Wrigley Chewing Gum Heir to Take Cannabis MSO Parallel Public via $1 9 Billion Deal theweedblog.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theweedblog.com Daily Mail and Mail on Sunday newspapers.
This week, cannabis stocks experienced quite a bit of volatility amid a slew of big news items.
On Monday, New Jersey Gov. Phil Murphy signed a trio of adult-use cannabis reform bills, making recreational marijuana legal and regulated for adults 21 years and older, while also decriminalizing the possession among all inhabitants of the state.
Following the news, Cantor Fitzgerald analyst Pablo Zuanic recommended investors to keep an eye on three companies with a large presence in the Garden State
Curaleaf Holdings Inc. (OTCQX: CURLF),
Green Thumb Industries Inc. (OTCQX:GTBIF) and
Columbia Care Inc. (OTCQX:CCHWF).
Also this week,
Parallel CEO and chewing gum billionaire William “Beau” Wrigley Jr. confirmed the company will go public via a $1.9 billion merger with
This month, two groundbreaking deals in cannabis were announced the acquisition of GW Pharmaceuticals by Jazz Pharmaceuticals and the combination of the multi-state operator (MSO) Parallel with the special purpose acquisition company (SPAC), Ceres Acquisition Corp.
The proximity of two such large deals in one month begs the question: Are the GW Pharma Jazz and Ceres Parallel deals an important barometer to the direction of cannabis, both in North America and abroad?
In His Genes
The biopharma influence on the cannabis sector started early with the drive toward adoption of current Good Manufacturing Practice (cGMP), the use of high-pressure liquid chromatography (HPLC) for testing and extraction technology for producing concentrates. David Traylor, founder and senior. managing director of Golden Eagle Partners (GEP) was well prepared for the evolution of biotechnologies in marijuana and hemp due to his previous experiences.
Florida-headquartered cannabis firm Parallel will go public on Canada’s NEO Exchange in a SPAC deal valuing the firm at more than $1.8 billion.The multistate cannabis operator led by William “Beau” Wrigley, the billionaire heir to the iconic namesake chewing gum enterprise will merge with Ceres Acquisition Corp., a blank check company backed by music industry entrepreneur Scooter.