Parallel To Enter Illinois With $100 Million Windy City Cannabis AcquisitionApril 6, 2021
Atlanta, Georgia-based Parallel is entering Illinois through an agreement to acquire six dispensaries. Parallel will acquire Windy City Cannabis, which operates four cannabis retail locations in Homewood, Highwood, Posen, and Litchfield along with two in the works in Carpentersville, and Macomb, Illinois.
The transaction is valued at $100 million, made up of $60 million in cash and $40 million in Parallel stock, with an additional $55 million in potential consideration based on performance earnouts through 2023. The stores are expected to generate upwards of $75 million in annualized net revenue this year. Led by CEO William “Beau” Wrigley, Jr., Parallel announced in February its intention to go public via a SPAC with Ceres Acquisition Corp., led by media mogul Scooter Braun.
“Illinois is one of the most attractive, fastest growing markets in the country, and in Windy City we believe we have found a like-minded partner,” Wrigley told SNDC. “With four dispensaries currently in operation and two additional locations expected to open later this month, Windy City will have one of the largest retail footprints in the state. We intend to evaluate opportunities for further investment in Windy City’s operations and local communities with an eye towards enhancing our presence and offering in this important market.”—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
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