(Entered: 08/11/2011), ANSWER to 3 Answer to Complaint, Counterclaim by Parallel Networks, LLC. A SAFE is a relatively new type of security in which an investors cash investment generally converts to equity in the issuing company under conditions specified in the SAFE. Save 25% on a pre-paid one year subscription. Lorenza Romanese, the managing director of the European Industrial Hemp Association, discusses what this means for hemp producers across the EU. That volume of visitors in Las Vegas began to decrease by July 2021, and we can see a large decline in wholesale sales starting around that point. Returns Center. According to Florida's OMMU, Surterra's market share in flower the medical-only state has ranged between 9% and 5.9% over the past year. This disparity became even more significant in 2021, despite sales growing both within the city and in the rest of the state. The lawyers in the group did not respond to a request for comment. Parallel did not immediately respond to a request for comment. These properties are located in some of the largest and strongest growth markets (PA and FL), in addition to TX, one of the largest states by population and estimated illicit cannabis consumption, where there continue to be significant inroads toward expansion of the existing program, a spokesperson from IIP told Green Market. Enterprises Inc., William Beau Wrigley, Jr., SAF Group, and GLAS Americas LLC allowed Wrigley to falsely build up the company in order for it to be taken over by a Special Purpose Acquisition Company, and then he could cash out. In that complaint, Techview Investments and others claim they want the court to prevent a "self-dealing scheme" by Wrigley, Law360 reported. The plaintiffs all hold Senior Notes in the company. Parallel Apparel is ethically sourced, locally made in Los Angeles, and sweatshop free. "[The regulations] only apply to seedsnot hemp extract, not CBD. Among other things, he noted that the Company would focus on alternative financing avenues to pursue a vast array of growth opportunities, and that, the Company had just raised and closed a significant initial equity financing through the private markets, referring to the SAFE. In other words, Parallel would have likely known on September 27, that the Ceres deal was in trouble since the company announced just days later that it was over. cc:attys 1-22-13 (mll, ) (Entered: 01/22/2013), Unopposed MOTION to Withdraw as Attorney by Parallel Networks, LLC. In an email sent to investors on Oct. 1, 2021, Parallel explained it was no longer pursuing the SPAC, according to the complaint. Producing Almost 50 Million Pounds of Cannabis. Consequently, even with Wrigleys post-closing SAFE advance, the Company never had in capital to bridge to 2Q22, because Wrigley simply roundtripped to an entity that he controlled, for his own benefit.. Get help and learn more about Parallel Apparel return shipping, exchange and refund policy. Business Partners. REVERSIBLE BOMBER BLACK / WHITE. Required fields are marked *. 6:11-cv-00422 District Judge Leonard Davis, presiding. Before the EC's regulations, Romanese says the European Food and Safety Authority (EFSA) had guidelines on the THC limits in hemp seed foods; however, they were not legally binding. Topicalsand accessories,our smallest categories by market share,saw declines as the pandemic started in April 2020 and market share didnt recover as tourists returned to the city. Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox. Growjo.com estimates Parallels annual revenue at $65 million a year, but since the company is private this number cant be verified. Represented by Collins Edmonds & Pogorzelski PLLC, Represented by epicrealm.com Law Firm Placeholder, Represented by Goldstein, Faucett & Preberg, LLP. Basically we Design AWESOME Clothes Las Vegas visitors were undeterred and continued to visit the city, which drove higher sales numbers in the spring. To provide a more thorough analysis of how the pandemic impacted purchasing habits, we analyzed category market share and competitiveness over three significant periods of the pandemic (listed above) within the city. has posted a copy of the Parallel deck associated with the Ceres SPAC deal and it came with some pretty lofty projections. Was: $20.99. Find Your Order. "Then, we will request a new risk assessment [to re-evaluate the THC limits].". The court document goes on to say, On February 22, 2021, the company had announced that it planned to go public by merging with Ceres Acquisition Corp., a special purpose acquisition corporation or SPAC. This case involves John and Ultima Morgan, TGHI II LLC, Prime Overseas Investments and Enterprises Ltd., and Techview Investments Ltd. and they are alleging that Surterra Holdings Inc. dba Parallel, SH Parent Inc., PE Fund LP, WWJr. As what they claim as evidence of Wrigleys intent to defraud them, the plaintiffs say he resisted committing even a tiny portion of his famous fortune to the SAFE, but that he eventually invested in November 2021 to avoid further pushback. Parallel Cannabis's debt issues have been exposed in the company's lawsuit with some disgruntled investors. Consumers are able to pheno hunt three phenotypes of Veritas' Muffinz Breath cultivar, with product available at select Native Roots locations. Wrigley had initially invested in the company in 2017 and assumed day-to-day operations as Chairman and CEO in late 2018. In the first quarter of 2020, prerolls represented 6.1% of the market. Signed by Judge Leonard Davis on 01/22/13. As Parallel Apparel continues . The states advisory board works to ensure that Pennsylvanias medical cannabis program provides patients with access to the latest treatments, and the body meets regularly to discuss patient care, patient safety and new research methods. The complaint describes a SAFE as a relatively new type of security that converts investors cash investments to equity in the issuing company under specified conditions. The states medical cannabis program director calls out retailers for not passing wholesale savings on to customers. Overall, there is a clear relationship between visitors to Las Vegas and total cannabis sales in the city, and as the pandemic significantly impacted visitor volume, it impacted sales as well. I wanted to give you my honest thoughts on the two square neck tops, hero sweatpants, and b. We made the decision to partner with Native Roots on this years pheno hunt following the success of the recent live resin cartridge release, and we know this partnership will continue to be fruitful., RELATED: Best Cannabis Companies to Work For Cultivation | #4 Veritas Fine Cannabis. At the beginning of March, a complaint was filed in the New York County Supreme Court and the Southern District of Florida. Weve been pressing the department for many years, obviously since the program began, that everything was priced out of the range of many patients, Riedy said. His presentation also outlined retail market competition during the past couple years. Our collections are made for anywhere and everywhere, for today and tomorrow, and for all. And for dry food, [it] is the same. Parallel Networks, LLC v. Women's Apparel Group, LLC d/b/a Boston Apparel Group, LLC, Court Case No. The Florida case lists the plaintiffs as Tradeinvest Asset Management Company (BVI) Ltd., First Ocean Enterprises SA, and Techview Investments Ltd. and the defendants as Wrigley, Jr., James Jay Holmes, James Whitcomb, SH Parent Inc. d/b/a Parallel, Surterra Holdings Inc., Green Health Endeavors (another Wrigley family fund), PE Fund LP, and Robert Jake Bergmann. Attorney George S Bosy terminated. The company also said in the presentation that it had a net loss of $140 million in 2020. (Attachments: # 1 Text of Proposed Order)(Tadlock, Charles) (Entered: 06/01/2012), NOTICE of Change of Address by Charles Craig Tadlock (Tadlock, Charles) (Entered: 05/01/2012), NOTICE OF BANKRUPTCY by Women's Apparel Group, LLC d/b/a Boston Apparel Group, LLC (Originally filed in cause 6:10cv111) (mll, ) (Entered: 08/11/2011), CORPORATE DISCLOSURE STATEMENT filed by Women's Apparel Group, LLC d/b/a Boston Apparel Group, LLC (mll, ) (Originally filed in cause 6:10cv491) Modified on 8/11/2011 (mll, ). Parallel Apparel. All the while, Pennsylvania dispensaries have recorded month-on-month sales increases throughout the past year, compared to every timeframe from the previous 12 months. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia. Veritas Fine Cannabis launched its first pheno hunt of 2022 as part of a partnership with Native Roots Cannabis Co. Veritas is allowing consumers to pheno huntits Muffinz Breath cultivar through a limited number of boxes available exclusively at select Native Roots locations in Colorado. The maximum THC levels will also be calculated using a measurement of uncertainty, which ranges between 40-50%, she says. SH Parent is the parent company of Parallel/Surterra. Please allow up to two weeks for orders to process. This trend held until September 2020, when sales decreased by 10.9% MoM. The trio of investors have leveraged allegations of securities fraud, claiming that Wrigley convinced them to invest in a simple agreement for future equity (SAFE) issued by Parallel during a go-public combination with a special purpose acquisition company (SPAC) affiliated with music industry mogul Scott Scooter Braun, which ultimately failed. A related lawsuit has been filed against Wrigley and Parallel in New York state court, according to Law360. The Essentials Collection out now. Curaleaf could sue Parallel or just shop the properties for someone else, reported Debra Borchardt for Green Market Report. "With studies, we provide fresh science to be submitted to EFSA, the European Food Safety Authority," she says. Insider info on sales, new arrivals and more good stuff. They say they sent the money to the company on September 27, 2021. William Beau Wrigley, Jr. is the chewing gum company heir and had been the CEO of Wm. The investors say in the complaint they finally got access to company documents in December and learned the details were inconsistent with what they were told for the SAFE investment. Parallel Universe Apparel designs high quality, limited edition, responsibly sourced urban uniforms for those original individuals that embrace positivity as a way of light but don't identify with ubiquitous mainstream fashion trends. (Originally filed in cause 6:10cv491)(mll, ) (Entered: 08/11/2011), COMPLAINT against Women's Apparel Group, LLC d/b/a Boston Apparel Group, LLC, filed by Parallel Networks, LLC. According to Floridas OMMU, Surterras market share in flower the medical-only state has ranged between 9% and 5.9% over the past year. There were 77 operating dispensaries that combined for roughly $13 million in dry-leaf sales in January 2020 ($169,000 per dispensary on average), while 155 operating dispensaries combined for roughly $53 million in dry-leaf sales in February 2022 ($342,000 per dispensary on average). Our team is cultivating the industrys critical news into one source and providing open source insights and data analysis, Canopy Growth Raises Wager on US Expansion, Ups Stake in TerrAscend https://t.co/QCiwr7IJIB, New York Releases Cannabis Delivery Rules, Pivots on Retail Regulations https://t.co/1OZepNTPTH, NYC Cannabis Parties Celebrate Holidaze https://t.co/7qoAW1B9Aw. Were seeing the evidence of a competitive market, but this is again illustrating a bit of a holdback on passing those savings along to patients, Collins said. WWJR Enterprises is the general partner of PE Fund. 6:11-cv-00422 in the Texas Eastern District Court. " You see, big player[s] might be much more willing to use hemp because [regulations are] clear. 29 following. Find new and preloved parallel apparel items at up to 70% off retail prices. Across the early months of the pandemic, sales declined in both Las Vegas and the rest of the state, as did visitor volume. Edibles & ingestiblessignificantly lost market share at the beginning of the pandemic, and actually saw additional declines as tourists returned to LV (from 25.4% of sales pre-pandemic to just 14.7% in 2021). ", Romanese also notes that the hemp market in Europe is very small compared to markets for other crops, like cereal. For example, Italy allowed 2 mg of THC per 1 kg of hempseed and flour products and 5 mg of THC per 1 kg of hempseed oil products, according to JD Supra. The complaint alleges that his goal was to get the company taken public through the Ceres Acquisition Corp SPAC and then exiting with a profit. In February 2021, sales spiked again as the world started to open up only for case numbers to surge again that spring. As we design and create, we are going to include you in every step of the way. He therefore let the SPAC transaction die on the vine (or even orchestrated it so the transaction would never close).. We share a belief that cannabis brings communities together wile elevating experiences. Wrigley and the Securities Defendants initially portrayed the SAFE as a way to maintain planned investments in operating and capital expenditures pending consummation of an announced public merger through a SPAC. Parallel. Early in March, Parallel Cannabis,a vertically-integrated cannabis company that operates in several states, including Florida, Texas, Massachusetts, Nevadaand Pennsylvania, was sued by investors of its subsidiary Surterra Wellness. After numerous failed efforts to keep the deal alive, on September 30, 2021, the deal was called off due to investors concerns in Parallels ability to deliver on lofty financial projections it provided in February., The case also suggests that Holmes, PE Fund, and Wrigley were negotiating terms of the companys debt that would benefit them and described as terms that would Make a loan shark jealous.. We are forever inspired by those who are comfortable in their own skin, who appreciate their body as is, and are authentic in every way. Crain Communications Inc 2017 document.write(new Date().getFullYear());. ETFs holding the shares of IIP, such as iShares Core S&P Small-Cap ETF (IJR) and AdvisorShares Pure Cannabis ETF (NYSE:YOLO), are also exposed. ", Although the EIHA is pleased to have regulations in place, Romanese says the organization will still fight to increase the THC limits in hempseed foods, as she thinks the current regulations are "too strict.". Then, watch as we restyle ico. www.parallelapparel.com. On average, U.S. ETFs allocate 1.08% of IIPR to their portfolios," Borchardt wrote following data from ETF.com, Plus500. Wrigley Jr. Company until its 2008 sale to Mars Inc. for . The projected 2021 net revenue was $447 million. Last Updated January 9, 2017 at 10:06 AM EST (5.9 years ago), ORDER granting 15 Motion to Withdraw as Attorney. We each have very different styles but were always passing a few staple pieces back and forth from each others closets. The Court waives the filing fee in the new case. Federal Civil Lawsuit Texas Eastern District Court, Case No. (Entered: 09/20/2012), NOTICE of Change of Address by David R Bennett (Bennett, David) (Entered: 08/23/2012), ORDER granting 8 Motion to Withdraw as Attorney. The case says, , raising funds under false pretenses, is the essence. In its first lawsuit (and third complaint) against Abercrombie & Fitch, Adidas sued the retailer in 2005 for apparel that featured three parallel stripes running down sleeves and pant legs . And now that Europe has "clear regulations" regarding hempseed, the EIHA believes it will help grow the market and bring in outside investors, she says. Higher prices at dispensaries force some patients to pursue the illicit market, Lehigh Valley NORML Executive Director Jeff Riedy told WSKG. The case states, The Companys current capital structure consists of multiple tranches of debts with different priorities. The case also alleges that Wrigley inappropriately placed himself on both sides of the debt negotiations. While wholesale dry-leaf cannabis prices dropped from $10.65 per gram in January 2021 to $6.65 in February 2022, representing a 37.6% decrease, retail cannabis prices dropped from $14.90 per gram to $13.40, or a 10.1% decrease, according to a Health Department presentation during the states Medical Marijuana Advisory Board (MMAB) March 22 meeting. We make conscious efforts to ensure a responsible, fair practice, and low-waste production process; with an aim to continually work to lower our carbon footprint along the way. Signed by Judge Leonard Davis on 08/05/11. Let's see what the hype is all about! A good bomber jacket is simple but not boring, which is why we dig this one from Parallel League. Cannabis Business Times interactive legislative map is another tool to help cultivators quickly navigate state cannabis laws and find news relevant to their markets. It's small, but it's growing very, very, very fast.". Investors suggest managementindebted the firm intentionally to exit with a profit. Since commercial sales launched in April 2018, the state has recorded $4.8 billion in market sales, including $1.9 billion by growers/processors to dispensaries, and $2.9 billion from dispensaries to customers, according to the Health Department. Attorney Randall T Garteiser and Christopher A Honea terminated. Designed for people of all sizes, and identities, our made-in-LA collections are created to make you feel unapologetic and empowered - sexy as is. . *** NOTICE of Attorney Appearance by Christopher A Honea on behalf of Parallel Networks, LLC (Honea, Christopher) Modified on 9/24/2012 (gsg). All Rights Reserved. The complaint alleges that once the Ceres deal fell through that Wrigley and Parallel tried to tell investors that the deal fell through because the company was worth more and that cannabis industry players were lighting up their phones. There are currently 406,454 active patient certifications in the state. In 2021, 63% of all wholesale cannabis sales in Nevada occurred in Las Vegas, compared to 58% in 2019. cc:attys 8-11-11(mll, )(Originally filed in cause 6:10cv111, Consolidated Lead) Modified on 8/11/2011 (mll, ). "In Europe, we cultivate, more or less , 60,000 hectares [about 148,000 acres]," she says. 975 likes. Currently, prices range from $35-$118, and while "affordable" is an extremely relative term, the brand stands by their decision given the quality of their clothing. These deals can be very difficult to explain but its done well here. (adsbygoogle = window.adsbygoogle || []).push({}); Non-Government Works Copyright 2001-2022 Think Computer Corporation. The European Commission (EC) has released regulations outlining the maximum levels of THC allowed in hempseed food products for human consumption. Parallel Apparel offers an inclusive line of elevated basics for modern creatives. It seems some investors of privately-owned Surterra Wellness, now known as Parallel are pretty angry about what happened to their investment dollars. We hope you love living in Parallel Apparel as much as we do. While sales volume increased, the dry-leaf wholesale price trends continued to decrease at a faster rate than retail price trends during that time. This marks the second collaboration between Veritas and Native Roots this year. Welcome to my next chapter. The largest holder of IIPR is the iShares Core S&P Small-Cap ETF (IJR), with approximately 1.71M shares. Out of all the industries affected by the pandemic, tourism was among the hardest hit. Women's Apparel Group, LLC d/b/a Boston Apparel Group, LLC. Here is the making of #ParallelApparel , our new sustainable and inclusive fashion brand. The complaint alleges that ever since Wrigley took over the leadership of the company, it has incurred substantial debts. James Whitcomb is the current CEO of the company and is named in the Florida case. Debra Borchardt March 30, 2022 9 min 1. (Attachments: # 1 Text of Proposed Order)(Garteiser, Randall) (Entered: 01/18/2013), NOTICE of Attorney Appearance by Randall T Garteiser on behalf of All Plaintiffs (Garteiser, Randall) (Entered: 09/20/2012), NOTICE of Attorney Appearance by Christopher A Honea on behalf of All Plaintiffs (Honea, Christopher) (Entered: 09/20/2012), ***FILED IN ERROR. Clothing (Brand) Designed by @alisha and @ashnichole. 55.2K followers. 3. Both cases suggest that Wrigley loaded up Parallel with excessive debt and misrepresented the health of the cannabis company. We are committed to quality, thoughtfully-designed with a focus on fit, fabrication, and the precision of every cut on each piece for a versatile and effortless finish. Early in March, Parallel Cannabis, a vertically-integrated cannabis company that operates in several states, including Florida, Texas, Massachusetts, Nevada and Pennsylvania, was sued by investors . . That case alleges that Wrigley convinced the plaintiffs to invest in a Simple Agreement for Future Equity or SAFE. The case notes that On October 1, 2021, the company sent an e-mail, on behalf of Wrigley, to the companys investors explaining that the Company was no longer pursuing the SPAC transaction. Buy Now. Best friends. SEE ENTRY 13 FOR CORRECTED FILING. Then almost immediately the court documents were heavily redacted. cc:attys 6-05-12 (mll, ) (Entered: 06/05/2012), Unopposed MOTION to Withdraw as Attorney and Change Lead Counsel by Parallel Networks, LLC. yup. You can feel as good about your purchase as it makes you feel when you wear it. Parallel Apparel is ethically sourced, locally made in Los Angeles, and sweatshop free. We believe everyone deserves luxury pieces. This percentage stayed steady in the second quarter, but then saw market share increase every subsequent quarter to reach 10% in the final quarter of 2021. The plaintiffs ultimately called the Wrigleys SAFE a bridge to nowhere in the complaint and allege that Wrigley and his co-defendants at Parallel were secretly just trying to keep the company from collapsing under the weight of its debt.. Basics created to empower. The Las Vegas tourism economy, specifically, suffered nearly $34 billion in losses in 2020 due to the COVID-19 pandemic, according to a report by Applied Analysis for the Las Vegas Convention and Visitors Authority. So, we can have seeds containing 5.5 milligrams per kilogram, and [they would] still be marketable in Europe.. Upon this discovery, in order to avoid additional discussion or scrutiny of the Companys deteriorating condition, Wrigley finally (and quickly) invested his own personal funds in late November 2021, the plaintiffs claim in the complaint. For all faulty claims, please contact customerservice@parallelapparel.com. customize your design choose your sizing get custom printing get custom embroidery get custom stitching add your provate label get your order shiped anywhere in the world Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. parallel 97% Silk Asymmetric Hem Flare Mini Skirt Women Size 4 Mid Rise zip up. The presentation said that the company had $348 million in debt. Some countries even set their own more stringent regulations, she adds. We analyzed Nevada cannabis purchasing habits in three time periods: 2019 (pre-pandemic), April 2020 to September 2020 (the height of pandemic impact on tourism in Las Vegas), and from May 2021 to December 2021 (when tourists began returning to Las Vegas at a more normal rate). This means that an oil containing 11.25 micrograms per kilogram will be marketable in Europe. #SexyAsIs. There is a significant opportunity to pass along savings to patients. With that said, we can expect more near-term volatility in wholesale sales based on the volume of visitors Las Vegas can attract. Parallel did not immediately respond to a request for comment. I have the 7.5 [mg/kg] plus the uncertainty measurement, which is between 40% and 50%. The lawsuit outlined the company's defaults on its debt obligations and Curaleaf (OTC: CURLF) also noted in its filings that Parallel was no longer buying its Illinois properties saying it had . He plans to retire later this year. The projected 2021 net revenue was $447 million. The EC, which establishes hemp regulations for all 27 countries in the European Union (EU), has set the maximum THC levels for hempseed oil at 7.5 mg/kg and 3 mg/kg for dry hemp products, such as seeds and snacks, according to Lorenza Romanese, managing director at the European Industrial Hemp Association (EIHA), a membership advocacy organization that represents hemp farmers and producers. Parallel Clothing Company. We accept returns of unused and undamaged items according to our returns policy. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. The deal began to fall apart in August, according to the complaint. Investors Sue Parallel, Beau Wrigley Calling It A Ponzi Scheme, Parallel is a cannabis company formerly known as Surterra Wellness and has been building its market share in Florida among other states. The city has continued to experience an increase in sales over recent months as tourists visit the city in higher numbers (69% more monthly average visitors in 2021 vs. 2020). Wrigley resigned as Parallels CEO in November 2021 because the plaintiffs claim he backed himself into a corner, according to the complaint. You can feel as good about your purchase as it makes you feel when you wear it. It's only seeds, Romanese tells Hemp Grower. But by August 2021, the original SPAC transaction value had been adjusted, and, regardless, Wrigley understood that the Companys poor performance would translate to poor performance in the public markets, the complaint says. 2022 Parallel Apparel All rights reservedPrivacy Policy | Terms & ConditionsDesign by LR Creative, 2022 Parallel Apparel All rights reserved. Although much is redacted, it does allege that the investors were misled and had they been told the truth would likely not have made the SAFE investment. We aim to inspire you to live in parallel, celebrating each of your one-of-a-kind journeys together. No calendar events were found for this docket. security in which an investors cash investment generally converts to equity in the issuing company under conditions specified in the SAFE. Poshmark makes shopping fun, affordable & easy! WWJR Enterprises is named for Wrigleys initials and is controlled by Wrigley. Debra Borchardt is the Co-Founder, and Executive Editor of GMR. (Originally filed in cause 6:10cv491)(mll, ) (Entered: 08/11/2011), ANSWER to 2 Complaint, COUNTERCLAIM against Parallel Networks, LLC by Women's Apparel Group, LLC d/b/a Boston Apparel Group, LLC. TradeInvest and First Ocean invested in the SAFE on Sept. 27, 2021, after Parallel allegedly provided false details about the companys financial condition and convinced the investors that they had to supply critically-needed capital, according to the complaint. The presentation said that the company had $348 million in debt. No tags have been applied so far. The case says, The practice of raising funds under false pretenses, is the essence of a Ponzi scheme.. Sisters. Signed by Judge Leonard Davis on 06/04/12. Well done! It caused inconsistencies amongst countries within the EU, and trade between operators was difficult, she says. A trio of investors filed a lawsuit in Florida federal court earlier this month against the company and its former CEO, William Beau Wrigley Jr. A trio of investors in Georgia-based multistate cannabis operator Parallel are not pleased with how their investment dollars were spent. To request information suppression, updates, or additions, contact us about this docket. Launching June 10th 2021 12:00pm PST ht. "[Creating a] single market for hemp and dried products, this is our ultimate goal," she says. RELATED: How Veritas Uses Limited-Edition Product Drops to Connect With Customers. The jacket comes in either black or navy, but keeps a very Hawaiian aesthetic on the back with the classic image of a hula dancer. While its difficult to truly know what is in the complaint, it seems to infer that Parallel was aware that the Ceres SPAC deal was in trouble while it was convincing the SAFE investors to send the money. We also compared the Market Share by Category and Competitiveness by Category during these periods to provide a more thorough analysis of how the pandemic impacted purchasing habits in Las Vegas over those three time periods. Parallel announced in February 2021 that it planned to go public through a combination with Ceres Acquisition Corp., the SPAC affiliated with Braun, in a deal the companies claimed was valued at more than $1.88 billion, according to a Law360 report. this happened to me and several other employees, I think beau mightve been stoned when he was making the proyecciones, Your email address will not be published. To update this case yourself, sign into PACER (paid PACER subscription required). or Best Offer. Dear Parallel Family: Due to the holiday season. While presenting the data during the advisory board meeting Tuesday, he called the trend troubling and said any savings in wholesale costs should be enjoyed by customers, The Tribune-Democrat reported. (Attachments: # 1 Exhibit A) (Originally filed in cause 6:10cv491)(mll, ) (Entered: 08/11/2011), ORDER SEVERING Defendant Women's Apparel Group, LLC into a separate case, STAYING this case, and ordering defendant to file a notice that the bankruptcy proceedings have concluded within 10 days of their completion. Each box contains three phenotypes of Muffinz Breath, which Veritas says is a hybrid cultivar featuring pine and citrus flavors with notes of fruit, as well as a custom gold four-chamber grinder, lighter and rice rolling papers. SEE ENTRY 14 FOR CORRECTED FILING. To us, luxury means access to beautiful choices - layering basics that are flattering yet comfortable. However, the EC's regulations are legally binding, and all 27 member states in Europe must follow them, which will help create unity amongst the European hemp market, Romanese says. Prerollsbecame more popular over the past two years. "For the time [being], we are happy, but we want more for the future," she says. Pennsylvania medical cannabis dispensaries have recorded record sales throughout the past 12-plus months, in part because retailers are getting more bang for their buck. We are so proud to make everything in LA, where we live, allowing us to feel and test each fabric and piece to make sure it holds its shape and feels as luxe as you deserve. "What [the EIHA] expect[s] is that big companies outside the world of hemp might integrate hemp into their distribution line," she says. They are often issued to provide a company with bridge financing until it can complete an additional capital raise or a sale of the company, and will often convert to equity upon the occurrence of that future, specified event. The lawsuit has exposed the companys defaults on its debt obligations and Curaleaf (OTC:CURLF) and revealed in its filings that Parallel was no longer buying its Illinois properties due to lack of financing. The amount of Parallels debt is redacted in the court documents. Although much is redacted, it does allege that the investors were misled and had they been told the truth would likely not have made the SAFE investment. Because Europe is made of 27 member states that think differently and speak different languages, it's a mess in Europe, so now we have legally binding regulations for all. We honor both our individuality and the uniqueness in others, and cant wait to see how you style these pieces. With such a significant impact on the local economy, we investigated if cannabis purchasing patterns in Las Vegas and Nevada were also affected and they were indeed. Nova Cannabis Reports Rising Revenue, Extends Sundial Deal Deadline, Cannabis Sales Growth Slowing In Post-Pandemic World, Canopy Growth Raises Wager on US Expansion, Ups Stake in TerrAscend, New York Releases Cannabis Delivery Rules, Pivots on Retail Regulations, Limited Connecticut Adult-Use Sales to Begin in January, Medical Insurance Providers Assess Benefits of Psychedelics Treatments, Lawsuit Filed in Sweden Against Facebook Parent in Juicy Fields Case, Report: U.S. Powered by AfterShip. It is directly or indirectly controlled by Wrigley and is under common ownership with other Wrigley-controlled entities. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Canopy USA converted $125.5 million owed by TerrAscend into shares in the company. ***NOTICE of Attorney Appearance by Randall T Garteiser on behalf of Parallel Networks, LLC (Garteiser, Randall) Modified on 9/24/2012 (gsg). Designed for people of all sizes, and identities, our made-in-LA collections are created to make you feel unapologetic and empowered - sexy as is. They are often issued to provide a company with bridge financing until it can complete an additional capital raise or a sale, the company, and will often convert to equity upon the occurrence. Cannabis sales in Las Vegas began to decline earlier than the rest of the state, dropping 21% in March 2020 while Nevada as a whole saw 0.3% growth in the month. According to. View More, European Industrial Hemp Association (EIHA), 2022 GIE Media, Inc. All Rights Reserved. They say they sent the money to the company on September 27, 2021. Veritas initiated its pheno-hunt program in 2020 to give customers a voice in product selection by voting for the best phenotype of a specific cultivar, with the winning phenotype earning a permanent spot in Veritas genetic library featuring more than 90 cultivars, according to the company. (Entered: 09/20/2012), ***FILED IN ERROR PER ATTORNEY. In other words, Wrigley invested in the Company from one pocket (to artificially make it appear there was raised), but had taken back to put in another pocket, according to the complaint. $150.00. Starting just one month later in May, sales surged in Las Vegas by 27.8% in May and 76.2% in June MoM andrecovered to pre-pandemic levelsin the rest of the state. Street Insider has posted a copy of the Parallel deck associated with the Ceres SPAC deal and it came with some pretty lofty projections. A look at how COVID-19 impacted tourism and, in turn, cannabis sales in Las Vegas and Nevada as a whole. Inspired by these types of versatile basics, we set out to disrupt the fashion marketplace by offering staples meant for everyone, made in fabrics that we personally feel are universal for all body types. All rights reserved. The Hybrid youth $ 25.99 Parallel Alpha knit sweater $ 99.00 . Parallel Apparel offers an inclusive line of elevated basics for modern creatives. William "Beau" Wrigley, Jr. is the chewing gum company heir and had been the CEO of Wm. SAF is a global alternative investment manager based in Canada and owns a junior note. Alex Feldman is the general manager of Insights & Marketing Services at LeafLink, where he develops products that empower cannabis businesses to make data-driven decisions and grow their reach. The Florida case lists the plaintiffs as Tradeinvest Asset Management Company (BVI) Ltd., First Ocean Enterprises SA, and Techview Investments Ltd. and the defendants as Wrigley, Jr., James Jay Holmes, James Whitcomb, SH Parent Inc. d/b/a Parallel, Surterra Holdings Inc., Green Health Endeavors (another Wrigley family fund), PE Fund LP, and Robert Jake Bergmann. We are committed to quality, thoughtfully-designed with a focus on fit, fabrication, Today I'm trying out some pieces from Parallel Apparel! Parallel is a cannabis company formerly known as Surterra Wellness and has been building its market share in Florida among other states. Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. $15.74. Investors may also find of interest that the ETF with the largest allocation to IIPR stock is AdvisorShares Pure Cannabis ETF (YOLO), with a portfolio weight of 16.94%. SH Parent is the parent company of Parallel/Surterra. Hey guys! We co-founded Parallel Apparel to design top quality, inclusive clothing that makes people feel most like themselves. (Entered: 08/11/2011). A related lawsuit has been filed against Wrigley and Parallel in New York state court, according to Law360. He is the Chairman and CEO of WWJR Enterprises and has controlled PE Fund during all relevant times. However, that trend soon shifted, as both the city and state saw dramatic sales declines in April, decreasing by 48% in Las Vegas and 68% in the rest of the state month-over-month. While only 21% of the state's population lives in Las Vegas, the city generates more wholesale cannabis volume than the rest of the state combined, driven by the number of tourists. Cannabis sales in Las Vegas continued to decline throughout the remainder of 2020, while the rest of the state saw early declines between August and October, then a 14.5% increase in sales from November to December. Wrigley Jr. Company until its 2008 sale to Mars Inc. for $23 billion. The organization is currently recruiting people to participate in the study, she says, adding that research will take place over the next year. Products; Contact; Cart; Products; Contact; Cart; Featured Products. 77% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our. Parallel Apparel designs HIGH QUALITY apparel that is screen-printed by hand in the USA and Fulfilled by Tspring. Las Vegas saw a 62.6% increase in sales in March 2021 versus February, and an additional 15.2% growth in April. Flannel - Mustard / Black. Questions remain on how payments will be processed for delivery. The announcement stated that a group of investors led by Parallel and Ceres would participate in the transaction through an oversubscribed private investment in public equity of $225 million at a price of $10 per share, Law360 reported. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Subscribe to the Green Market Report newsletter that gives you original content delivered straight to yourinbox. We make conscious efforts to ensure a responsible, fair practice, and low-waste production process; with an aim to continually work to lower our carbon footprint along the way. For instance, December 2021 featured a record of more than $135 million in medical cannabis dispensary sales, while December 2020 sales were less than $100 million, according to the Health Department presentation. Among other things, [Wrigley] noted that the Company would focus on alternative financing avenues to pursue a vast array of growth opportunities, and that, the Company had just raised and closed a significant initial equity financing through the private markets, referring to the SAFE, the complaint says. Thereafter, once the merger talks terminated, the Securities Defendants sold the SAFE as a way to bridge the Companys operating and capital expenditures through the second quarter of 2022, by which time an alternative sale could be consummated.. The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. PE Fund is an investment vehicle within Wrigleys family office empire. "It's very small, but what is impressive is the margin of the growth sector. While some portions remain unclear, there is still a lot that can be gleaned from the complaint and allegations. During the meeting on Tuesday, Collins said a red flag about the retail prices needs to be investigated while responding to a question from Health Secretary Keara Klinepeter, NPR-affiliate WSKG reported. Today we're trying Alisha Marie & Ashley Nicole's newest clothing line, Parallel Apparel! Overall, while the pandemic had a short-term negative impact on wholesale cannabis sales in Las Vegas and Nevada, the long-term outlook is promising. That case alleges that Wrigley convinced the plaintiffs to invest in a Simple Agreement for Future Equity or SAFE. While LV tourism hasnt returned to pre-pandemic highs, its clear the cannabis industry will continue to grow as visitors return in greater numbers. The investors complain that Wrigley repeatedly botched his own projections, ultimately ruining the companys credibility and chance of going public.. In particular, the 37.6% decrease in wholesale prices compared the to 10.1% decreases in retail prices wasnt adding up for John Collins, director of the Pennsylvania Office of Medical Marijuana, a position hes held in the Health Department since August 2016. Speaking for them, they should demand this be passed to them,Collins said, adding that the advisory board should scrutinize why retail prices arent falling at the same rate as wholesale prices. The investors say in the complaint they finally got access to company documents in December and learned the details were inconsistent with what they were told for the SAFE investment. In that complaint, Techview Investments and others claim they want the court to prevent a self-dealing scheme by Wrigley, Law360 reported. Parallels annual revenue at $65 million a year, but since the company is private this number cant be verified. Wrigley, the Chairman of the Company and its CEO during the relevant period, along with the other Securities Defendants, fraudulently induced the SAFE Plaintiffs, by means of myriad misrepresentations and omissions about the Companys true financial condition, to invest in a so-called SAFEa Simple Agreement for Future Equityissued by the Company, the plaintiffs allege in the complaint. The organization is already working to conduct a clinical toxicological study on 400 participants to determine the effects foods containing CBD and other minor cannabinoids have on the human body. Debra has a Master's degree in Business Journalism from New York University. By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. Wrigley resigned as CEO effective November 19, 2021, after disclosure of the defaults under the Note Purchase Agreement. The company also said in the presentation that it had a net loss of $140 million in 2020. Flowersaw very little change in market share from April to September 2020, then saw a dramatic increase from May to December 2021 reaching 32.8% of all wholesale sales through LeafLink. In a complaint filed March 8 in Florida federal court, TradeInvest Asset Management Company (BVI) Ltd., First Ocean Enterprises SA and Techview Investments Ltd. take aim at the company, formerly known as Surterra Wellness, and its former CEO, William Beau Wrigley Jr., heir of the Wrigley chewing gum fortune. I can unsubscribe or change my email preferences atanytime. Veritas and Native Roots share a similar mindset and approach to cannabis, said Jordan Plunkett, marketing director for Veritas Fine Cannabis. The plaintiffs then accuse Parallel of issuing a payment to Wrigley using funds from the SAFE. Let's take the oil [for example]. Parallel's default could bring problems for the cannabis REIT (real estate investment trust) Innovative Industrial Properties IIPR as 10% of IIPR rental revenues in 2021 came from Parallel. Concentratesand cartridgesbothgained market share right as visitors stopped coming to Las Vegas, but returned to pre-pandemic levels in 2021. Parallels default could bring problems for the cannabis REIT (real estate investment trust) Innovative Industrial Properties (NYSE:IIPR) as 10% of IIPR rental revenues in 2021 came from Parallel. 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