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SPAC scraps $1.9 billion marijuana deal to take Beau Wrigley’s Parallel public

Chewing gum heir William “Beau” Wrigley Jr.’s marijuana multistate company Parallel and music mogul “Scooter” Braun’s Ceres Acquisition Corp. mutually called off their $1.9 billion blockbuster merger, gumming up Wrigley’s plans to take his MSO public.

The companies didn’t provide a reason for terminating the merger, which would have allowed the resulting company to go public by taking on Ceres’ listing on Canada’s NEO Exchange.

But Reuters – citing anonymous sources – reported that “several investors had lost confidence in Parallel’s ability to deliver on lofty financial projections it provided in February when the merger was announced.”


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