LOS ANGELES, Oct. 7, 2019 /PRNewswire/ -- PRESS RELEASE -- Viola, a producer and retailer of premium quality cannabis products founded by NBA veteran Al Harrington, has announced the closing of a $16 million funding round led by Gotham Green Partners. The investment firm, known for its financial support of some of the most reputable cannabis companies in the industry, is the first institutional investment in the company.
This latest round of funding will assist with the acquisition of a 34,500-square-foot cultivation, processing and distribution facility in Adelanto, Calif., as well as the completion of Viola's 48,000-square-foot facility in Detroit, Mich. The funds will also enable Viola to continue to advance the growth of the company's personnel with key new hires that will continue to establish Viola as a leader in the cannabis marketplace.
Viola emerged on the scene with a commitment to making an impact by promoting social equity through increasing minority participation in the cannabis industry and positively impacting communities by reinvesting in individuals most affected by the war on drugs. Viola raised $15 million prior to this round of funding, which enabled the company to grow its product offerings and footprint within the cannabis industry. The company is currently operating in California, Colorado, Oregon and Michigan, with plans to expand into Maryland, Nevada and Arizona in 2020.
"Over the last five years, Viola has been dedicated to creating and producing quality herbal experiences for our customers," said Harrington, CEO of Viola. "With the financial support and investment of Gotham Green Partners, our ability to dedicate more physical space to growing and cultivating our flowers and team will make the possibilities endless."
"We are thrilled to be aligned with Viola as the company expands its lifestyle brand into new markets," said Jason Adler, managing member of Gotham Green Partners. "As the firm's visionary, Al has successfully launched the concept and subsequently surrounded himself with a top-notch management team. Further, Al's background and the company's mission resonate with a broad and engaged consumer base, and we are excited to see Viola products on more retail shelves across the country."