Parallel
Founded Year
2014Stage
Bridge | AliveTotal Raised
$739.44MLast Raised
$10M | 6 mos agoAbout Parallel
Parallel develops pharmaceutical drugs from cannabis-based ingredients. Its products include flowers, pre-rolls, vaporizer pens, tinctures, oral sprays, topical creams, and more. The company was formerly known as Surterra Wellness. Parallel was founded in 2014 and is based in Atlanta, Georgia.
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Expert Collections containing Parallel
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Parallel is included in 2 Expert Collections, including Cannabis.
Cannabis
3,834 items
These companies participate in - or service businesses that participate in - the legal cannabis industry. Our definition of cannabis includes both marijuana and hemp (and all derivatives). The collection includes both "plant-touching" and "non-plant-touching" businesses.
Biopharma Tech
15,535 items
Companies involved in the research, development, and commercialization of chemically- or biologically-derived therapeutic & theranostic drugs. Excludes vitamins/supplements, CROs/clinical trial services.
Parallel Patents
Parallel has filed 307 patents.
The 3 most popular patent topics include:
- Wireless networking
- Telecommunications
- LTE (telecommunication)
Application Date | Grant Date | Title | Related Topics | Status |
|---|---|---|---|---|
2/5/2018 | 5/30/2023 | Wireless networking, Radio resource management, UMTS (telecommunication), Telecommunications, Emerging standards | Grant |
Application Date | 2/5/2018 |
|---|---|
Grant Date | 5/30/2023 |
Title | |
Related Topics | Wireless networking, Radio resource management, UMTS (telecommunication), Telecommunications, Emerging standards |
Status | Grant |
Latest Parallel News
Dec 8, 2022
News provided by Share this article Share this article CALGARY, AB, Dec. 8, 2022 /PRNewswire/ - SunStream Opportunities LP ("SunStream"), an affiliate of SunStream Bancorp Inc., a joint venture sponsored by SNDL Inc. (Nasdaq: SNDL ) ("SNDL"), today announced the closing of a US$10 million bridge term loan ("Interim Bridge Loan") to Surterra Holdings Inc. d.b.a Parallel Brands, and certain affiliates, (collectively, "Parallel"). SunStream anticipates announcing further details in respect of its investment in Parallel in the first quarter of 2023. Sunstream Logo (CNW Group/Sundial Growers Inc.) The Interim Bridge Loan is fully financed by SunStream. The use of funds of the Interim Bridge Loan will be for general working capital purposes. The Interim Bridge Loan is being provided on a super-priority basis, with a 16% annual interest rate payable in kind, maturing in January 2023. Parallel is a privately held, vertically integrated, multi-state cannabis company. Parallel has operations in five medical and adult-use markets under the retail brands of Surterra Wellness in Florida; goodblend in Texas and in Pennsylvania; New England Treatment Access (NETA) in Massachusetts, and a joint venture with the Cookies retail brand in Nevada. Parallel operates 50 store locations, and cultivation and manufacturing sites across the United States. SunStream is a joint venture between SNDL and the SAF Group that leverages a strategic financial and operational partnership to target attractive risk-return opportunities in the cannabis industry in order to provide exposure to a broad portfolio of investments. Over the last two years, SunStream has deployed over US$400 million in loans to State licensed cannabis operators in the US, which include several multi-state operators. ABOUT SNDL INC. SNDL is a public company whose shares are traded on Nasdaq under the symbol "SNDL." SNDL is the largest private sector liquor and cannabis retailer in Canada with retail banners that include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, and Spiritleaf. SNDL is a licensed cannabis producer that uses state-of-the-art indoor facilities to supply wholesale and retail customers under a cannabis brand portfolio that includes Top Leaf, Sundial Cannabis, Palmetto, Spiritleaf Selects, Value Buds Big Bags and Grasslands. SNDL's investment portfolio seeks to deploy strategic capital through direct and indirect investments and partnerships throughout the global cannabis industry. For more information on SNDL, please go to www.sndl.com . SOURCE Sundial Growers Inc.
Parallel Frequently Asked Questions (FAQ)
When was Parallel founded?
Parallel was founded in 2014.
Where is Parallel's headquarters?
Parallel's headquarters is located at 55 Ivan Allen Jr. Boulevard NW, Atlanta.
What is Parallel's latest funding round?
Parallel's latest funding round is Bridge.
How much did Parallel raise?
Parallel raised a total of $739.44M.
Who are the investors of Parallel?
Investors of Parallel include SunStream Bancorp, Ceres Group Holdings, Ed Brown, WWJR Enterprises and Vakyrie Capital.
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