Black Owned Cannabis Brand Raises $13 Million To Expand Operations
Viola is a Black owned cannabis brand that is a producer and licensed wholesaler of premium cannabis products.
In 2011, NBA veteran Al Harrington was inspired to launch the brand by his grandmother, Viola, who suffers from glaucoma and diabetes and found solace in cannabis remedies.
Viola founder, Al Harrington
” data-medium-file=”https://i2.wp.com/shoppeblack.us/wp-content/uploads/2022/01/Al-Harrington-MedMen.jpeg?fit=300%2C246&ssl=1″ data-large-file=”https://i2.wp.com/shoppeblack.us/wp-content/uploads/2022/01/Al-Harrington-MedMen.jpeg?fit=1020%2C838&ssl=1″ loading=”lazy” class=” wp-image-24304″ src=”https://i2.wp.com/shoppeblack.us/wp-content/uploads/2022/01/Al-Harrington-MedMen.jpeg?resize=600%2C493&ssl=1″ alt=”black owned cannabis” width=”600″ height=”493″ data-recalc-dims=”1″ />
Through initiatives like Viola Cares, the company seeks to create entrepreneurial opportunities for communities of color in the cannabis industry, offering education, expungement, and incubation programs for minorities.
“We’re trying to change the stigma and change people’s lives,” Harrington said, adding, “especially when Cannabis was something used to destroy our community,” said Harrington in a statement.
Today the company announced the closing of a $13 million equity funding round. DelMorgan & Co., an internationally recognized investment banking firm headquartered in Santa Monica, California, acted as an exclusive strategic transaction advisor to Viola in connection with the transaction.
The news follows a series of milestones in 2021 that include the celebration of the brand’s 10th anniversary and a partnership with Basketball Hall of Famer Allen Iverson on an exclusive cannabis strain.
This latest round of funding allows Viola to expand into several key new markets, including Pennsylvania, Illinois, New Jersey, and Maryland, and continue executing on strategic marketing initiatives.
To keep up with demand and pursue further expansion, Viola is also considering raising additional capital aimed at increasing supply to meet market demand.
Subscribe and Follow SHOPPE BLACK on Facebook, Instagram & Twitter
The post Black Owned Cannabis Brand Raises $13 Million To Expand Operations appeared first on SHOPPE BLACK.
