Operating as Gold Flora Corporation, the California company has a portfolio including cultivation, distribution, product brands, and a retail and delivery footprint.
Laurie Holcomb has been named chief executive officer of Gold Flora and Troy Datcher has been named chairman of the board. Gold Flora's Board of Directors will have seven directors. Holcomb, Michael W. Lau, Heather Molloy and Jeffery Sears were nominated by Gold Flora, while Datcher, Al Foreman and Mark Castaneda were nominated by The Parent Company.
"This is a monumental moment for our newly combined team and the California cannabis industry," Holcomb said. "We are thrilled to begin this next chapter and unify the best of both companies to establish a true market leader. Together, we are strongly positioned to leverage our highly complementary assets and expertise to develop a differentiated portfolio of products that deliver the premier experiences California consumers want."
Holcomb noted strategic integration planning is underway, and the company has identified opportunities for “maximizing combined synergies” and creating cost savings.
“With our cultivation, manufacturing, and distribution capabilities, brand building expertise, and expansive retail and delivery footprint, we are now further poised to drive enhanced value to our customers and shareholders,” Holcomb said. “I speak for the entire leadership team when I share how excited we are for the future and eagerly anticipate all we can achieve together."
The Parent Company, Stately Capital Corporation and Gold Flora Corporation combined through a court-approved plan under British Columbia’s Business Corporations Act. The company continued from British Columbia into Delaware, and it acquired all of the issued and outstanding membership units of Gold Flora, LLC by way of a merger.
The former holders of common shares of The Parent Company now own approximately 49%, and the former holders of membership units of Gold Flora now own approximately 51%, of the outstanding common equity of Gold Flora. Shares of the company will continue to trade on the NEO Exchange under the ticker symbol GRAM.
Trading of company shares is expected to resume on the NEO Exchange on July 10. Gold Flora’s shares will not trade on the OTCQX until an application is filed with and approved by OTC Markets.