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Parallel’s SPAC deal will help it fund R&D efforts, other deals, CEO says

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Cannabis company Parallel is prioritizing research and development to position itself ahead of its competitors, CEO Beau Wrigley said Tuesday.

“We’ve invested a lot in R&D and that differentiates us from a lot of other companies out there because there’s so much technology and capability that can go into some of the rare cannabinoids that people aren’t really even working with yet that can drive enormous well-being benefits to people going forward,” said Wrigley, in an interview on CNBC’s “Squawk on the Street.

Last week, Parallel announced its $1.9 billion deal with Ceres Acquisition Corp, a special purpose acquisition company co-founded by music entrepreneur Scooter Braun. The deal is…



Source cnbc.com

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