TPCO Holdings (NEO: GRAM), whom is more commonly known as The Parent Company, this morning issued a brief release indicating it has expanded its retail footprint within California. The expansion comes via the acquisition of Jayden’s Journey.
Jayden’s Journey is an operating retail dispensary, located within Ceres, California. The brand itself is known for supporting both the veteran community as well as families with children with disabilities. The firm currently intends to rebrand the company at a later date.
Financial terms of the transaction were not disclosed, with the acquisition reportedly still subject to regulator approval. The expansion reportedly expands the firms statewide coverage to 65%, with the immediate region housing 1.7 million people which were not previously exposed to TPCO brands.
“This new location allows us to quickly access this important region and to drive future growth through the introduction of our robust delivery network.”
Steve Allen, CEO of The Parent Company
The announcement follows the board and management recently entering a voluntary lock-up arrangement. That arrangement sees the insiders vow to not sell or pledge shares through to the end of January, 2022.
TPCO Holdings last traded at US$3.95 on the Neo.
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