Braun’s Ceres Acquisition Corp. and Toronto-based Parallel, one of the world’s largest privately held multi-state cannabis companies, have entered into a “business combination” to launch a publicly traded U.S. cannabis “well-being” company. The new company will be listed on the Canadian NEO stock exchange.
Ceres Acquisition is a special purpose acquisition corporation designed to raise money in an IPO, then have two years to acquire the business. “Ceres’ deep cannabis and consumer experience, coupled with Scooter’s powerful network, makes Ceres an ideal partner for a well-positioned, well-led, high growth cannabis company like Parallel,” added Crouthers.
Said Wrigley, Jr., “As a public company, we will have access to capital to grow our national footprint through new licenses and M&A, improve our cultivation and production capacity, expand our established retail footprint, develop and launch rare cannabinoids products with therapeutic benefits, and conduct important clinical research in partnership with the University of Pittsburgh Medical Center.