Californian pot producer TPCO Holding Corp (GRAMu.NLB), better known as Parent Company, beat estimates for quarterly revenue on Monday as demand surged for weed-infused products during the pandemic.
Shawn "Jay-Z" Carter, a founding partner of Reform Alliance, a newly formed organization to reform the U.S. criminal justice system, appears during the Reform Alliance launch event in New York City, New York., U.S., January 23, 2019. REUTERS/Mike Segar, better known as Parent Company, beat estimates for quarterly revenue on Monday as demand surged for weed-infused products during the pandemic.
The cannabis industry has seen a boom in sales during the pandemic as people turned to marijuana for relaxation and entertainment, while hopes of U.S. federal legalization of weed have also benefited the sector. It also announced the purchase of a consumer delivery hub in Sacramento on Monday for an undisclosed sum, a move that is expected to help extend its reach to about 70% of California's population.
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