The company’s founding CEO Jake Bergmann, who left shortly after Wrigley took charge, is also suing the company for roughly $20 million. District Court for the Southern District of Florida in March. “Although the Company participates in the comparatively new industry of legal cannabis, … the Securities Defendants still committed good old-fashioned securities fraud,” reads the complaint filed in the U.S.
Now Wrigley and the company face a pair of lawsuits from investors who allege Parallel officials concealed massive debts, issued fanciful financial projections, engaged in self-dealing and committed various other misdeeds to defraud them. Less than two months later, Wrigley stepped down as the company’s CEO. Just seven months later, the SPAC deal collapsed. a special purpose acquisition corporation, or SPAC, co-founded by music mogul Scooter Braun, whose clients have included Justin Bieber and Ariana Grande - planned to purchase Parallel and take it public in a deal valued at $1.9 billion.īut in retrospect, what appeared to be a capstone moment for Wrigley’s burgeoning weed empire marked the start of a period of legal and financial turbulence. That same month, Parallel announced in a press release a blockbuster deal that if consummated would solidify its plans to become a major national player in the booming $30-billion-plus cannabis industry. “At Wrigley, we brought joy to people’s lives. “I think this can be bigger than the Wrigley company,” Wrigley told Forbes magazine for a cover story in February 2021. By the end of 2022, Parallel boasted that it was on course to have 86 dispensaries across eight markets and revenues in excess of $600 million.
0 kommentar(er)
