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Parallel, a leading multi-state cannabis operator, has commenced sales of medical cannabis in Pennsylvania with the opening of its first goodblend™ retail store in Pittsburgh. The company plans to open a second store in Erie soon, addressing a growing market that includes approximately 500,000 registered medical cannabis patients and caregivers in the state. Parallel aims to enhance patient access to cannabis products while prioritizing community engagement and social equity.
goodblend Texas, a retail brand of Parallel, has launched the first cannabinol (CBN) products for patients registered in the Texas Compassionate Use Program. The Surterra Wellness Dream +CBN tincture, introduced on June 16, 2021, is the fifth first-to-market product in Texas by the company. With a 15mg dose of CBN and THC, the product aims to enhance patients' sleep quality. This launch follows Parallel's $25M investment in a new cannabis facility in San Marcos, Texas, expected to create hundreds of jobs and support the growing demand for medical cannabis.
Parallel announced a sale-leaseback transaction with Innovative Industrial Properties (IIPR), selling a Pittsburgh warehouse for $68 million. The proceeds will fund the build-out of a cannabis growing and processing facility in Pittsburgh, expected to commence operations mid-2021. This marks the fourth such transaction with IIP, totaling approximately $195 million in proceeds. Parallel plans to open multiple goodblend retail stores in Pennsylvania and create hundreds of local jobs, enhancing its footprint in the state's cannabis market.
goodblend™ Texas has launched the first cannabis capsules for patients in the Texas Compassionate Use Program, expanding its Surterra Wellness product line. This launch represents goodblend's fourth first-to-market product in Texas within the past eight months. The new capsules offer precise dosing of THC and CBD, providing new options for medical cannabis patients. The launch is supported by Parallel's recent $25M investment in a new cultivation, production, and retail facility in San Marcos, Texas, aimed at meeting increasing demand for medical cannabis products.
Parallel has announced a $25 million investment in a new 63,000 square-foot cannabis facility in San Marcos, Texas. The facility aims to meet the rising demand for medical cannabis and will create hundreds of jobs. Parallel is rebranding Surterra Texas to goodblend Texas to enhance customer experience with high-quality cannabis products. The company emphasizes growth potential in the Texas cannabis market, aligning its efforts with social equity and community empowerment initiatives.
Parallel has announced a definitive agreement to acquire Windy City Cannabis for $100 million, consisting of $60 million in cash and $40 million in stock. This acquisition positions Parallel to enter the Illinois cannabis market, which is generating approximately $1.4 billion in annual retail sales. Windy City operates four dispensaries and is set to open two more, potentially generating over $75 million in annualized net revenue. The deal is contingent upon regulatory approval and expected to close in the second half of 2021.
Parallel and Ceres Acquisition Corp. have announced a definitive business combination agreement, whereby Parallel will become a public company valued at an implied enterprise value of US$1.884 billion. The deal includes an over-subscribed private placement of US$225 million from investors, with the combined entity expected to close by Summer 2021 and maintain a cash balance of US$430 million. Beau Wrigley continues as CEO, supported by a new board comprising experienced directors in health and life sciences. The transaction aims to accelerate growth and expand Parallel's U.S. market footprint.
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