In 2021, AfroTech reported that Al Harrington’s Viola became the first Black-owned multinational cannabis brand. This year, the brand seems to be coming for more, and then some, with plans to expand to new markets.
To strategically position the cannabis company for this expansion and build equity in the space, Viola has closed a $13 million equity funding round, according to a press 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,” said Al Harrington, Co-Founder & CEO of Viola, according to a press release.
Neil Morganbesser, President & CEO of DelMorgan, the banking firm that operated as the transaction advisor for the round, also shared a statement.
“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,” Morganbesser said. “This investment is transformative, allowing Viola to significantly accelerate its expansion nationwide as one of the most iconic brands in cannabis.”
Founded in 2011, Viola has since adopted the latest technology using its proprietary processes to help with extraction and production for its various strains and product offerings, which include top-notch butane extracts and premium cannabis flowers.
Viola’s formula is proving to be the perfect mix as the company already plans to acquire more capital to increase supply and match market demand, a press release shares.
As of now, the company plans to use its recent fundings to reach new markets in Pennsylvania, Illinois, New Jersey, and Maryland. The company hopes to apply strategic marketing initiatives to land Viola as a leading force within the cannabis arena.
Al Harrington's Legacy
With Viola, and as a former NBA player turned businessman, Harrington has been working to ensure that his legacy goes beyond basketball.
“I think the main thing was just educating myself toward the end of my career after I started to realize that I wasn’t jumping as high, I wasn’t as fast, I wasn’t as important to the league like I used to be. So, I had to figure out what was next,” Harrington previously told AfroTech.
From the looks of Viola’s plans and their already amassed success, it seems as though Harrington figured it out.
Check out our full interview with Harrington here.