Parallel Invests $25M in a New State-of-the-Art Cannabis Cultivation, Production and Retail Facility in Texas

4 min readPublished On: April 19th, 2021By
AUSTIN –Parallel, a privately-held multi-state cannabis operators in the United States, today announced it will make a $25 million dollar investment in a new state-of-the art cannabis cultivation, production and retail facility in Texas. This financial commitment expands Parallel’s ability to meet the growing patient demand for medical cannabis products in the Lone Star State. The planned 63,000 square-foot facility is expected to create hundreds of new jobs in the San Marcos region.
The company is also introducing its goodblend™ retail brand, as it is changing the name of Surterra Texas to goodblend Texas. This is the second market where Parallel has introduced the goodblend name, joining goodblend Pennsylvania; over time the company will evaluate opportunities to roll-out the brand in its existing markets. The goodblend retail brand reflects Parallel’s intent to lead the way to the future of cannabis by providing its customers a trusted, consistent and seamless way for them to connect and learn, and to access innovative, high-quality cannabis products in a variety of form factors. The brand is about welcoming every type of customer and being an approachable source for our customers’ well-being.

“With our $25 million dollar investment and name change to goodblend, we are strengthening our Texas roots to meet the needs of cannabis patients for the long term. We see high growth potential in the Texas cannabis market as every day more Texans choose cannabis to help improve their quality of life,” said William “Beau” Wrigley Jr., Chairman and CEO for Parallel. “The goodblend brand promise is to make customers feel so good about their experience that they come back again and again. The ethos of goodblend is based on Parallel’s commitment to compliance, quality, consistency and innovation, and on our actions to improve diversity, inclusivity and economic empowerment in the cannabis industry and to be a great employer and local community partner.”

Texas, one of the most populous states in the U.S., with nearly 30 million residents, created the Texas Compassionate Use Program in 2015, providing medical cannabis to qualifying patients.  Parallel’s goodblend retail brand (formerly Surterra Texas) provides patients access to high-quality cannabis products in a variety of form factors that are cultivated and produced locally in Texas to ensure the most consistent patient experience. It was the first cannabis operator in the state to offer patients medical cannabis in gummy and lozenge formats.

“We are thrilled to break ground today on our new facility in San Marcos. We look forward to creating economic empowerment opportunities in this community through new jobs and cannabis career-building programs,” said Marcus Ruark, President of goodblend Texas. “We are encouraged that there is a growing recognition, trust and demand for our medical cannabis products in Texas. While our customers will now know us as goodblend Texas, we will continue to offer registered patients with the state’s largest assortment of cannabis-based product formats.”

Medical cannabis patients across Texas already registered in the program, and those interested in learning more about cannabis, can access board certified prescribers, medical cannabis information, services, and products in the following ways:

  • The goodblend Virtual Clinic is a service in which prospective patients can schedule consultations with a board-certified prescriber through a seamless experience. To get started, visittx.goodblend.com/clinic.
  • goodblend.com offers a wide variety of products, easy online ordering, and free contactless home delivery, often in as little as three days.
  • goodblend’s partner clinics in Plano, Houston, Fort Worth, and San Antonio, provide registered patients a convenient way to pick up goodblend cannabis products at locations in major metropolitan areas.

Commitment to Social Equity 

Parallel is committed to advancing social equity through meaningful actions and partnerships that positively impact the communities in which it has operations, as well as the industry at large. Parallel has partnered with many industry advocacy organizations, including Minority Cannabis Business Association (MCBA), Cannaclusive, CultivatED, and CannabisLAB to drive their shared missions forward and to continue to address diversity and inclusion in the industry. To date, Parallel has focused its efforts across all markets on economic and job empowerment, and diversity and inclusion in the industry through job fairs, skills-building training and seminars, fellowships, and social equity grants, among other actions. Parallel is committed to increasing its diverse 1,700-person workforce, which is currently comprised of well over 30% of minority and female-identifying employees, and 40% of Parallel’s leadership team consists of female and minority representation. Parallel’s proposed slate of seven independent candidates to its public company board of directors, post-closing of the transaction with Ceres, is focused on including at least two female and three BIPOC directors.

(This information is primarily sourced from Parallel.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here)

About the Author: News Team

Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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