LOS ANGELES – Iconic actor, best-selling author, Grammy Award-winning comedian, activist and America’s sweetheart of Cannabis Tommy Chong is legendary for his invaluable contribution to American counter-culture as part of the iconic comedy duo Cheech & Chong, and with a name synonymous with cannabis, has entered into an exclusive multi-year agreement with Five Point Holdings through its subsidiary Five Point Distribution and Chongson Inc. or California. This deal provides a powerful advantage in the valuable California market utilizing Tommy Chong’s legendary reputation within the cannabis culture.
“In order to build and maintain trust with our customers and fans we must be positioned to protect the brand and having control of the product throughout the supply chain allows us to do that.” explains Jeremy Abrams, COO of Five Point Holdings.
The company’s management team has successfully operated businesses in the regulated cannabis market including retail, manufacturing, cultivation and distribution. This combination galvanizes the company and the Tommy Chong Cannabis brand partnership.
“It’s important for me to feel comfortable when I’m putting my name on a product. I trust this team so our partnership is a natural fit” emphasizes Tommy Chong.
This partnership positions the company to be vertically integrated, selling through its own retail locations and distributing the branded flower to other licensed California dispensaries. This model creates the “moat” for the company as described by Warren Buffet.
“Combining Tommy’s brand with the company’s flagship Cheech and Chong Dispensary brand allows us to maximize resources. This enables the company to focus on scaling and opening new markets in both retail and wholesale” add the company’s CEO Jonathan Black. The company expects to have products in the market by the end of 2020.
About Five Point Holdings Inc.
Five Point Holdings Inc.and its entities, is an emerging cannabis company focused on distribution, products and brands operating across the U.S. The Company is actively developing infrastructure to support the proliferation of its assets initially through its acquisition of the exclusive rights in five states to the Cheech and Chong brand. The principals of the company have had multiple successful exits in the cannabis space.
