This black-owned cannabis company started by an NBA veteran has raised $13M to expand

leading Black-owned producer and licensed wholesaler of premium cannabis products, Viola, has closed a $13 million equity funding round. DelMorgan & Co., an internationally recognized investment banking firm headquartered in Santa Monica, California, acted as an exclusive strategic transaction advisor to Viola in connection with the transaction, according to a statement by Viola.

The funding round will allow Viola to expand into several key new markets such as Pennsylvania, Illinois, New Jersey, and Maryland, the statement said. Also, the cannabis company will continue executing strategic marketing initiatives in order to position Viola as one of the top brands and operators in the rapidly growing cannabis industry.