LOS ANGELES, Jan. 12, 2022 /PRNewswire/ -- PRESS RELEASE -- Viola, a 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, Calif., 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," said Al Harrington, co-founder and 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."
Neil Morganbesser, president and 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."
To keep up with demand and pursue further expansion, Viola is also considering raising additional capital aimed at increasing supply to meet market demand.