The news follows a successful 2021 that included the company’s 10th anniversary and an exclusive collaboration with Allen Iverson.
Viola, the multinational cannabis company co-founded by NBA veteran and activist Al Harrington, announced a $13 million bridge funding round Wednesday. Santa Monica-based investment bank DelMorgan & Co. served as dedicated transaction advisor.
The funds grant Viola the ability to originate or enhance a presence in several emerging cannabis markets, including Illinois, and Maryland, New Jersey, and Pennsylvania. They also constitute a boost to Viola’s marketing strategy helping to further Viola’s position as one of the top brands and retail operators in the cannabis industry.
The news follows a series of milestones in 2021 that include the celebration of the brand’s 10th anniversary and a partnership with Basketball Hall of Famer Allen Iverson on an exclusive cannabis strain.
As Co-founder and CEO Al Harrington said in an official release:
“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.” Rob Delgado, DelMorgan Chairman, added, “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.”
Added Neil Morganbesser, President & CEO of DelMorgan:
“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, commented, “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.”