Celebrities in the game
Recent news has reported a $ 1.9 billion special-purpose deal between cannabis multi-state operator Parallel and acquisition company Ceres. This move will allow the private body to go public and there are some interesting people at the top.
First, we have the heir to the fortune of Wrigley Chewing Gum, CEO of Parallel and former CEO of Wrigley Gum, which was sold to Mars Corp. for $ 23 billion in 2008. was sold. William “Beau” Wrigley Jr. will be the man to steer the ship in this new adventure of cannabis entrepreneurship when the deal is closed this summer.
Entertainment mogul Scott “Scooter” Braun, who will be a special advisor to the company, is allied with Wrigley. His ability in marketing and branding comes after a long and successful career spanning some hitters in the entertainment industry. Braun invests as co-founder of Ceres Acquisition Corp. along with co-founder Joe Crouthers.
Joe Crouthers, CEO of Ceres, is a former portfolio investment manager. He believes now is the time for cannabis companies to be brave. With the opportunity offered by the Biden administration and decriminalization efforts across the country, Joe says, “You can see that not only companies, but governments are keeping some of these talks and promises.”
National cannabis business trends
The announcement of the parallel transition to a public entity brought some interesting dynamics into play as the company is now poised to get Ceres listed on Canada’s NEO exchange. Parallel isn’t the first cannabis deal to hit deals that will allow them to develop resources outside of the U.S., especially in recent times and particularly at MSO Verano Holdings and Weedmaps, which sold between $ 1 billion and $ 3 billion in moving to public facilities. Dollar lie.
American cannabis companies still face tough choices as they find ways to circumvent conflicting federal laws. Banking is still quite problematic for weed farms, whether it’s a cultivation, manufacturing, or dispensing facility. In addition, each state formulates its own regulations on how the marijuana industry is organized in their areas. This forces companies like Parallel to think outside the box.
Parallel moves forward and upward
With all said and done, the company will be designated as a private investment in public equity (PIPE) and will process over $ 225 million in public investments at exchange rates of $ 10 per share.
Beau Wrigley says in the press release: “We believe that Parallel is ideally positioned for the next phase of growth as we continue to expand our presence in strategic markets and invest in innovation, research and development and the customer experience. Today’s milestone announcement is evidence of the impressive growth from Parallel to this day, the strength of our business foundations, the strong balance sheet, and most importantly, our unwavering commitment to further develop and improve our cannabinoid product portfolio … “
Parallel is currently operating the cannabis industry in five states with strong foundations that they expect to see significant growth, including Florida, Pennsylvania, Massachusetts, Texas, and Nevada.
The company prides itself on its research partnerships with a wide range of high quality products and on the search for new products with therapeutic uses. Though CEO Wrigley had never used marijuana until about five years ago. Now he believes in the power of cannabis to improve “quality of life,” as Forbes magazine quotes.
In parallel, it will own 81% of the newly combined company and will have $ 430 billion in cash at closing. Wrigley plans to develop new businesses in many states, including Chicago, Illinois, where Wrigley chews gum. This closes the circle with the investment of his family assets. Stay tuned, we bring you more news on innovation in the cannabis business!
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