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that's the grandma 

"Hey bro, look at my new shoes!"
"THAT'S THE GRANDMA"

That's the grandma 

That's the grandma, means "it is what it is" or "that's awesome!"

Can be used when somebody announces something in any context and you don't know what to respond say " That's the grandma."
"Have you been to Warp Tour?"
"Yeah man! That's the grandma!"