Viola Closes $13 Million Bridge Round
The leading Black-owned cannabis MSO receives investment from a lead investor
LOS ANGELES, Jan. 12, 2022 /PRNewswire/ — Viola, the leading Black-owned multinational cannabis brand, rooted in building equity within the space, announced the closing of a $13 million equity funding round. DelMorgan & Co., an internationally recognized investment banking firm headquartered in Santa Monica, California, acted as an exclusive strategic transaction advisor to Viola in connection with the transaction.
This latest round of funding allows Viola to expand into several key new markets, including Pennsylvania, Illinois, New Jersey, and Maryland, and continue executing on strategic marketing initiatives, further positioning Viola to be one of the top brands and operators in the rapidly growing cannabis industry.
We’re looking forward to a big 2022. The team at DelMorgan has always supported our vision and continues to be great partners for us as we bring Viola to new markets.
Al Harrington, Co-Founder & CEO of Viola
Rob Delgado, Chairman of DelMorgan, commented, “Al Harrington has proven himself to be a visionary in the Cannabis industry, demonstrating an ability to execute on initiatives that resonate deeply with today’s popular culture and consumers.”
This investment is transformative, allowing Viola to significantly accelerate its expansion nationwide as one of the most iconic brands in cannabis.
Neil Morganbesser, President & CEO of DelMorgan
Chris Delgado, Senior Managing Director at DelMorgan, added, “Under Al Harrington’s leadership, Viola has demonstrated how a commercially successful brand can benefit from a mission-driven focus. This mission and focus will be further strengthened through this investment.”
To keep up with demand and pursue further expansion, Viola is also considering raising additional capital aimed at increasing supply to meet market demand.
Viola is the leading Black-owned producer and licensed wholesaler of premium cannabis products rooted in purpose. Founded in 2011, NBA veteran Al Harrington was inspired to launch the brand by his grandmother, Viola, who suffers from glaucoma and diabetes and found solace in cannabis remedies. The brand integrates the latest cutting-edge technology with its own proprietary processes designed for every stage of cultivation, extraction and production. Viola is known for its wide variety of product offerings, from high-quality flower to premier butane extracts. From regulation to representation and reform, Viola’s mission is to create opportunities for communities of color in the cannabis industry.
With over $300 billion in successfully completed transactions in over 75 countries, the professionals at DelMorgan provide world-class financial advice and assistance to companies, institutions, governments, and individuals around the world. DelMorgan’s unique approach to business has grown out of its dedication to its core principles and the experience of its professionals over the course of decades working on some of the most challenging, most rewarding and highest profile transactions around the globe. DelMorgan brings significant intellectual firepower to each client situation. DelMorgan treats each engagement as a new and exciting opportunity to be capitalized on, not following a “standard approach” but rather tailoring its approach to each situation. DelMorgan thinks outside the box, identifying and analyzing all options in conducting a strategic assessment and striving to be recognized as a thought leader in each of its assignments.