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Wednesday, April 17, 2024

Parallel CEO says $1.9 billion SPAC deal will help it fund R&D efforts and look for acquisitions

  • Cannabis company Parallel is prioritizing its research and development to put itself in a stronger position in the market.
  • "There's so much technology and capability that can go into some of the rare cannabinoids that people aren't really even working with yet that can drive enormous well being benefits to people going forward," CEO Beau Wrigley said.
  • Parallel recently announced a $1.9 billion deal with Ceres Acquisition Corp, a special purpose acquisition company co-founded by music entrepreneur Scooter Braun.

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