ATLANTA, Ga. and WEST PALM BEACH, Fla., Nov. 4, 2021 /PRNewswire/ -- Parallel (the "Company") today announces that it has formed a Strategic Alternatives Committee ("Committee") of its Board of Directors to explore and evaluate a range of strategic alternatives to enhance stakeholder value. These strategic alternatives include, among others, a potential sale of all or part of the Company or other business combination transactions and potential capital raise transactions.
The Company and the Committee do not intend to make any additional comments regarding these discussions until it deems further disclosure is appropriate or required.
Perella Weinberg Partners LP is serving as financial advisor and Mayer Brown LLP is serving as legal advisor to the Committee.
Parallel is one of the largest privately-held, vertically integrated, multi-state cannabis companies in the United States with a mission to pioneer well-being and improve the quality of life through cannabinoids. Parallel has ongoing operations in five medical and adult-use markets under the retail brands of Surterra Wellness in Florida; goodblend in Texas and in Pennsylvania; New England Treatment Access (NETA) in Massachusetts, and a joint venture with Cookies retail brand in Nevada. It will add a sixth market upon the pending regulatory approval of the planned acquisition of six Windy City Cannabis licenses in Illinois. Parallel has a diverse portfolio of high quality, proprietary and licensed consumer brands and products including Surterra Wellness, Coral Reefer, Float and Heights offered through its retail wholesale business. Parallel operates approximately 50 locations nationwide, including 44 retail stores, and cultivation and manufacturing sites. Through its wholly-owned Parallel Biosciences subsidiary, it conducts advanced cannabis science and R&D for new product development in its facilities in Massachusetts, Florida, Texas and a facility in Budapest, Hungary through an exclusive license and partnership. Parallel follows rigorous operations and business practices to ensure the quality, safety, consistency, and efficacy of its products and is building its business by following strong values and putting the well-being of its customers and employees first. Find more information at www.liveparallel.com, or on Instagram and LinkedIn.
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