Parallel Archives - Green Market Report

William SumnerWilliam SumnerOctober 7, 2019
daily_hit004-1280x533.png

4min2170

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
parallel.jpg

4min6430

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.

Brown was once the President and CEO of The Patrón Spirits Company, until retiring last year after nearly 20 years at the company. Under his leadership, Patrón grew from 118,000 cases sold in 2001 to more than 4.1 million in 2016, and is currently the top-selling ultra-premium tequila in the world.  Brown’s plan to apply his expertise in the premier spirits business to Surterra’s strategic global brand building seems to be paying off.

“The introduction of our new parent company brand, under the name Parallel, reflects our transformational growth over the past year and our long-term vision. We need a corporate name that unites the diverse parts of our organization and all of our associates,” said William “Beau” Wrigley Jr, CEO and Chairman of Parallel. “We chose the name Parallel because we are improving the well-being of our consumers today through our proprietary, innovative brands while at the same time stepping into the future through robust innovation. We like the name because we see well-being along a spectrum of what quality of life means to different people at different points of their lives, and our brands cover the full range of what they need.”

Parallel also announced today the introduction of Goodblend, the company’s new global retail brand. This store brand will become a recognized source across multiple markets where consumers can find a consistent and trusted selection of the company’s cannabinoid brands. Goodblend will roll-out initially in Florida over the course of the next several months. Parallel has a house, or portfolio, of consumer brands. Each of these brands has its own instantly recognizable name, imagery, appeal, and unique and differentiated positioning. Our proprietary consumer brands include Surterra Wellness, Coral Reefer, Endless Summer and Float.

“The philosophy behind our collection of brands is that the consumer is at the heart of everything that we do. Because consumers have different needs states across the well-being continuum, each brand is distinct. Yet, all our brands focus on improving the lives of our consumers and reflect our uncompromising commitment to consistency, quality, safety and efficacy,” said Wrigley. “Goodblend will simply reinvent what retail can be. Goodblend stores will be welcoming and inclusive of all our consumers and will allow each of our distinct brands a chance to shine – having their own stage under one roof.”

Parallel’s integrated footprint includes 37 retail dispensaries across the United States, including 34 in Florida; almost one million total square feet of cultivation and manufacturing operations across the platform; R&D facilities in Massachusetts, Florida, Budapest, Hungary and Medellin, Colombia; and an exclusive partnership with global biotechnology company Intrexon to drive its science and technology-led innovation.



About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 12 hours

Our biggest fans this week: CannaWrite, DendeCannabist, EJBGlobal. Thank you! via

@GreenMarketRpt – 13 hours

The Green Market Report’s Marijuana Money November 15, 2019

@GreenMarketRpt – 18 hours

My week on Twitter 🎉: 9 Mentions, 18.1K Mention Reach, 10 Likes, 6 Retweets, 16.8K Retweet Reach. See yours with…

Back to Top

You have Successfully Subscribed!