Al Harrington Archives - Green Market Report

William SumnerWilliam SumnerOctober 7, 2019
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4min2160

It’s time for your Daily Hit of cannabis financial news for October 7, 2019.

On the Site

NBA Veteran Al Harrington’s Viola Closes on $16m Financing Round

NBA veteran Al Harrington’s Viola closed on a $16 million funding round led by Gotham Green Partners. This is the first institutional investment in the company. The company said that this latest round of funding will assist with the acquisition of a 34,500 sq. ft cultivation, processing and distribution facility in Adelanto, California as well as the completion of Viola’s 48,000 sq. ft facility in Detroit, Michigan. The funds will also enable Viola to continue to advance the growth of the company’s personnel with key new hires that will continue to establish Viola as a leader in the cannabis marketplace.

Surterra Wellness

Surterra Wellness today announced that it has changed its corporate name to Parallel effective today. In June, Private cannabis company Surterra Wellness closed on the initial $100 million Series D funding round and expanded its Board of Directors.  The company noted back then that the participants in the round included existing and new investors including former Patrón Spirits Company CEO, Ed Brown.

The Power That Data Has On Brand

Knowledge is power and the more data you have the better choices you can make for your brands. Akerna has been gathering data through its MJ Platform and will demonstrate how this data can be used for success with your brand. This panel was taped at the green Market Summit on September 11 in Los Angeles.

In Other News

TerrAscend

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced that Health Canada has approved the company’s plan to expand its facility in Mississauga, Ontario from from 17,800 sq. ft. to 51,800 sq. ft. The expansion will include additional cultivation capacity, a commercial kitchen, formulation rooms and increased primary and secondary packaging capacity. “Achieving this approval milestone is a crucial step in our plan to cultivate premium grade cannabis at scale for distribution to the EU and other international markets,” said Michael Nashat, CEO of TerrAscend.

Emerald Health Therapeutics

Emerald Health Therapeutics (TSXV: EMH) (OTCQX: EMHTF) announced that its subsidiary, Verdélite, has a received a license amendment from Health Canada for the complete growing and processing area in its 88,000 square foot indoor facility. This will allow the company to increase its production space from 4 to 21 highly-controlled-environment grow rooms and to a total of 16 processing rooms. “This new license amendment allows Verdélite to transition into its full commercial phase and positions Verdélite as a key growth contributor to Emerald’s financial results in 2020,” said Riaz Bandali, CEO of Emerald Health.


Debra BorchardtDebra BorchardtOctober 7, 2019
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5min4600

NBA veteran Al Harrington’s Viola closed on a $16 million funding round led by Gotham Green Partners. This is the first institutional investment in the company.

The company said that this latest round of funding will assist with the acquisition of a 34,500 sq. ft cultivation, processing and distribution facility in Adelanto, California as well as the completion of Viola’s 48,000 sq. ft facility in Detroit, Michigan. The funds will also enable Viola to continue to advance the growth of the company’s personnel with key new hires that will continue to establish Viola as a leader in the cannabis marketplace.

“Over the last five years, Viola has been dedicated to creating and producing quality herbal experiences for our customers,” said Al Harrington, CEO of Viola. “With the financial support and investment of Gotham Green Partners, our ability to dedicate more physical space to growing and cultivating our flowers and team will make the possibilities endless.”

Viola was founded in 2011 by NBA veteran Al Harrington.  The brand is named after and inspired by Al’s grandmother, who suffers from glaucoma and diabetes and finds solace in cannabis remedies.

Viola makes a range of cannabis that range from  cultivating premium flower to processing butane extracts. Viola  is currently available in Colorado, Oregon, Michigan and California.

“We are thrilled to be aligned with Viola as the company expands its lifestyle brand into new markets,” said Jason Adler, Managing Member of Gotham Green Partners. “As the firm’s visionary, Al has successfully launched the concept and subsequently surrounded himself with a top-notch management team. Further, Al’s background and the company’s mission resonate with a broad and engaged consumer base, and we are excited to see Viola products on more retail shelves across the country.”

Gotham Green Partners has been deploying capital in the cannabis space with a presence in both New York and California.



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