- While neither party comment on the break up three sources told Reuters that several investors didn’t believe Parallel could delivery on its “lofty” projections.
- Several investors who had committed to a $225M investment refused to invest over the following months, the sources added.
- Parallel is led by billionaire heir William “Beau” Wrigley who has said the company will surpass his family’s gum fortune.
- Parallel declined to comment other than to say it is healthy and has a bright future.
- Ceres plans to find another partner to take public. The company is backed by media executive Scooter Braun.
- SPAC deals, recently the hottest thing on Wall Street, have cooled in recent months, especially in the cannabis space.
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