Parallel has entered into a definitive agreement to acquire certain operations of Windy City Cannabis, comprised of Posen Dispensary Holding Company, Homewood Holding Company, Homewood 2nd Site Holding Company, Posen 2nd Site Holding Company and Compass Dispensary Holdings.
Subject to regulatory approval, Parallel is expected to own six Illinois dispensary locations, which will expand Parallel's active operations to six limited license states (Florida, Massachusetts, Texas, Pennsylvania, Nevada and Illinois).
"The acquisition of Windy City enables Parallel's entry into Illinois, one of the best performing cannabis markets in the U.S. to date. This transaction gives Parallel the chance to build upon Windy City's neighborhood retail brand presence to bring customers well-being through cannabis products. We also intend to continue to have a positive impact in Windy City's local communities by creating jobs and investing in employees," said William "Beau" Wrigley Jr., Chairman and Chief Executive Officer of Parallel. "We have been closely following the successful launch of adult use cannabis in Illinois since January 2020 and believe that Windy City has assembled a highly attractive footprint, including four dispensary locations in the greater Chicago region. Inclusive of Windy City's additional site locations opening later this month, Parallel is expected to have one of the largest retail footprints in Illinois among U.S. cannabis operators."
"The Windy City retail brand provides a welcoming, neighborly ambiance and a dynamic dispensary experience to customers ranging from the cannabis connoisseurs to the newly curious. Parallel was the right choice to partner with because they share our focus on what cannabis can do to help improve the well-being of people's lives and our commitment to investing in the communities we serve. They also share our passion for customer service, high compliance standards and operational excellence," said Steve Weisman, Chief Executive Officer of Windy City. "I'm confident that they will continue to drive equitable, diverse growth opportunities within our communities by creating jobs and supporting positive change."
For more information:
Parallel
generalinquiries@liveparallel.com
liveparallel.com