Former NBA star Al Harrington’s cannabis brand Viola reported Wednesday the closing of a $13 million equity funding round. The California-based DelMorgan & Co. acted as an exclusive strategic transaction advisor to Viola in connection with the transaction.

This latest round of funding enables Viola to expand into several key new markets, including Pennsylvania, Illinois, New Jersey and Maryland, and to continue conducting strategic marketing initiatives, further positioning the company within the space.

"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," Harrington, co-founder & CEO of Viola said.

To keep up with demand and pursue further expansion, Viola is also considering raising additional capital aimed at increasing supply to meet market demand.

"This investment is transformative, allowing Viola to significantly accelerate its expansion nationwide as one of the most iconic brands in cannabis,” Neil Morganbesser, president & CEO of DelMorgan said in a statement.

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."

More recent news from Viola:

EXCLUSIVE: Al Harrington's Cannabis Brand Viola Launches Nationwide Via Canada's Largest Pharmacy Chain

Al Harrington's Viola Launches Incubator Program To Generate 10K Cannabis Jobs

Photo: Courtesy of manish panghal on Unsplash