Former NBA player Al Harrington’s career has gone up in smoke since leaving the NBA. But, it’s because of his cannabis business, Alto, which, according to BET, successfully closed a $ 16 million funding round led by Gotham Green Partners.
“Over the past five years, Viola has been dedicated to creating and producing quality herbal experiences for our customers,” said Harrington, CEO of Viola, in a report. “With the financial support and investment of Gotham Green Partners, our ability to devote more physical space to growing and cultivating our flowers and our team will make the possibilities endless.”
The company said this latest round of funding will contribute to the acquisition of a 34,500 square foot growing, processing and distribution facility in Adelanto, Calif., As well as the completion of the facility at 48,000 square feet of Viola in Detroit. The funds will also allow Viola to continue developing the company’s workforce with key new hires that will make Viola a leader in the cannabis market.
“We are delighted to partner with Viola as the company expands its lifestyle brand to new markets,” said Jason adler, Managing Member of Gotham Green Partners. “As a visionary for the company, Al successfully pioneered the concept and subsequently surrounded himself with a top-notch management team. Additionally, Al’s track record and company mission resonates with a broad and engaged consumer base, and we’re excited to see Viola products on more retail shelves across the country. .
In an interview earlier this year with NJ.comHarrington explained why he got into the cannabis extract business: “Well, one of the reasons was that branding in this space is a lot easier (than the flower). Colorado, where we started, is more of a ‘deli’ style experience: the flower is in jars and the contents of the jar are placed in that boring white paper bag. But with snippets, you can create distinctive packaging for the end user to make you stand out.
Founded in 2011, Viola is one of the country’s leading licensed producers and wholesalers of premium cannabis products. The brand takes its name and is inspired by Al’s grandmother, who suffers from glaucoma and diabetes and finds solace in cannabis remedies.
Gotham Green Partners is a new York and CaliforniaPrivate equity firm based on deploying capital into cannabis and cannabis-related businesses on a global scale. The company manages a diverse portfolio of investments and actively invests across the entire cannabis value chain.