovative product offerings to increasingly larger audiences and invigorate Oakland's economy for years to come."
With initial funding of $10 million, plus 2% of all future net income, The Parent Company’s social equity fund’s goal is to discover the industry’s future entrepreneurs of color and provide them the capital and mentorship necessary to build generational wealth as part of a more equitable and diverse cannabis industry, the company said.
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