Big Candy, vilified in the wellness era as a primary source of refined sugar, has become an unlikely sheriff in the Wild West of recreational marijuana as candy-makers face products like Stoney Patch Kids, Buttafingazzz and Caribo Happy Cola.
Big Candy Is Angry
As more states legalize recreational cannabis, Wrigley and others are suing over look-alike THC treats. They’re protecting their brands and also, they argue, your kids.
Credit.Phil Marden
May 22, 2021Updated 6:24 a.m. ET
At first glance, the Skittles package appears to be just like the one sold in the candy aisle of a supermarket: It has block letters filled in with white, a flowing rainbow and a red candy that replaces the dot above the letter “i.”
A closer look reveals some small differences: a background pattern of small, stylized marijuana leaves; a warning label; and numbers that reveal the amount of THC, the intoxicating substance in cannabis, in each piece of candy.
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Parallel confirmed Friday it has sold its Pittsburgh, Pennsylvania warehouse to an affiliate of a cannabis REIT,
Innovative Industrial Properties, Inc. (NYSE:IIPR), for roughly $68 million.
In relation to the sale, both companies also signed a long-term lease agreement.
Parallel noted it plans to use the collected proceeds to finalize the original construction of the warehouse that will serve as goodblend’s state-of-the-art cannabis cultivation and processing facility. The Pennsylvania facility expects to launch its activities in the middle of this year.
Upon finalizing phase one of the renovation, the warehouse will have around 124,000 sq. ft. of available space for Parallel, and an extra 36,000 sq. ft. for further expansion.