Los Angeles-based marijuana operator Viola Brands closed a $13 million equity funding round with the aim to expand into several new markets.
According to a news release, the company will use the funds to make in-roads in Illinois, Maryland, New Jersey and Pennsylvania.
Investment banking firm DelMorgan & Co., based in Santa Barbara, California, acted as an adviser to Viola for the raise.
Viola, a Black-owned company co-founded by former NBA player Al Harrington, is trying to promote social equity in the cannabis industry.
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“Under Al Harrington’s leadership, Viola has demonstrated how a commercially successful brand can benefit from a mission-driven focus,” said Chris Delgado, senior managing director at DelMorgan.
“This mission and focus will be further strengthened through this investment.”