Parallel invests US$25 million in Texas

TEXAS – Parallel, one of the largest privately-held multi-state cannabis operators in the United States (U.S.), announced it will make a US$$25 million investment in a new state-of-the art cannabis cultivation, production and retail facility in Texas.

This financial commitment expands Parallel’s ability to meet the growing patient demand for medical cannabis products in the Lone Star State. The planned 63,000 square-foot facility is expected to create hundreds of new jobs in the San Marcos region.

The company is also introducing its goodblend™ retail brand, as it is changing the name of Surterra Texas to goodblend Texas (goodblend). This is the second market where Parallel has introduced the goodblend name, joining goodblend Pennsylvania; over time the company will evaluate opportunities to roll-out the brand in its existing markets.

The goodblend retail brand reflects Parallel’s intent to lead the way to the future of cannabis by providing its customers a trusted, consistent and seamless way for them to connect and learn, and to access innovative, high-quality cannabis products in a variety of form factors. The brand is about welcoming every type of customer and being an approachable source for our customers’ well-being.

“With our US$25 million investment and name change to goodblend, we are strengthening our Texas roots to meet the needs of cannabis patients for the long term. We see high growth potential in the Texas cannabis market as every day more Texans choose cannabis to help improve their quality of life,” said William “Beau” Wrigley Jr., Chairman and CEO for Parallel.

Texas, one of the most populous states in the U.S., with nearly 30 million residents, created the Texas Compassionate Use Program in 2015, providing medical cannabis to qualifying patients.

Parallel’s goodblend retail brand (formerly Surterra Texas) provides patients access to high-quality cannabis products in a variety of form factors that are cultivated and produced locally in Texas to ensure the most consistent patient experience. It was the first cannabis operator in the state to offer patients medical cannabis in gummy and lozenge formats.

Source: PR News Wire