Parallel Announces Opening of Its First goodblend™ Retail Store in Pennsylvania
ATLANTA and PITTSBURGH, July 19, 2021 /PRNewswire/ -- Parallel (the "Company"), one of the largest privately-held multi-state cannabis operators in the United States (U.S.), announced today that it commenced sales of medical cannabis products in Pennsylvania through the opening of its first goodblend™ retail branded store in Pittsburgh, with the intent to open a second store in Erie in the coming weeks. goodblend™ is a new cannabis cultivator, producer, and retailer in Pennsylvania.
"This is another milestone for Parallel, as we are now serving the rapidly growing needs of medical cannabis patients in the Commonwealth," said William "Beau" Wrigley, Jr., Chief Executive Officer and Chairman of Parallel. "We believe Pennsylvania is an exciting, high-growth cannabis market and we look forward to providing well-being through cannabinoids to patients across Pennsylvania in the years to come."
Pennsylvania, with almost 13 million residents, is the sixth most populous state in the U.S. The Commonwealth's Medical Marijuana Program today has approximately 500,000 registered patients and caregivers.
"I couldn't be more excited for our team to begin serving qualifying patients within goodblend's approachable retail environment. Our dispensaries are designed to make patients feel comfortable, with expert retail guides ready to answer any questions and help them find the right cannabis products to fit their specific needs," said Elizabeth (Liz) Conway, Regional President, of Parallel and goodblend Pennsylvania. "For the past few months, we've been conducting local job recruitment in addition to having held preparatory informational sessions on expungement in partnership with the Minority Cannabis Business Association (MCBA) to support social equity and economic empowerment in our communities. Now, we welcome community medical patients into our stores."
The Pittsburgh dispensary is located at 5502 Baum Boulevard in Pittsburgh, Pennsylvania. Regular operating hours will be Monday through Saturday 10:00 a.m. to 8:00 p.m., and Sunday 11:00 a.m. to 6:00 p.m.
To learn more about goodblend™, its store locations, and initial offering of well-known cannabis brands visit pa.goodblend.com. Parallel plans to make a wider array of product offerings available to qualifying patients later in the year.
About goodblend Pennsylvania
goodblend Pennsylvania, a retail brand of Parallel, is one of eight vertically integrated Clinical Registrants in the Commonwealth and was granted a license in partnership with the University of Pittsburgh School of Medicine in August 2020. In addition to opening the retail facilities in Pittsburgh and Erie, goodblend ™ intends to continue to invest in building a cultivation facility. The Clinical Research Partnership with University of Pittsburgh School of Medicine, one of the leading medical research schools in the world, will initially focus on the impact of medicinal cannabis on various symptoms of sickle cell disease and chronic pain.
The goodblend ™ brand reflects Parallel's intent to lead the way to the future of cannabis by providing its customers with a trusted, consistent, and seamless way for them to connect and learn, and to access innovative, high-quality cannabis products in a variety of form factors and to elicit such a positive experience that they come back again and again. The brand is about welcoming every type of customer and being an approachable source of products and information to support our customers' well-being. The ethos of goodblend ™ is based on Parallel's commitment to compliance, quality, innovation, and to be a great employer and local community partner, as well as its actions to improve diversity, inclusivity, and economic empowerment in the cannabis industry. To learn more about goodblend, visit pa.goodblend.com or on Facebook and Twitter.
About Parallel
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 quality of life through cannabinoids. Parallel recently announced 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). Parallel has ongoing operations in four medical and adult-use markets under the retail brands of Surterra Wellness in Florida; goodblend in Texas; New England Treatment Access (NETA) in Massachusetts; and The Apothecary Shoppe in Nevada. Parallel also has a license under its goodblend Pennsylvania brand for vertically integrated operations and up to six retail locations, in addition to a medical cannabis research partnership with the University of Pittsburgh School of Medicine. Subject to regulatory approval, Parallel will add Illinois as a sixth market when its announced acquisition of six Windy City Cannabis licenses is complete. Parallel has a diverse portfolio of high quality, proprietary and licensed consumer brands and products including Surterra Wellness, Coral Reefer, Float and Heights. Parallel operates approximately 50 locations nationwide, including 42 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.
Additional Information
In connection with the proposed transaction with Ceres, that, if completed, would result in Parallel becoming a public company (Transaction), Ceres is expected to file a Form S-4 with the U.S. Securities Exchange Commission (SEC). Ceres and Parallel urge investors, stockholders and other interested persons to read, when available, the Form S-4, preliminary and final non-offering prospectus, including any amendments thereto, the Ceres special meeting circular, as well as other documents to be filed with the SEC and documents to be filed with Canadian securities regulatory authorities in connection with the Transaction, as these materials will contain important information about Ceres, Parallel, the combined public company and the Transaction. Ceres also has, and will, file other documents regarding the Transaction with the SEC. Investors and security holders will be able to obtain free copies of the registration statement and all other relevant documents filed or that will be filed with the SEC by Ceres through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Ceres may be obtained free of charge from Ceres' website at www.ceresacquisition.comor by written request to Ceres at Ceres Acquisition Corp., 1925 Century Park East, Suite 1700, Los Angeles, California, United States 90067.
Media Contact
Taylor Foxman-Weiner
TFoxman@LiveParallel.com
Investor Contact
Investors@LiveParallel.com
Parallel Forward-Looking Statements
Certain information in this press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation and U.S. securities law (referred to herein as forward-looking statements), including statements regarding the Transaction and expected future growth. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include, but are not limited to, statements related to activities, events or developments that Parallel expects or anticipates will or may occur in the future, statements related to Parallel's business strategy objectives and goals, and Parallel's management's assessment of future plans and operations which are based on current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements can often be identified by the use of words such as "may", "will", "could", "would", "anticipate", 'believe", expect ", "intend", "potential ", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions or the negatives thereof. Such statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and are based on Parallel's management's belief or interpretation of information currently available. Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking statements in this press release includes statements regarding: Parallel's strategic plans and business opportunities; Parallel's expansion into the Pennsylvania cannabis market; opening of certain Parallel facilities in Pennsylvania; and the cannabis market in Pennsylvania. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided, and forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. There can be no assurance that the transactions described herein will be completed or that, if completed, the combined public company will be successful.
Risk factors that could cause actual results, performance or achievement to differ materially from those indicated in the forward-looking statements include, but are not limited to the following: (i) the risk that the Transaction may not be completed in a timely manner or at all, which may adversely affect the price of Ceres' securities, (ii) the risk that the Transaction may not be completed by Ceres' qualifying transaction deadline and the potential failure to obtain an extension of the qualifying transaction deadline if sought by Ceres, (iii) the failure to satisfy the conditions to the consummation of the Transaction, including the approval of the Transaction by the stockholders of Ceres and Parallel, as applicable, the satisfaction of the minimum trust account amount following any redemptions by Ceres' shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed Transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement, (vi) the impact of COVID-19 on Parallel's business and/or the ability of the parties to complete the proposed Transaction, (vii) the effect of the announcement or pendency of the Transaction on Parallel's business relationships, performance, and business generally, (viii) risks that the proposed Transaction disrupts current plans and operations of Parallel and potential difficulties in Parallel employee retention as a result of the proposed Transaction, (ix) the outcome of any legal proceedings that may be instituted against Parallel or Ceres or their respective, directors, officers and affiliates related to the proposed Transaction, (x) the risk that the combined public company's securities will not be approved for listing on the NEO Exchange or, if approved, that the combined public company will be able to maintain the listing, (xi) the price of Ceres' and the combined public company's securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Parallel operates, variations in performance across competitors, changes in laws and regulations affecting Parallel's business and changes in the combined capital structure and a return on securities of the combined public company is not guaranteed, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed Transaction, and identify and realize additional opportunities, (xiii) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Parallel operates, (xiv) the risk that Parallel and its current and future collaborators are unable to successfully develop and commercialize Parallel's products, brands or services, or experience significant delays in doing so, (xv) the risk that the combined public company may never sustain profitability, (xvi) the risk that the combined public company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (xvii) the risk that the combined public company experiences difficulties in managing its growth and expanding operations, (xviii) the risk that the pharmaceutical industry may attempt to dominate the cannabis industry , and in particular, legal marijuana, through the development and distribution of synthetic products which emulate the effects and treatment of organic marijuana, (xix) the agricultural risks related to insects, plant diseases, unstable growing conditions, water and electricity availability and cost, (xx) the risk that may arise because cannabis continues to be a controlled substance under the United States Federal Controlled Substances Act, (xxi) the risk of product liability or regulatory lawsuits or proceedings relating to Parallel's products and services, (xxii) the risk that the combined public company is unable to secure or protect its intellectual property, (xxiii) tax risks, including U.S. federal income tax treatment, (xxiv) risks relating to the reliance of Parallel on key members of management, (xxv) risks inherent in businesses related to the agricultural industry, (xxvi) risks relating to potentially unfavorable publicity or consumer perception, (xxvii) Parallel may be subject to the risk of competition from synthetic production and technological advances, (xxviii) investors in the combined public company and its directors, officers and employees who are not U.S. citizens may be denied entry into the United States, (xxix) product recalls, (xxx) results of future clinical research, (xxxi) difficulty attracting and retaining personnel, (xxxii) fraudulent or illegal activity by employees, contractors and consultants; information technology systems and cyber-attacks, (xxxiii) security breaches, (xxxiv) natural disasters and terrorism risk, (xxxv) restricted access to banking, (xxxvi) risks related to the lending facilities, (xxxvii) risks of leverage, (xxxviii) heightened scrutiny by regulatory authorities, (xxxix) risk of legal, regulatory or political change, (xl) general regulatory and licensing risks, (xli) Parallel and the combined public company may be subject to the risk of changes in Canadian as well as U.S. federal, state and local laws or regulations, (xlii) limitations on ownership of licenses, (xliii) Nevada regulatory regime and transfer and grant of licenses, (xliv) regulatory action and approvals from the FDA, (xlv) constraints on marketing products, (xlvi) anti-money laundering laws and regulation, (xlvii) the combined public company's status as an "Emerging Growth Company" under United States securities laws, (xlviii) discretion in the use of proceeds, (xlix) subsequent offerings will result in dilution to shareholders of the combined public company, (l) voting control, and (li) unpredictability caused by capital structure and voting control. Readers are cautioned that the foregoing list is not exhaustive.
Parallel undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws.
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