SNDL, a Canadian cannabis company, acquires U.S.-based Parallel to expand its operations. The company has been consolidating through takeovers of former debtors in recent years. SNDL now claims to be the world’s largest cannabis company following the deal.
SNDL reports that CDXX TransCo, LLC completed a strict foreclosure of specified Parallel assets and equity interests in Florida, Texas, and Massachusetts. The company says its economic exposure is indirect through Sunstream, while direct consolidation remains subject to legal, regulatory, accounting, and Nasdaq requirements.
Parallel, the parent company of Surterra Wellness, closes two cannabis cultivation and processing facilities in Florida’s Tampa Bay area, totaling 330,000 square feet. The company lays off 211 workers as part of the shutdown. The move follows broader industry adjustments in Florida’s cannabis market.