May 26, 2022

At the beginning of March, a complaint was filed in the New York County Supreme Court and the Southern District of Florida. Then almost immediately the court documents were heavily redacted. It seems some investors of privately-owned Surterra Wellness, now known as Parallel are pretty angry about what happened to their investment dollars. While some portions remain unclear, there is still a lot that can be gleaned from the complaint and allegations. Both cases suggest that Wrigley loaded up Parallel with excessive debt and misrepresented the health of the cannabis company. The complaint alleges that his goal was to get the company taken public through the Ceres Acquisition Corp SPAC and then exiting with a profit.

The Players

Parallel is a cannabis company formerly known as Surterra Wellness and has been building its market share in Florida among other states. According to Florida’s OMMU, Surterra’s market share in flower the medical-only state has ranged between 9% and 5.9% over the past year. SH Parent is the parent company of Parallel/Surterra. 

William “Beau” Wrigley, Jr. is the chewing gum company heir and had been the CEO of Wm. Wrigley Jr. Company until its 2008 sale to Mars Inc. for $23 billion. He is the Chairman and CEO of WWJR Enterprises and has controlled PE Fund during all relevant times. Wrigley had initially invested in the company in 2017 and assumed day-to-day operations as Chairman and CEO in late 2018. Wrigley resigned as CEO effective…

Read more…

Leave a Reply

Your email address will not be published.