Collective Growth Corp, a blank check company led by former Canopy Growth executives targeting the cannabis industry, filed on Monday with the SEC to raise up to $150 million in an initial public offering.
The Austin, TX-based company plans to raise $150 million by offering 15 million units at a price of $10. Each unit consists of one Class A share and one half of a redeemable warrant, exercisable at $11.50. At the proposed deal size, Collective Growth Corp would command a market value of $190 million. The company was co-founded by former Canopy Growth (NYSE: CGC) CEO Bruce Linton and National Hemp Association Chairman Geoffrey Whaling.
Collective Growth Corp was founded in 2019 and plans to list on the Nasdaq under the symbol CGROU. Cantor Fitzgerald is the sole bookrunner on the deal.
