The Bruce is back, Launches $150 Million Cannabis SPAC
New Cannabis Ventures reports………..
Bruce Linton, formerly co-founder and CEO of Canopy Growth, delivered a keynote speech at the Benzinga Cannabis Capital Conference in Miami on February 27th, sharing his enthusiasm for the American hemp industry. He revealed that he would soon announce his involvement with a special purpose acquisition corporation (SPAC) in order to potentially bring a company public, joining several other SPACs that have raised in excess of $1 billion to deploy into the cannabis industry.
On March 2nd, Collective Growth Corporation, which intends to trade its units on the NASDAQ with the symbol “CGROU”, filed an S-1 registration statement to raise $150 million by selling 15 million units that include shares at $10 with $11.50 warrants for 1/2 of a share. 52 days after trading commences, the company expects that the shares will begin trading with the symbol “CGRO” and the warrants with the symbol “CGROW”. Following the offering, the company will have a total of 19.012 million Class A and Class B shares and 9.506 million warrants. Collective Growth sold 4.3 million Founder Shares for $25,000 in December, with up to 562,500 shares subject to forfeiture.