Cannabis operator Parallel and Ceres Acquisition today announced they have entered into a definitive business combination agreement at a valuation of approximately $1.9 billion.
A group of investors led by Ceres and Parallel have committed to participate in an over-subscribed PIPE of $225 million. The combined copany is expected to have $430 million in cash at closing.
Pending shareholder approval, the transaction is expected to close in the summer. Read more.
