This black-owned cannabis company started by an NBA veteran has raised $13M to expand
Submitted by Cannabis News on Fri, 01/21/2022 - 09:08
leading Black-owned producer and licensed wholesaler of premium cannabis products, Viola, has closed a $13 million equity funding round. DelMorgan & Co., an internationally recognized investment banking firm headquartered in Santa Monica, California, acted as an exclusive strategic transaction advisor to Viola in connection with the transaction, according to a statement by Viola.
The funding round will allow Viola to expand into several key new markets such as Pennsylvania, Illinois, New Jersey, and Maryland, the statement said. Also, the cannabis company will continue executing strategic marketing initiatives in order to position Viola as one of the top brands and operators in the rapidly growing cannabis industry.
“We’re looking forward to a big 2022. The team at DelMorgan has always supported our vision and continues to be great partners for us as we bring Viola to new markets,” said Al Harrington, Co-Founder and CEO of Viola.
“Al Harrington has proven himself to be a visionary in the Cannabis industry, demonstrating an ability to execute on initiatives that resonate deeply with today’s popular culture and consumers,” Rob Delgado, Chairman of DelMorgan, commented.
On his part, Neil Morganbesser, President & CEO of DelMorgan, said, “This investment is transformative, allowing Viola to significantly accelerate its expansion nationwide as one of the most iconic brands in cannabis.”
“Under Al Harrington’s leadership, Viola has demonstrated how a commercially successful brand can benefit from a mission-driven focus. This mission and focus will be further strengthened through this investment,” Chris Delgado, Senior Managing Director at DelMorgan, added.
Viola was founded in 2011 by NBA veteran Harrington. He was inspired to launch the brand by his grandmother, Viola, who suffers from glaucoma and diabetes and found solace in cannabis remedies.
Viola is known for its wide variety of product offerings, from high-quality flowers to premier butane extracts. From regulation to representation and reform, Viola’s mission is to create opportunities for communities of color in the cannabis industry, it said.
The brand integrates the latest cutting-edge technology with its own proprietary processes designed for every stage of cultivation, extraction and production.
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