The Parent Company Appoints Seven Seasoned Experts To Social Equity Fund Advisory Committee
The Parent Company (NEO: GRAM.U) (OTCQX:GRAMF) has appointed George Atallah, Marcia Dyson, Jeff Gray, Faith Leach, Carmen Perez, Mary Pryor and Angela Rye to serve on the advisory committee of its corporate venture capital social equity initiative.
The newly formed equity fund seeks to discover the industry’s future entrepreneurs of color, offering them the capital and mentorship necessary to build generational wealth as part of a more equitable and diverse cannabis industry.
“We established this fund to help break down the systematic barriers that Black and other minority entrepreneurs face as they seek to secure meaningful participation, growth, and leadership in this multi-billion-dollar industry,” said Desiree Perez, board member and chief social equity officer of The Parent Company.
Tilray Inc. has paid off the debt it owed to Bridging Finance Inc., the Toronto-based private lender thatâs facing allegations of self-dealing and misappropriation of funds.
Bridging Finance s activities have been in the spotlight this month after Ontario Securities Commission (OSC) staff detailed allegations relating to conflicts of interest, misappropriated funds, and inadequate disclosure. That led the regulator to request the Ontario Superior Court to appoint PricewaterhouseCoopers Inc. to manage Bridging Financeâs affairs. None of the claims have been proven in court or before the OSC.
Tilray first took out a loan facility for its Canadian subsidiary with Bridging Finance in Feb. 2020 that would allow the cannabis producer to borrow up to $79.8 million. The loan came with an annual interest rate of prime plus 8.05 per cent and was set to mature next February.
Tilray Inc. has paid off the debt it owed to Bridging Finance Inc., the Toronto-based private lender thatâs facing allegations of self-dealing and misappropriation of funds.
Bridging Finance s activities have been in the spotlight this month after Ontario Securities Commission (OSC) staff detailed allegations relating to conflicts of interest, misappropriated funds, and inadequate disclosure. That led the regulator to request the Ontario Superior Court to appoint PricewaterhouseCoopers Inc. to manage Bridging Financeâs affairs. None of the claims have been proven in court or before the OSC.
Tilray first took out a loan facility for its Canadian subsidiary with Bridging Finance in Feb. 2020 that would allow the cannabis producer to borrow up to $79.8 million. The loan came with an annual interest rate of prime plus 8.05 per cent and was set to mature next February.
When MJardin Group Inc. needed new capital to help fund its North American cannabis ambitions, it frequently turned to a familiar financier: Bridging Finance Inc.
The Toronto-based private lender s relationship with the beleaguered cannabis producer plays a major role in the scandal that rocked Bay Street over the past week amid allegations against Bridging Finance of ânumerousâ legal and regulatory infractions relating to conflicts of interest, misappropriated funds and inadequate disclosure. None of the claims have been proven in court or before the Ontario Securities Commission; however, the severity of the OSC staffâs investigation thatâs underway led to PricewaterhouseCoopers Inc. being appointed to manage Bridging Financeâs affairs and the suspension of Chief Executive Officer David Sharpe as the lenderâs ultimate designated person late on April 30.
2021 Outlook
Management remains focused on the Company’s core competencies to bring high THC, as well as unique cultivars, to the Canadian market. As retail sales are ramped up, the Company plans to transition from a wholesale model to retail-only sales.
“WILL” – Cultivation Facility in Brampton, Ontario: During Q4 2020, the WILL Facility made its first sale through retail channels, selling approximately 266 kg in total, generating total revenue of $0.8 million. Total sales for 2020 were approximately 474 kg generating total revenue of $1.6 million (2019 – 413 kg, $2.0 million). Sales are expected to increase as the Company sells through additional retail channels. On March 29, 2021, the Company made its first shipment of recreational cannabis to the province of Alberta.