Black-owned multinational cannabis brand Viola is detailing the closing of a $13 million equity funding round.
The investment banking firm DelMorgan & Co. served as strategic transaction advisor.
“We’re looking forward to a big 2022,” Viola Co-Founder and CEO Al Harrington said. “The team at DelMorgan has always supported our vision and continues to be great partners for us as we bring Viola to new markets.”
Viola officials said the transaction enables the business to expand into several new markets that include Pennsylvania, Illinois, New Jersey, and Maryland while continuing strategic marketing initiatives positioning Viola to serve as one of the top brands and operators within the cannabis industry.
“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,” DelMorgan Chairman Rob Delgado said.
Viola is contemplating raising additional capital, targeting increased supply as a means of meeting market demand.
“Under Al Harrington’s leadership, Viola has demonstrated how a commercially successful brand can benefit from a mission-driven focus,” DelMorgan Senior Managing Director Chris Delgado said. “This mission and focus will be further strengthened through this investment.”
Harrington founded Viola in 2011 with his grandmother, who suffers from glaucoma and diabetes and found solace in cannabis remedies, serving as the firm’s namesake.
The brand integrates technology with proprietary processes designed for every stage of cannabis cultivation, extraction, and production.