Ceres Acquisition Corp (CERAF)

[FUNMAN]

Very interesting. They'll have a lot of cash on hand pre legalization --->>> Gum To Gummies: Heir To Wrigley Fortune Jumps Into Cannabis Retail

The heir to the Wrigley gum fortune is building a new business on hopes of federal legalization of cannabis in the U.S.

BUSINESS
02/23/2021 12:04 EST | Updated 21 hours ago

By: Shariq Khan

(Reuters) ? Billionaire William “Beau” Wrigley Jr. is taking cannabis producer Parallel public, in a merger due to complete this summer with Canadian-listed Ceres Acquisition Corp that values the Atlanta, Georgia-based firm at $1.88 billion.

Parallel, the first firm Wrigley has led since selling his family’s chewing gum business for US$23 billion in 2008, will take on Ceres’ listing on the NEO exchange as expectations of an easing of U.S. rules on the pot sector draws investment.

Shares of Ceres surged 19 per cent to $12.50 as the deal comes at a time when officially-sanctioned sales of cannabis have surged to record levels during the COVID-19 pandemic.

The combined company expects to have $430 million cash when the deal closes, a spokeswoman for Parallel confirmed to Reuters.