Chewing gum heir and former Parallel CEO William “Beau” Wrigley Jr. is fighting to escape any liability over the Atlanta-based company’s failed acquisition of six Windy City Cannabis shops in Illinois.
Wrigley filed a lawsuit in U.S. District Court in Chicago requesting to be excluded from an arbitration in which Windy City owner Steve Weisman is seeking $80 million in damages and well as potential earnouts stemming from the collapsed deal.
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Parallel, one of the largest privately held multistate marijuana operators in the United States, signed a definitive agreement in April 2021 to buy Windy City Cannabis for $60 million in cash and $40 million in stock.
Performance-based earnouts would have pushed the potential total price to $155 million.
Wrigley was Parallel’s CEO at the time.
Although Wrigley has since resigned as Parallel CEO, he remains the company’s largest shareholder.
Weisman, according to court documents, argues that Wrigley
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