MJBizMag February 2021 - 57

CANNABIS SPAC DEALS 2019-20
NAME
Ackrell Capital
Collective Growth Corp.
Ceres Acquisition Corp.
Greenrose Acquisition
Stable Road Acquisition
Merida Merger I
Merida Merger Corp. I
Bespoke Capital Acquisition Corp.
Silver Spike Acquisition Corp.
Subversive Capital Acquisition Corp.
Tuscan Holdings Corp. II
Mercer Park Brand Acquisition Corp.
Tuscan Holdings Corp. I
Source: Viridian Capital Advisors
Cannabis-Focused SPACs Can Be Hit or Miss
While several high-profile special-purpose acquisition
company cannabis deals were announced or closed last
year, others were called off when SPAC partners pivoted to
different industries.
Last October, New York-based Subversive Capital, a SPAC
that raised $576 million in 2019, launched a publicly traded
real estate investment trust focused on the cannabis industry.
The following month, Subversive announced it would purchase
two cannabis companies and create a vertically integrated
marijuana business in California that was projected to reach
$600 million in revenue by 2022. That deal was scheduled to
close in January 2021.
In December, Silver Spike Acquisition, a SPAC that raised
$250 million in 2019, announced it would go public with
cannabis advertising giant Weedmaps, creating a company
projected to have a $1.5 billion valuation.
But not all cannabis SPAC deals go as planned.
Last spring, Bruce Linton, the founder and former CEO of
Canadian license holder Canopy Growth, announced he was
launching a $150 million SPAC called Collective Growth. The
Austin-based company planned to target the hemp industry.
But with few hemp companies available, Collective Growth
in December announced it would fund an entirely different
industry and use the money to take Israel-based Innoviz
Technologies public. Innoviz is a so-called " lidar " company that
uses light waves from a laser to direct autonomous vehicles.
In 2019, Los Angeles-based SPAC Stable Road Acquisition
raised $150 million to spend on a cannabis deal. Instead, it
announced a plan last October to use the money to bring
California-based Momentus, a space transportation company,
public. That deal is expected to close in the first quarter of
2021, according to a U.S. Securities and Exchange Commission
document filed in January.
- John Rebchook
February 2021 | mjbizdaily.com 57
EXCHANGE DATE OF IPO AMOUNT RAISED
$138 million
$150 million
Nasdaq
Nasdaq
NEO
Nasdaq
NYSE
NYSE
NEO
TSX
Dec. 23, 2020
May 5, 2020
March 4, 2020 $120 million
$150 million
$150 million
$120 million
$100 million
Feb. 11, 2020
Nov. 8, 2019
Nov. 7, 2019
Oct. 9, 2019
Nasdaq Aug. 7, 2019
NEO
Nasdaq
NEO
Aug. 15, 2019 $350 million
$250 million
$575 million
July 16, 2019
June 19, 2019 $172.5 million
May 13, 2019 $402.5 million
NasdaqCM March 7, 2019 $240 million

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MJBizMag February 2021

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