Parallel Expands into Illinois Cannabis Market with Agreement to Acquire Windy City
Transaction extends Parallel’s strategic footprint to six states, concentrated in highly populated, limited license markets throughout the U.S.
ATLANTA and WEST PALM BEACH, Fla., April 1, 2021 /PRNewswire/ — Parallel, one of the largest privately-held multi-state cannabis operators in the United States (U.S.), today announced it has entered into a definitive agreement to acquire, in a cash and stock transaction, certain operations of Windy City Cannabis, comprised of Posen Dispensary Holding Company, LLC, Homewood Holding Company, LLC, Homewood 2nd Site Holding Company, LLC, Posen 2nd Site Holding Company, LLC and Compass Dispensary Holdings, LLC (collectively, “Windy City”). Windy City is a leading operator of adult use and medical cannabis dispensaries in the state of Illinois. This follows Parallel’s announcement in February that it intends to become a public company through a definitive business combination agreement with Ceres Acquisition Corp. (“Ceres”) (NEO: CERE.U, CERE.WT;OTCQX: CERAF), a special purpose acquisition corporation (SPAC).
Subject to regulatory approval as discussed below, Parallel is expected to own six Illinois dispensary locations, which will expand Parallel’s active operations to six high-growth, limited license states (Florida, Massachusetts, Texas, Pennsylvania, Nevada and Illinois).
The acquisition of Windy City enables Parallel’s entry into Illinois, one of the best performing cannabis markets in the U.S. to date. This transaction gives Parallel the chance to build upon Windy City’s neighborhood retail brand presence to bring customers well-being through cannabis products. We also intend to continue to have a positive impact in Windy City’s local communities by creating jobs and investing in employees
William “Beau” Wrigley Jr., Chairman and Chief Executive Officer of Parallel
We have been closely following the successful launch of adult use