Ceres Acquisition to merge with Parallel in a $1.9bn deal.

Ceres Acquisition, a SPAC, agreed to merge with Parallel, a multi-state cannabis operator, in a $1.9bn deal. In addition, a group of investors, led by Ceres and Parallel, have committed to participate in the transaction through PIPE of $225m. "We believe Parallel is ideally positioned for its next phase of growth, as we continue to build our presence in strategic markets and invest in innovation, R&D and the customer experience. Today's milestone announcement is a testament to Parallel's impressive growth to date, the strength of our business fundamentals, strong balance sheet, and above all, our unwavering commitment to further developing and enhancing our portfolio of cannabinoid products," William Wrigley Jr., Parallel Chairman and CEO.