Marijuana MSO Parallel moves into Illinois with $100 million acquisition

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Atlanta-based Parallel, one of the largest privately held multistate marijuana operators in the United States, entered into a definitive agreement to acquire six stores belonging to an Illinois retail chain for $100 million.

The acquisition of Windy City Cannabis, expected to close in the second half of this year, is comprised of $60 million in cash and $40 million in Parallel stock.

The deal could be worth $155 million if certain performance-based, earnout payments payable through 2023 are attained, according to a Parallel statement.

The acquisition makes Illinois the sixth limited-license state in which Parallel has operations. The others are Florida, Massachusetts, Nevada, Pennsylvania and Texas.

Windy City currently operates four medical and recreational marijuana stores in the Illinois cities of Homewood, Highwood, Posen and Litchfield and is expected to open two more adult-use outlets in Carpentersville and Macomb later in April.

Parallel’s CEO, chewing-gum heir William “Beau” Wrigley Jr., struck a mammoth deal in February in which the company will be purchased by Ceres Acquisition Corp.

Ceres, a special purpose acquisition company, will take Parallel public through a transaction that values the MSO at $1.9 billion.