Staff
Michigan-based Viola Brands announced the closing of a $13 million equity funding round. The company said this latest round of funding will allow it 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. Viola also said it is considering raising additional capital aimed at increasing supply to meet market demand.
“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.
Viola closed on a $16 million funding round led by Gotham Green Partners 2019. 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.
Viola products are now available in select Oklahoma dispensaries, and vape cartridges and pens are now available in select Colorado dispensaries. In July, Viola announced a partnership with NBA Legend Allen Iverson. The icon and people’s champ entered into a multi-year partnership that spans cannabis, product, and merchandise with Viola. Viola has a dispensary in Detroit and a partnership for dispensaries in Missouri with former NBA player Larry Hughes. Viola Missouri or VMO was awarded four licenses which made them one of 11 fully integrated cannabis operators in the state. VMO also stands as the only Black-owned and operated cannabis company in Missouri.
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.
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.” Neil Morganbesser, President & CEO of DelMorgan, noted, “This investment is transformative, allowing Viola to significantly accelerate its expansion nationwide as one of the most iconic brands in cannabis.” 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.”
Check out our interview with Harrington in 2019 here.
