Entertainment and tech mogul Scooter Braun is entering the cannabis business.
Braun’s Ceres Acquisition Corp. has entered into a “business combination” with Atlanta-based Parallel, one of the world’s largest privately held multi-state cannabis companies, to launch a publicly traded U.S. cannabis “well-being” company. The new company will be listed on the Canadian NEO stock exchange.
Ceres Acquisition Chairman/CEO Joe Crouthers will become a director of the combined public company, in addition to four independent directors with significant health and life sciences experience. “Ceres’ deep cannabis and consumer experience, coupled with Scooter’s powerful network, makes Ceres an ideal partner for a well-positioned, well-led, high growth cannabis company like Parallel,” Crouthers noted.
“It’s not often that you get to participate in the early stage of a new industry and be in the unique first-mover position with the opportunity to shape the future,” Braun said. “I missed out on the dot-com bubble of the late ‘90s that some of my mentors were a part of and this is our moment to create generational wealth. The cannabis industry is poised to be the most influential emerging industry of my lifetime. I don’t want to look back and regret not getting to be part of a dynamic and prominent space. FOMO is real.”
Scooter Braun recently made waves in the music business with his acquisition and follow up sale of Taylor Swift’s catalog, believed to have sold for more than $300 million, with some estimates as high as $450 million. Swift subsequently re-recorded many of her songs to allow fans to support her work.
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Photo: TechCrunch