Parallel (Surterra Wellness)

Parallel is the vertically integrated multistate cannabis company that grew out of Surterra Holdings, Inc. and describes its aim as improving quality of life through cannabinoids. Its retail banners are Surterra Wellness in Florida, goodblend in Texas and NETA, the New England Treatment Access network, in Massachusetts. Its own brand portfolio includes Heights and Float, which are sold through those stores. The Parallel website describes the company as nationwide and vertically integrated, covering cultivation, manufacturing and retail.

In July 2026 the operating assets, covering 56 retail locations and three cultivation and manufacturing facilities, moved to CDXX TransCo, LLC through a strict foreclosure involving Parallel's senior creditors. The footprint is 43 dispensaries in Florida, 10 retail or pickup locations in Texas and 3 dispensaries in Massachusetts, with annualized revenue of about US$150 million according to SNDL. SNDL also bought a US$29.75 million loan position in the business at a 25 percent discount to par.

SNDL Inc., listed on Nasdaq, holds an indirect 66.7 percent of the equity through its Sunstream Bancorp joint venture and expects to consolidate the business directly in the coming months. Vendors and brands should confirm the contracting entity and purchasing contacts with the stores, since the ownership structure has just changed and payment terms or vendor approvals may be revisited under the new owners.