The Texas Innovation Corridor is a magnet for cutting-edge industry disruptors and innovative companies. One such company is Parallel, which has been at the forefront of medical cannabis production in the State of Texas and the U.S. as a whole. The overall legal cannabis industry in America is valued at roughly $13.2 billion and projected to be worth $41 billion by 2025, according to a New Frontier Data Report.
Parallel is one of the largest privately held multi-state cannabis operators in the United States. Parallel's goodblend retail brand (formerly Surterra Texas) provides patients access to high-quality cannabis products in a variety of form factors that are cultivated and produced locally in Texas to ensure the most consistent patient experience.
Parallel chose the Texas Innovation Corridor primarily for its diverse workforce and its central location in Texas.
Parallel executives noted the close proximity to Texas State as a hub for research and an educated workforce. The university, a Tier 2 emerging research university, is one of the largest universities in the state, featuring more than 38,000 students. The university graduated 8,840 students in FY 2019, representing 98 bachelor’s programs, 91 master’s programs and 13 doctorate programs. According to the Texas State Office of the President, approximately 50 percent of those graduates will stay in the Greater San Marcos region.
In addition to the skilled workforce, Parallel saw a central location of San Marcos as an excellent climate to do business in the State of Texas. As one of only three permitted cannabis manufacturers in the state, Parallel chose a strategic location for destination appeal, bringing a desirable retail location for customers and a quality access point for supply chain resources. By having ease of access to major markets such as Austin and San Antonio within 45 minutes, and Dallas and Houston within 3 hours, Parallel found a universal location for customers from across the state.
No financial incentives were requested or awarded by the city or county to solidify Parallel’s $25 million dollar investment on the construction of three buildings (one retail and two industrial), comprising an aggregate of approximately 63,000 square feet on a 12-acre property. Additional phases of capital investment and growth are planned as operational plans advance.
Parallel executives noted the regional embrace of the company as a reason to plant their flagship headquarters in the city of San Marcos. Local leadership from both the city and county level welcomed the industry of medical cannabis, and quick responsiveness from regional economic developers such as GSMP proved that the business community would be supportive of Parallel’s industry. By working together as a region, the deal was closed on bringing Parallel to the Texas Innovation Corridor.
Parallel’s new facility will ultimately create several hundred jobs in a wide range of roles including cultivation, manufacturing, analytical chemistry, formulation science, marketing, customer support, and retail. The facility is scheduled to open in 2022.