Music Mogul Scooter Braun Invests In Cannabis Business

Scooter Braun (Photo: DFree / Shutterstock.com)

SCOOTER BRAUN's CERES ACQUISITION CORP. is acquiring an interest in PARALLEL, one of the world's largest privately held cannabis companies to launch a publicly traded U.S. cannabis company to be listed on the CANADIAN stock exchange.  

Said BRAUN, who manages acts JUSTIN BIEBER and ARIANA GRANDE, among others, "The cannabis industry is poised to be the most influential emerging industry of my lifetime. I don’t want to look back and regret not getting to be part of a dynamic and prominent space.."

CERES ACQUSITION Chairman/CEO JOE CROUTHERS will become a director of the combined public company, with the addition of four independent directors with significant health and life sciences experience.

WILLIAM “BEAU” WRIGLEY, JR., former Chairman/CEO of the fabled global gum and confections company, will remain as Chairman/CEO.  WRIGLEY was sold to the MARS company in 2008 for $23 billion.

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.”

The transaction is expected to fuel the growth of PARALLEL’s U.S. footprint and enhance its mission to pioneer well-being and improve quality of life through cannabinoids.

The transaction values PARALLEL at U.S. $1.884 billion.  The combined companies are expected to have $430 million cash balance at the closing of the deal and is expected to generate $447 million in revenue in 2021. 

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