A meteoric rise in cannabis special purpose acquisition companies – better known as SPACs – is providing private marijuana and hemp companies an unprecedented opportunity to raise money and go public.
“Cannabis SPAC IPOs (initial public offerings) raised more than $2.6 billion (in 2019) and more than $700 million in the first half of 2020, as institutional investors recognized the opportunities to acquire distressed/discounted assets in the industry,” Scott Greiper, president and founder of Viridian Capital Advisors, told Marijuana Business Daily.
SPACs, which have been around since the early 2000s, are so-called “blank check” entities created to bring private companies to the market.
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