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Why did TPCO write down $654M?
The Parent Company, also known as TPCO Holding, is the latest player humbled by California's unforgiving market.
TPCO began 2021 as arguably the brightest star in California's firmament. It had: 1) A headline grabbing (and expensive) partnership with Jay-Z and his Roc Nation entertainment juggernaut, 2) Executed a triple merger with Caliva and Left Coast Ventures and 3) raised the largest cannabis SPAC to date. The new entity had roughly $575M on its balance sheet.
"We're going to dominate," Michael Auerbach, a former D . . .
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